"I am pleased that South Angsi has been developed so quickly," Said Dr. Jim Buckee, President and Chief Executive Officer. "The field development plan was approved in January 2004 and we are on production just over 18 months later. In addition, a recently completed seismic survey has identified further exploration potential close to the South Angsi field in Block PM-314 and we intend to drill a prospect later this year." The field is expected to produce at a plateau rate of approximately 12,000 bbls/d (net Talisman share). At year end 2004, Talisman had booked approximately 29 mmbbls of reserves at South Angsi (20 mmbbls proved, 9 mmbbls probable), Talisman working interest before royalties. Development drilling has confirmed this estimate. Talisman Malaysia Limited is operator and holds a 60% interest in Blocks PM-305 and PM-314. The remaining 40% interest is held by Petronas Carigali Sdn. Bhd., the exploration and production subsidiary of Malaysia's state owned oil and gas company (Petroliam Nasional Berhad). At year end 2004, Talisman had booked 453 mmboe of proved reserves (Talisman working interest) before royalties and 250 mmboe of probable reserves (Talisman working interest) before royalties in Southeast Asia. Talisman Energy Inc. is a large, independent oil and gas producer with operations in Canada and, through its subsidiaries, the North Sea, Indonesia, Malaysia, Vietnam, Algeria, Trinidad and Tobago and the United States. Talisman's subsidiaries also conduct business in Colombia, Qatar and Peru. Talisman has adopted the International Code of Ethics for Canadian Business and is committed to maintaining high standards of excellence in corporate citizenship and social and environmental responsibility wherever its business is conducted. The Company is a participant in the United Nations Global Compact, a voluntary initiative that brings together companies, governments, civil society and other groups to advance human rights, labour and environmental principles. Talisman's shares are listed on the Toronto Stock Exchange in Canada and the New York Stock Exchange in the United States under the symbol TLM. Forward-looking Statements This news release contains statements concerning estimated volumes and timing of future production, business plans for exploration, development and drilling, or other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about future events, conditions, results of operations or performance that constitute "forward-looking statements" within the meaning of applicable securities legislation. Statements concerning oil and gas reserves contained in this news release may be deemed to be forward-looking statements as they involve the implied assessment that the resources described can be profitably produced in the future, based on certain estimates and assumptions. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements. These risks and uncertainties include: - the risks of the oil and gas industry, such as operational risks in exploring for, developing and producing crude oil and natural gas and market demand; - risks and uncertainties involving geology of oil and gas deposits; - the uncertainty of reserves estimates and reserves life; - the uncertainty of estimates and projections relating to production, costs and expenses; - potential delays or changes in plans with respect to exploration or development projects or capital expenditures; - fluctuations in oil and gas prices, foreign currency exchange rates and interest rates; - health, safety and environmental risks; - uncertainties as to the availability and cost of financing; - uncertainties related to the litigation process, such as possible discovery of new evidence or acceptance of novel legal theories and the difficulties in predicting the decisions of judges and juries; - risks in conducting foreign operations (for example, political and fiscal instability or the possibility of civil unrest or military action); - general economic conditions; - the effect of acts of, or actions against international terrorism; and - the possibility that government policies or laws may change or governmental approvals may be delayed or withheld. We caution that the foregoing list of risks and uncertainties is not exhaustive. Additional information on these and other factors, which could affect the Company's operations or financial results, are included in the Company's Annual Report under the headings "Management's Discussion and Analysis- Risks and Uncertainties", "- Liquidity and Capital Resources", and "- Outlook for 2005", under the heading "Risk Factors" in the Company's 2004 Annual Information Form as well as in the Company's other reports on file with Canadian securities regulatory authorities and the United States Securities and Exchange Commission. Forward-looking statements are based on the estimates and opinions of the Company's management at the time the statements are made. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change. PIN/REDNOVA