Talisman Energy Announces First Oil From the Song Doc Field in Vietnam

TLM- Triple Bottom A Charm?

Talisman Energy Announces First Oil From the Song Doc Field in Vietnam

18:46 EST Thursday, December 04, 2008
CALGARY, ALBERTA--(Marketwire - Dec. 4, 2008) - Talisman (Vietnam 46/02) Ltd. ("Talisman"), a wholly owned subsidiary of Talisman Energy Inc. (TSX:TLM) (NYSE:TLM), has announced first oil production from the Song Doc field in Block 46/02 offshore Vietnam.

Gross production from five pre-drilled wells is expected to reach approximately 25,000 bbls/d by early 2009. An additional three development wells are currently being drilled. Talisman's share of proved and probable reserves in the Song Doc field is estimated at six mmbbls, with proved reserves of three mmbbls.

Talisman has a 30% interest in Block 46/02 and in the Truong Son Joint Operating Company, which operates the Block. Co-venturers are PetroVietnam Exploration and Production Company at 40% and Petronas Carigali Overseas Sdn Bhd with the remaining 30%. The Song Doc field facilities comprise a Floating Production Storage and Offloading (FPSO) vessel and wellhead platform.

The FPSO is a tanker conversion carried out by MODEC at the COSCO yard in Dalian, China. The Song Doc wellhead platform was fabricated by Petroleum Technical Services Company in Vung Tau, Vietnam.

Talisman Energy Inc. is an independent upstream oil and gas company headquartered in Calgary, Alberta, Canada. The Company and its subsidiaries have operations in North America, the North Sea, Southeast Asia and North Africa. Talisman's subsidiaries are also active in a number of other international areas. Talisman is committed to conducting its business in an ethically, socially and environmentally responsible manner. The Company is a participant in the United Nations Global Compact and included in the Dow Jones Sustainability (North America) Index. 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.

Advisories

This press release contains statements that constitute "forward-looking information" or "forward-looking statements" (collectively "forward-looking information") within the meaning of applicable securities legislation. This forward-looking information includes, among others, statements regarding:

- estimated production and timing;

- business plans for drilling, exploration, development and estimated timing;

- business strategy and plans; and

- other expectations, beliefs, plans, goals, objectives, assumptions, information and statements about possible future events, conditions, results of operations or performance.

Often, but not always, forward-looking information uses words or phrases such as: "expects", "does not expect" or "is expected", "anticipates" or "does not anticipate", "plans" or "planned", "estimates" or "estimated", "projects" or "projected", "forecasts" or "forecasted", "believes", "intends", "likely", "possible", "probable", "scheduled", "positioned", "goal", "objective" or states that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

The following assumptions were used in drawing the conclusions or making the forecasts and projections contained in the forward-looking information contained in this press release. Information regarding business plans for drilling and exploration 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 press release. 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 demand and unpredictable facilities outages;

- risks and uncertainties involving geology of oil and gas deposits;

- 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;

- risks in conducting foreign operations (for example, political and fiscal instability or the possibility of civil unrest or military action);

- changes in general economic and business conditions;

- the possibility that government policies or laws may change or governmental approvals may be delayed or withheld; and

- uncertainties as to the availability and cost of financing and changes in capital markets.

Readers are cautioned 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 most recent Annual Information Form and Annual Financial Report. In addition, information is available in the Company's other reports on file with Canadian securities regulatory authorities and the United States Securities and Exchange Commission.

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

Reserves Data and Other Oil and Gas Information

Talisman's disclosure of reserves data and other oil and gas information is made in reliance on an exemption granted to Talisman by Canadian securities regulatory authorities, which permits Talisman to provide certain disclosure in accordance with U.S. disclosure requirements. The information provided by Talisman in this press release may differ from the corresponding information prepared in accordance with Canadian disclosure standards under National Instrument 51-101 ("NI 51-101"). Information on the differences between the U.S. requirements and the NI 51-101 requirements is set forth under the heading "Note Regarding Reserves Data and Other Oil and Gas Information" in Talisman's Annual Information Form.

Talisman's proved reserves have been estimated using the standards contained in Regulation S-X of the U.S. Securities and Exchange Commission ("SEC"). U.S. practice is to disclose net proved reserves after the deduction of estimated royalty burdens, including net profit interests. Talisman makes additional voluntary disclosure of gross proved reserves.

Talisman also makes voluntary disclosure of probable reserves which have been estimated using the definition set out by the Society of Petroleum Engineers/World Petroleum Congress ("SPE/WPC"). Talisman believes that there is no material difference between the SPE/WPC definition for probable reserves and the Canadian Oil and Gas Handbook definition for probable reserves.

The SEC normally permits oil and gas companies to disclose in their filings with the SEC only proved reserves that have been demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic conditions and operating conditions. Any probable reserves and the calculations with respect thereto included in this press release do not meet the SEC's standards for inclusion in documents filed with the SEC.

The exemption granted to Talisman also permits it to disclose internally evaluated reserves data. Any reserves data contained in press release reflects Talisman's estimates of its reserves. While Talisman annually obtains an independent audit of a portion of its proved and probable reserves, no independent qualified reserves evaluator or auditor was involved in the preparation of the reserves data disclosed in this press release.

In this press release, Talisman makes reference to proved and probable reserves for the Song Doc field. As at year end 2007, Talisman had 43.7 mmboe of proved reserves and 67.6 mmboe of probable reserves in Southeast Asia. The estimates of reserves for individual properties may not reflect the same confidence levels as estimates of reserves for all properties due to the effects of aggregation.

Gross Production

In this press release, 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 U.S., net production volumes are reported after the deduction of these amounts. U.S. readers may refer to the table headed "Continuity of Proved Net Reserves" in Talisman's most recent Annual Information Form for a statement of Talisman's net production volumes by reporting segment that are comparable to those made by U.S. companies subject to SEC reporting and disclosure requirements.

Boe conversion

In this press release, the calculation of barrels of oil equivalent (boe) is calculated at a conversion rate of six thousand cubic feet (mcf) of natural gas for one barrel of oil and is based on an energy equivalence conversion method. 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.

FOR FURTHER INFORMATION PLEASE CONTACT:

Talisman Energy Inc. - Media and General Inquiries
David Mann, Vice-President,
Corporate & Investor Communications
(403) 237-1196
(403) 237-1210 (FAX)
Email: tlm@talisman-energy.com
Website: www.talisman-energy.com

or
Talisman Energy Inc. - Shareholder and Investor Inquiries
Christopher J. LeGallais, Vice-President,
Investor Relations
(403) 237-1957
(403) 237-1210 (FAX)
Email: tlm@talisman-energy.com
Website: www.talisman-energy.com

QEC At Bargain Basement Prices?

From Canaccord Report (2 Dec. 2008),
Potential Utica Valuation Potential Utica
$/share Leverage as % per s/price
Gastem GMR $ 2.12 311%
Junex JNX $11.38 749%
Questerre QEC $6.33 335%
"Best leverage to the upside on the play remains with these small-cap players (GMR-V,
JNX-V and QEC-T)"
Note: no time frame in that report.

December 4, 2008-La Visitation #1 Successfully Cased as Shale Gas Well

00:15 EST Thursday, December 04, 2008
CALGARY, ALBERTA--(Marketwire - Dec. 4, 2008) -

NOT FOR DISTRIBUTION ON U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Questerre Energy Corporation ("Questerre" or the "Company") (TSX:QEC)(OSLO:QEC) announced today that the operator has completed drilling of the La Visitation #1 well in the St. Lawrence Lowlands, Quebec.

The well was drilled to target depth of 2770m and logged to evaluate the Utica and Lorraine shale/siltstone zones as well as the carbonates of the Trenton Black-River Group. Based on an analysis of the logs, the well has been cased for shale gas testing, which will be undertaken when equipment is available.

Michael Binnion, President and Chief Executive Officer of Questerre, commented, "Drilling results were encouraging as we encountered several naturally fractured intervals in the Lorraine and Utica and promising gas shows."

Drilling operations on the next well, St. David, are expected to commence later this month.
Questerre also reported on the status of re-completion operations on the Gentilly #1 vertical well. Following the stimulation and 800 mcf/d test from the Utica, two intervals in the shallower Lorraine horizon were also fracture stimulated.

The clean up and flow-back of these intervals has been delayed due to operational issues with a packer. The preliminary results from this well are expected in early 2009. Results from the two stimulated horizontal wells on the Yamaska permits are on schedule for release by year-end.
Questerre is a Calgary-based independent resource company actively engaged in the exploration, development and acquisition of high-impact exploration and development oil and gas projects in Canada.

This news release contains forward-looking information. Implicit in this information are assumptions regarding commodity pricing, production, royalties and expenses, that, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. These forward-looking statements are based on certain assumptions that involve a number of risks and uncertainties and are not guarantees of future performance.

Actual results could differ materially as a result of changes in the Company's plans, commodity prices, equipment availability, general economic, market, regulatory and business conditions as well as production, development and operating performance and other risks associated with oil and gas operations. There is no guarantee made by the Company that the actual results achieved will be the same as those forecasted herein.

Barrel of oil equivalent ("boe") amounts may be misleading, particularly if used in isolation. A boe conversion ratio has been calculated using a conversion rate of six thousand cubic feet of natural gas to one barrel of oil and is based on an energy equivalent conversion method application at the burner tip and does not necessarily represent an economic value equivalent at the wellhead.

This news release does not constitute an offer of securities for sale in the United States. These securities may not be offered or sold in the United States absent registration or an available exemption from registration under the United States Securities Act of 1933, as amended.
FOR FURTHER INFORMATION PLEASE CONTACT:Questerre Energy Corporation
Anela Dido
Investor Relations
(403) 777-1185
(403) 777-1578 (FAX)
Email: info@questerre.com
Website: www.questerre.com

THE MAN WHO SOLD HOT DOGS

THE MAN WHO SOLD HOT DOGS

Many years ago there was a man who lived by the side of the road and sold HOT DOGS.
He was hard of hearing so he had no radio.

He had trouble with his eyes so he read no newspaper.

But he sold HOT DOGS

He put up signs on the highway telling how good they were.

He stood on the side of the road and cried: "BUY A HOT DOG, MISTER ?"
And people bought, because he was so enthusiastic.

He increased his meat and bun orders.
He bought a bigger stove to take care of his growing trade.

He was so happy selling Hot Dogs, and people enjoyed doing business with him.
One day his son came home from college to help him out.

And something happened.
His son said, "Father, haven’t you been listening to the radio.? Haven’t you been reading the newspaper.?

The situation in Europe is terrible. The Domestic situation is worse."
Whereupon the father thought,"Well, my son’s been to college, he reads the newspaper, he listens to the radio, and he ought to know."

So the father cut down on his meat and bun orders, he took down all his advertising signs, and no longer bothered to stand on the highway to sell his hot dogs.

And his HOT DOG sales fell, ALMOST OVERNIGHT.
"You’re right, son," the father said to the boy.

"WE CERTAINLY ARE IN THE MIDDLE OF A GREAT DEPRESSION."

Crisis? What crisis?

Madelaine Drohan
Thursday, December 04, 2008

OTTAWA — Canada may be in a political crisis, but it is not in an economic one. Why do so many people prefer to believe that we are?

In the rancorous debate in the House of Commons last Tuesday, the words “economic crisis” were uttered 51 times by members of all political stripes as they wrestled for control of the country. On Bay Street and Main Street there is constant talk of economic meltdown and frequent references to the Great Depression as if we are poised on the brink of a similar precipice.

The facts don't back this up. There are trouble spots, certainly, especially in the North American auto industry and the forestry sector, both of which were already in decline long before banks started toppling on Wall Street. And there is no denying that the U.S. economy is in bad shape, which will eventually have some as yet undefined impact here.

But the latest figures show the Canadian economy was still growing through the end of September, unemployment remains low and most forecasters are calling for a modest contraction next year, which while unpleasant is hardly a nightmare scenario.

Clearly there is something to be gained from saying we are in a crisis, even if we aren't.
The political motivation is easiest to identify. The Liberals, New Democrats and Bloc Québécois could hardly say they wanted to topple the Harper government because it intended to cut their funding. That would look too self-serving to voters. Blaming the government for not reacting to a non-existent crisis is a much easier sell.

The Conservatives, meanwhile, started out dealing with the facts, insisting that the current situation did not call for extraordinary measures. This message was somewhat spoiled when they also tried to argue that hard times called for partisan cuts. By mid-week they'd given up all pretence of defending reality and were invoking the non-existent crisis as a reason that the country needed the stability only they could provide.

The only consensus among the warring politicians was on the supposedly dire state of the economy. There was a competition to outdo each other in misleading and irresponsible statements about where the economy was heading.

John F. Kennedy, the late U.S. president, once said that the Chinese character for crisis had two elements – danger and opportunity. It is the latter that explains why many companies and indeed whole sectors are backing the crisis theory now.

The banks were in there early, calling for extraordinary government aid because of the impact on Canada of the global economic crisis. The Harper government is in the process of borrowing $75-billion dollars, ratcheting up interest-bearing debt in the process, in order to buy mortgages from the banks. Somehow this generous gesture on the part of Canadian taxpayers, who might well have wanted to spend the borrowed money on other things, has slipped below the radar.

The North American car makers also have their hands out, claiming they need help to survive the crisis, even though it has been clear for some time that they were in deep trouble of their own making. “Help us out of the hole we dug,” is not a winning argument when it comes to prying loose government money. So the crisis is invoked yet again, in both the U.S. and Canada.
The car makers are far from the only ones who gain from a crisis atmosphere.

All those infrastructure projects that the federal and provincial governments have vowed to speed up mean extra work for engineering firms, designers, suppliers and builders. Who among them would dare mention at this delicate juncture that things really aren't that bad?

Then there are the media. Alarmist headlines and stories are so much more fun to publish or broadcast, regardless whether they reflect the facts. Bad news sells, is the maxim. Journalists don't like to think that they are selling a product, but their corporate owners are keenly focused on the bottom line.

That may not mean there is overt pressure to consciously slant coverage towards the negative. But every journalist worth his or her salt knows subconsciously that a crisis story is more likely to hit the front page or lead the broadcast than some namby-pamby item about things going better than expected.

This deluge of bad news and catastrophic predictions eventually seeps into the public consciousness, frightening people into spending less and saving more, thus helping to create a real crisis. That said, it was heartening to see an Ipsos-Reid poll this week in which 56 per cent of respondents said they thought doomsday predictions of severe recession in Canada were exaggerations.

There is still common sense to be found in Canada, just not among our political, business or opinion leaders.

© Copyright The Globe and Mail

Canadian Arrow Mines receives road permit for Kenbridge Nickel Project

Canadian Arrow Mines receives road permit for Kenbridge Nickel Project


08:30 EST Thursday, December 04, 2008

SUDBURY, ON, Dec. 4 /CNW/ - Canadian Arrow Mines, Ltd. (CRO: TSX-V) (the "Company"), reports that it has received a work permit from the Ontario Ministry of Natural Resources for the construction of an all-weather road into the Kenbridge Nickel Project site. The 10km construction will involve the widening and surfacing of an existing trail that provides seasonal access to the project site from the Maybrun road. A single, temporary bridge crossing is already in place over the Atikwa River.

Mr. Kim Tyler, President of Canadian Arrow, adds "Receiving this permit is an important step for the Kenbridge Nickel Project. Once constructed, the road will provide year round access to nearby communities and supply centres via Highway 71. It will greatly increase the flexibility of supporting ongoing exploration efforts at the site including our planned advanced exploration program. Discussions with the Grand Council of Treaty No.3 and local First Nations communities are well under way regarding authorization under the Great Earth Law of Treaty No.3, (Manito Aki Inakonigaawin)."

Investors are invited to visit Canadian Arrow's IR hub at http://www.agoracom.com/IR/CanadianArrow where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternately, investors are able to e-mail all questions and correspondence to CRO@agoracom.com where they can also request addition to the investor e-mail list to receive future press releases and updates in real time.


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