Talismans history in Colombia

Entered
Llanos
Heavy oil
belt with
four large
block
awards
2008
Huron
discovery
2009
First
exploration
block
awarded in
Magdalena
Valley
2000
Two blocks
awarded in
the Llanos
Foothills
2001
Expanded
Llanos
position with
Foreland
Blocks
Niscota
block
awarded
Exited
Magdalena
Valley
Expanded
Magdalena
Valley
position
2007 2006 2005 2002
2010
BP Colombia acquisition
Three blocks awarded in
Putumayo Basin
Akacias discovery
Block 6 Stratigraphic well success
Llanos Foreland farm-out
Talisman in Colombia
landholdings
174 875 2007
ECP
(53.7%)
PBR
(27.4%)
19.9%
Equin
(40.6%)
RC-4
(Offshore)
133 666 2007
ECP
(53.7%)
PBR
(27.4%)
19.9%
Equin
(40.6%)
RC-5
(Offshore)
Equin
9 35 1989 ECP (75%) 25%
Equin
(50%)
Recetor A
40%
40%
50%
30%
45%
50%
50%
25%
25%
15%
25%
15%
30%
51%
30%
TLM
Llanos
basin -
Foothills
143 477 2001 TOT (55%)
ECP
(15%)
Mundo
Nuevo
163 320 2001
ECP
(49%)
Tangara
46 154 2006 TOT (30%)
ECP
(20%)
Niscota
48 120 2010
PRE
(60%)
CAG 6
465 930 2010
PRE
(50%)
CAG 5
Putumayo
basin
49 123 2010
PRE
(60%)
PUT 9
213 709 2008
Cepsa
(30%)
PRE
(40%)
CPO 12
232 515 2009
ECP
(55%)
CPO 9
2,956 5,912 2008 EPC (50%)
TLM
(50%)
CPE 8
752 1,503 2008
PRE
(50%)
CPE 6
Llanos
basin
Heavy oil
27 109 2007 PTA (25%)
CEP
(50%)
El Porton
27 109 2007 PTA (25%)
CEP
(50%)
El Eden Llanos
basin -
Foreland
1 8 1991
ECP (66%)
TOT (19%)
Equin
(31%)
Rio
Chitamena
16 64 1992 ECP (75%)
Equin
(50%)
Piedmonte
5 35 1988
ECP (66%)
TOT (19%)
Equin
(31%)
Cusiana
TLM Net
Acres
(000s)
Gross
Acres
(000s)
Award Date Partners Operators
Block
Name
Area
TLM Colombia Landholdings
Block Operator
Llanos Foothills
Niscota Ecopetrol
Tangara Ecopetrol
Mundo Neuvo Ecopetrol
Llanos Light oil
El Eden Cepsa
El Porton Cepsa
Equin Equin
Llanos Heavy Oil
CPE 6 Pacific Rubiales
CPE 8 TLM
CPO 9 TLM > Ecopetrol
CPO 12 Pacific Rubiales
Putumayo Basin
CAG 5 Pacific Rubiales
CAG 6 Pacific Rubiales
PUT 9 Pacific Rubiales
Offshore
Equin Equin
1
2
3
9
4
5
6
10
7
8
11
12
13
TLM blocks
Farmout
blocks
Equin blocks
1
2
3
4
5
6
7
8
9
10
11
12
13
14
14
Caribbean
Sea
March 2011 www.talisman-energy.com Page 1 of 19
Talisman Colombia - landholdings
Equin
4 development blocks
2 offshore blocks
Llanos basin
Foothills
3 blocks
Foreland
2 blocks
Heavy oil
4 blocks
Putumayo basin
3 blocks
Venezuela
Brazil
Ecuador
Peru
Colombia
Atlantic Ocean
Pacific
Ocean
Llanos
Putumayo
Guajira
M
a
g
d
a
l
e
n
a
Catatumbo
Pacific
Coast
Sinu
San Jacinto
TLM blocks
Equin blocks
Basin
Refinery
Oil pipelines
Foothills Trend Foreland Trend Heavy Oil Trend & Putumayo Basin
7 blocks, 0.3 million net acres 4 blocks, 0.1 million net acres 7 blocks, 4.7 million net acres
Llanos and Putumayo basins multiple play trend geology
March 2011 www.talisman-energy.com Page 2 of 19
Stratigraphy of Llanos and Putumayo basins
Basin geology and structure
provides rich source, reservoir and
trap (seal) conditions
Traps variety of simple to
complex (Foothills) structural and
stratigraphic
Rich interbedded source rocks
generated large quantity of oil
High quality reservoirs mostly
clastic (sandstone)
Colombia landscape
Foothills Foothills
Llanos Foreland Llanos Foreland Block CPE Block CPE- -8 8
Equi Equi n n
March 2011 www.talisman-energy.com Page 3 of 19
Talisman Colombia partners
Partnered with four of Colombias best producers and operators
Talismans position in Colombia
Foothills
Equin
Niscota
Heavy oil trend
CPO 9
CPE 6
CPO 12
CPE 8
Putumayo basin
CAG 5
CAG 6
PUT 9
Venezuela
Brazil
Ecuador
Peru
Colombia
Atlantic Ocean
Pacific
Ocean
Llanos
Putumayo
Guajira
M
a
g
d
a
l
e
n
a
Catatumbo
Pacific
Coast
Sinu
San Jacinto
TLM blocks
Equin blocks
Basin
Refinery
Oil pipelines
March 2011 www.talisman-energy.com Page 4 of 19
Foothills: Equin Energia Limited
US$858 million spent to acquire 49% of
BP Exploration (Colombia) Limited;
Ecopetrol acquired remaining 51%
Equin, recently renamed company,
continues to operate the assets
Provides 12,000 to 15,000 boe/d 2011
production (65% liquids) net to TLM
Existing exploration and development
upside on blocks
Interest in strategic infrastructure and
export oil pipeline (OCENSA)
Attractive acquisition metrics (Net to TLM)
$12/boe 1P (47 mboe)
$9/boe 2P (60 mboe)
TLM blocks
Farmout blocks
Equin blocks
Ecopetrol block
Gas fields
Oil fields
Prospect/leads
Oil/gas condensate
discoveries
Gas pipelines
Oil pipelines
Huron
Florena
Pauto
Sur
Cusiana
Piedemonte
Recetor A
RC-4
RC-5
Caribbean
Sea
Foothills: Equin Energia Limited next steps
Potential synergies with adjacent
exploration blocks
Piedemonte - expansion of base
project
Offshore - drilling in 2012
OCENSA Pipeline
Expansion to 560 mbbls/d 2011
Expansion to 660 mbbls/d
expected to be sanctioned in
2011/2012
TLM blocks
Farmout blocks
Equin blocks
Ecopetrol block
Gas fields
Oil fields
Prospect/leads
Oil/gas condensate
discoveries
Gas pipelines
Oil pipelines
Huron
Florena
Pauto
Sur
Cusiana
Piedemonte
Recetor A
RC-4
RC-5
Caribbean
Sea
March 2011 www.talisman-energy.com Page 5 of 19
Foothills: Foothills: Niscota Niscota block block - - Huron Huron- -1 discovery 1 discovery
4,900 bbls/d
condensate flow
test, discovered
2009
Combined rate
3 zones
Light crude oil
42 API
On trend with
Equin blocks
Niscota Block
Niscota 3D
Huron Discovery
Oil Field
Condensate / Gas Field
Prospect/Lead
40 km
Piedemonte
Cusiana
Recetor A
Equin blocks
Volcanera 1
Sur
Huron Huron- -1 1 Niscota Niscota
20% Hocol (Ecopetrol), Operator
30% Talisman
50% Tepma/Total
March 2011 www.talisman-energy.com Page 6 of 19
Mirador Outcrop in Typical Thrust Fold
Scale: Scale:
MI MI- -17 17
Helicopter Helicopter
NW SE
Huron
Schematic structural cross section
Foothills structures
Foothills: Niscota block
Drill Huron-2 in 2011 and Huron-3 in 2012
Feasibility study to determine optimal development for Huron
Working with Equin to find options for processing early production in
Piedemonte
Advancing with 3D seismic operations to further evaluate exploration
potential
March 2011 www.talisman-energy.com Page 7 of 19
Foothills
Equin
Niscota
Heavy oil trend
CPO 9
CPE 6
CPO 12
CPE 8
Putumayo basin
CAG 5
CAG 6
PUT 9
Talismans position in Colombia
Venezuela
Brazil
Ecuador
Peru
Colombia
Atlantic Ocean
Pacific
Ocean
Llanos
Putumayo
Guajira
M
a
g
d
a
l
e
n
a
Catatumbo
Pacific
Coast
Sinu
San Jacinto
TLM blocks
Equin blocks
Basin
Refinery
Oil pipelines
Heavy oil trend
Major under explored heavy oil belt
4.2 million net acres (30 - 50% WI)
Partnered with Pacific Rubiales and Ecopetrol
Tumaco
CAG 5
PUT 9
CAG 6
CPE 8 CPO 12
CPE 6
CPO 9
Rubiales Field
Putumayo
Basin
Llanos
Basin
Colombia
Ecuador
TLM blocks
Farmout blocks
Equin blocks
Export terminal
Gas pipelines
Oil pipelines
March 2011 www.talisman-energy.com Page 8 of 19
Heavy oil trend: CPO 9 block
Tumaco
CAG 5
PUT 9
CAG 6
CPE 8 CPO 12
CPE 6
Rubiales Field
Putumayo
Basin
Llanos
Basin
Colombia
Ecuador
CPO 9
Akacias 1
TLM blocks
Farmout blocks
Equin blocks
Oil discovery
Export terminal
Gas pipelines
Oil pipelines
CPO 9 Akacias-1
Eocene T2 San Fernando
Deviated Well
Ecopetrol 55% (Operator) Talisman 45%
1,250 1,250 bbls/d bbls/d test test
11,700 ft depth 11,700 ft depth
9 9 API gravity API gravity
20
March 2011 www.talisman-energy.com Page 9 of 19
1000000 1020000 1040000 1060000 1080000
9
0
0
0
0
0
9
2
0
0
0
0
9
4
0
0
0
0
7330'0"W 7340'0"W 7350'0"W 740'0"W 7410'0"W
4

0
'0
"
N
3

5
0
'0
"
N
3

4
0
'0
"
N
3

3
0
'0
"
N

Block9_leads_afe.mxd
Akacias-1
3D
Block CPO 9
Heavy oil trend: CPO 9 Heavy oil trend: CPO 9 Akacias Akacias- -1 discovery & prospects 1 discovery & prospects
3D
Seismic
Humadea
3D
Seismic
Chichimene: ~24 mboe/d (2010E)
~59 mboe/d (2011E)
Castilla: ~94 mboe/d (2010E)
~117 mboe/d (2011E)
Production data source: Ecopetrol
Heavy oil trend: CPO 9 Heavy oil trend: CPO 9 illustrative illustrative
cross cross- -section Akacias oil discovery section Akacias oil discovery
SE
CPO 9 Ecopetrol 55%, Talisman 45% Cubarral Block Ecopetrol 100%
Eocene T2 Unit
Eocene T2 Unit
NW
Akacias-1
22
March 2011 www.talisman-energy.com Page 10 of 19
Heavy oil trend: CPE 6
TLM blocks
Farmout blocks
Equin blocks
Export terminal
Gas pipelines
Oil pipelines
Tumaco
CAG 5
PUT 9
CAG 6
CPE 8 CPO 12
CPE 6
Rubiales Field
Putumayo
Basin
Llanos
Basin
Colombia
Ecuador
CPO 9
Guairuro
1-5
Guairuro Stratigraphic Wells
Block CPE-6 Southern Llanos
Pacific 50% (Operator)
Talisman 50%
Heavy oil trend: CPE 6
24
March 2011 www.talisman-energy.com Page 11 of 19
Heavy oil trend: CPE 6 structural & stratigraphic traps
NW SE
~1000m
NW SE
~1000m
Paleozoic
Basement
C9 Sands
O
n
l
a
p
Onlap
O
n
la
p
Incised valley traps sand reservoir
Basel Carbonera Reservoir
Heavy oil trend: CPE 6 block
Drill final Technical Evaluation Agreement (TEA) commitment well 1H 2011
Convert block from TEA to E&P in 2011
Obtain environmental permits
Drill appraisal wells and flow test the reservoir
Acquire appraisal 3D seismic
March 2011 www.talisman-energy.com Page 12 of 19
Heavy oil trend: CPO 12
TLM blocks
Farmout blocks
Equin blocks
Export terminal
Gas pipelines
Oil pipelines
Tumaco
CAG 5
PUT 9
CAG 6
CPE 8 CPO 12
CPE 6
Rubiales Field
Putumayo
Basin
Llanos
Basin
Colombia
Ecuador
CPO 9
CPO 12: Talisman 30%, Pacific Rubiales 40% (operated), Cepsa 30%
2D seismic acquired in 2010
Exploring for similar heavy oil targets as Rubiales
Heavy oil trend: CPE 8
CPE 8: Talisman 50% - operator, Ecopetrol 50%
Seismic operation commenced late 2010
Exploring for similar heavy oil targets as Rubiales
Drilling stratigraphic wells late 2011 early 2012
TLM blocks
Farmout blocks
Equin blocks
Export terminal
Gas pipelines
Oil pipelines
Tumaco
CAG 5
PUT 9
CAG 6
CPE 8 CPO 12
CPE 6
Rubiales Field
Putumayo
Basin
Llanos
Basin
Colombia
Ecuador
CPO 9
March 2011 www.talisman-energy.com Page 13 of 19
Putumayo Basin
40 mboe/d current Industry production in Putumayo Basin
Blocks granted by 1Q/2011 (1 TEA / 2 E&P)
Partnered with Pacific Rubiales
Commitments of approximately US$56 million net over next 2 years
TLM blocks
Farmout blocks
Equin blocks
Export terminal
Gas pipelines
Oil pipelines
Tumaco
CAG 5
PUT 9
CAG 6
CPE 8 CPO 12
CPE 6
CPO 9
Rubiales
Putumayo
Basin
Llanos
Basin
Colombia
Ecuador
OTA
Colombia established oil and gas infrastructure
Established transport infrastructure with capacity constraints being addressed
OCENSA being upgraded, Bicentanario pipeline under construction
Transgas
Ocensa
OTA
ODL
ODC
OBC
OAM
Cao Limn
Apiay
El Porvenir
March 2011 www.talisman-energy.com Page 14 of 19
2010 transformational year for Talisman Colombia
2010 success
BP Colombia acquisition
Akacias discovery
Block CPE 6 stratigraphic drilling
Huron discovery being appraised
Block CPE 8 seismic program initiated
Three blocks acquired in Putumayo basin
Objective - build new core area of 50,000 boe/d
Partnered with the right companies
Capable, established operating company (Equin/OCENSA)
March 2011 www.talisman-energy.com Page 15 of 19
Key Historical Data
2010 2009 2008 2007 2006 2005
Daily production, before royalties
Oil & liquids (mbbl/d) 189 211 224 241 262 250
Natural gas (mmcf/d) 1,367 1,283 1,247 1,265 1,342 1,319
Barrels of oil equivalent (mboe/d) 417 425 432 452 485 470
Daily production, after royalties
Oil & liquids (mbbl/d) 160 181 187 203 220 216
Natural gas (mmcf/d) 1,161 1,088 992 1,017 1,091 1,043
Barrels of oil equivalent (mboe/d) 353 362 352 373 402 390
Proved reserves, before royalties
Oil & liquids (mmbbl) 510 532 545 749 767 736
Natural gas (bcf) 5,237 5,273 5,338 5,464 5,403 5,417
Barrels of oil equivalent (mmboe) 1,383 1,411 1,434 1,660 1,667 1,639
Drilling activity (gross wells)
North America - Oil & liquids 65 5 138 128 194 171
North America - Natural gas 243 154 286 288 496 495
North America Total 308 159 424 416 690 666
North America - Drilling success (%) 100 98 100 98 98 97
International - Oil & liquids 57 59 73 73 65 51
International - Natural gas 11 12 37 11 18 5
International Total 68 71 110 84 83 56
International - Drilling success (%) 85 86 89 79 83 81
Net undeveloped land (thousands of acres)
North America 6,940 9,145 9,786 9,559 7,837 5,588
International 29,673 26,208 16,443 12,948 11,048 13,484
Total 36,613 35,353 26,229 22,507 18,884 19,072
March 2011 www.talisman-energy.com Page 16 of 19
Key Historical Data
2010 2009 2008 2007 2006 2005
Ratios and Key Indicators (C$ millions, except per share)
Cash flow 3,058 3,961 6,163 4,327 4,748 4,672
Net Income 648 437 3,519 2,078 2,005 1,561
Per Common Share
Cash flow 3.00 3.90 6.06 4.19 4.35 4.23
Net Income 0.64 0.43 3.46 2.01 1.84 1.41
Exploration & development spending 3,953 4,245 5,106 4,449 4,578 3,179
Acquisitions 1,562 438 452 317 204 3,170
Dispositions 2,347 2,772 442 1,477 872 22
Average Royalty Rate (%) 16 15 18 17 17 17
Unit operating costs (C$/boe) 12.80 12.91 13.57 12.14 9.98 8.41
Unit DD&A (C$/boe) 15.21 17.36 16.44 14.74 12.22 10.88
Return on capital employed (%) * 5.9 4.1 26.6 18.0 19.3 19.1
Balance Sheet Info (C$ millions)
Property, plant & equipment ** 18,804 16,431 18,540 16,363 16,655 13,806
Total assets 24,193 23,618 24,275 21,420 21,481 18,354
Long-term debt (including current portion) 4,181 3,780 3,961 4,862 4,560 4,263
Shareholders' equity 10,479 11,111 11,150 7,963 7,307 5,729
Share information, adjusted to reflect stock splits
Average common shares outstanding (millions) 1,018 1,019 1,019 1,019 1,064 1,099
TSX trading info
Average daily trading volume (thousands) 5,042 4,066 3,727 2,951 3,254 3,143
High (C$) 22.32 20.17 24.92 22.67 24.84 20.83
Low (C$) 15.71 9.92 8.28 16.90 16.12 10.50
Close (C$) 22.12 19.69 12.18 18.39 19.80 20.53
NYSE trading info
Average daily trading volume (thousands) 3,120 3,998 4,248 2,115 2,139 1,384
High (US$) 22.43 19.51 25.71 22.08 21.62 18.08
Low (US$) 14.70 7.97 6.42 15.04 14.21 8.36
Close (US$) 22.19 18.64 9.99 18.52 16.99 17.63
Commodity Information
WTI (average US$/bbl) 79.53 61.79 99.65 72.31 66.25 56.70
NYMEX gas (average US$/mmbtu) 4.39 4.05 8.95 6.92 7.26 8.55
US$/C$ exchange rate (year end) 1.01 0.96 0.82 1.01 0.86 0.86
Realized product pricing, before hedging activities
Oil & liquids (C$/bbl) 80.52 67.36 96.43 75.00 69.82 62.78
Natural gas (C$/mcf) 5.76 5.29 9.01 6.99 7.20 8.30
* Return on capital employed = Net income plus tax effected interest / (average shareholders' equity + average net debt).
** 2009 restated for continuing operations.
March 2011 www.talisman-energy.com Page 17 of 19
Advisories

Forward-Looking Information
This presentation contains or incorporates by reference information that constitutes forward-looking
information or forward-looking statements (collectively forward-looking information) within the
meaning of applicable securities legislation. This forward-looking information includes, but is not limited
to, statements regarding: expected expansion of Piedemonte and expansion and sanction of OCENSA;
planned drilling and exploration activities by both Talisman Colombia and Equin Energia Limited;
production objectives; and planned investments and activities in the Putumayo Basin. The forward-
looking information is based on Talismans 2011 capital program as announced on J anuary 11, 2011.
Talisman set its 2011 capital expenditure plans assuming: (1) Talismans production in 2011 will be
approximately 5-10% greater than 2010, excluding the BP Colombia acquisition; (2) a WTI oil price of
approximately US$75/bbl; and (3) a NYMEX natural gas price of approximately US$4/mmbtu. Information
regarding business plans generally assumes that the extraction of crude oil, natural gas and natural gas
liquids remains economic.

Undue reliance should not be placed on forward-looking information. Forward- looking information is
based on current expectations, estimates and projections that involve a number of risks which could
cause actual results to vary and in some instances to differ materially from those anticipated by Talisman
and described in the forward-looking information contained in this presentation. The material risk factors
include, but are not limited to: the risks of the oil and gas industry, such as operational risks in exploring
for, developing and producing crude oil and natural gas, market prices and demand and unpredictable
facilities outages; risks and uncertainties involving geology of oil and gas deposits; uncertainty related to
securing sufficient egress and markets to meet shale gas production; the uncertainty of reserves and
resources estimates, reserves life and underlying reservoir risk; 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, including risks related
to the possibility of major accidents; uncertainties as to the availability and cost of credit and other
financing and changes in capital markets; risks in conducting foreign operations (for example, political
and fiscal instability, the possibility of civil unrest, military action or rebel hostilities or the risk of abduction,
expropriation or nationalization); changes in general economic and business conditions; and the
possibility that government policies or laws may change or governmental approvals may be delayed or
withheld. The foregoing list of risk factors is not exhaustive. Additional information on these and other
factors which could affect the Companys operations or financial results or strategy are included under the
heading Risk Factors and elsewhere in the Companys most recent annual information form. In
addition, information is available in the Companys other reports on file with Canadian securities
regulatory authorities and the SEC.

Forward-looking information is based on the estimates and opinions of the Companys management at
the time the information is presented. The Company assumes no obligation to update forward-looking
information should circumstances or managements estimates or opinions change, except as required by
law.

Gross Production
In this presentation, Talisman makes reference to production volumes. Such production volumes are
stated on a gross basis, which means they are stated prior to the deduction of royalties and similar
payments. In the US, net production volumes are reported after the deduction of these amounts.

Boe Conversion
In this presentation, barrels of oil equivalent (boe) are calculated at a conversion rate of six thousand
cubic feet (mcf) of natural gas for one barrel of oil (bbl). Boes may be misleading, particularly if used in
isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalence conversion method
primarily applicable at the burner tip and does not represent a value equivalence at the wellhead.
March 2011 www.talisman-energy.com Page 18 of 19
US Dollars
Dollar amounts are presented in US dollars, except where otherwise indicated.

Analogous Information
In this presentation, Talisman discloses analogous information as defined by National Instrument 51-101
which is relevant to the Company for comparative purposes. The Company cannot confirm that the
analogous information (consisting of production estimates in CPO-9) was prepared by a qualified
reserves evaluator nor that it was prepared in accordance with the COGE Handbook.



March 2011 www.talisman-energy.com Page 19 of 19
Notes
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