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NEWS BULLETIN

May 08, 2003 --- Vol. 9, No. 49May 2003

Talisman close to Alaska entry

Canadian independent Talisman Energy is “within two weeks” of a possible deal that would see it become a significant player in Alaska, chief executive officer Jim Buckee said May 7.

He told analysts in a conference call that Talisman has its eye on at least four prospects of 300 million to 500 million barrels each.

Buckee did not offer any further details, but has made it clear this week that the company is hungry for acquisitions that could range up to several hundred million dollars.

Talisman, with up to C$2 billion available for a buying spree, needs new production to offset the 60,000 barrels per day it lost this year when it finally unloaded its controversial stake in Sudan’s Greater Nile Petroleum Operating Co. for an after-tax gain of C$296 million.

Calgary analysts believe Talisman is likely seeking interests in various fields through farm-in arrangements, without taking ownership of any.

They say Alaska has special appeal because the infrastructure is in place and there is none of the negative fallout from Sudan that has been a drag on stock values.

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