N E W
S   R E L E A S E











TALISMAN
ENERGY ANNOUNCES FIRST PRODUCTION FROM THE REV FIELD





CALGARY,
Alberta – January 26, 2009 – Talisman Energy Inc. announced first gas production
from the Rev Field in Norway.





The Field
is expected to produce at a plateau rate of 100 mmcf/d of gas and 6,000 bbls/d
of condensate and natural gas liquids from two subsea wells. A third producer,
the Rev East well, is expected to be brought on-stream later in 2009. Talisman's
share of proved and probable reserves in the Rev Field at year end 2007 is
estimated at 26 million boe, with proved reserves of 16 million
boe.





Talisman
Energy Norge AS, a wholly-owned subsidiary of Talisman Energy Inc., has a 70%
interest in the Field, with Petoro AS holding the remaining 30%. Production is
transported via a nine kilometer pipeline to the Armada platform in the UK,
operated by BG International (CNS) Limited, for processing and final export to
the UK.





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.





For
further information, please contact:





Media and
General
Inquiries:                                                                                                Shareholder
and Investor Inquiries:





David
Mann,
Vice-President,                                                                                                Christopher
J. LeGallais, Vice-President,


Corporate
& Investor
Communications                                                                               Investor
Relations


Phone:                      403-237-1196
Fax:  403-237-1210                                                          Phone:                      403-237-1957
Fax: 403-237-1210


E-mail:                      tlm@talisman-energy.com                                                                    Email:                       tlm@talisman-energy.com





03-09





Forward-Looking
Information





This
press release contains 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, among others,
statements regarding: estimates of production, estimated timing of new
production, and other expectations, beliefs, plans, goals, objectives,
assumptions, information and statements about possible future events,
conditions, results of operations or performance.





The
following material assumptions were used in drawing the conclusions or making
the forecasts and projections contained in the forward-looking information
contained in thispress release:
sufficient yield factors, the availability of sufficient process capacity and
wells, and the completion of subsea tie-in and control
systems.  Information regarding oil and gas reserves, and
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 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;


·
            the
      uncertainty of reserves 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;
      and


·
            changes
      in general economic and business
conditions.





The
foregoing list of risk factors 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 statements are made.  The Company assumes no
obligation to update forward-looking statements 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.  The 2007
reserves included in this press release 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 this 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.





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.





BoeConversion





Throughout
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.