EXHIBIT 99.8

SUPPLEMENTAL RESERVES INFORMATION

The following disclosures have been prepared in accordance with FASB Accounting Standards Codification 932, "Extractive
Activities  Oil and Gas."

References
in tables in this Exhibit to "Consolidated Entities" relate to Talisman Energy Inc. and the direct or indirect subsidiaries of Talisman Energy Inc. and partnership interests
held by Talisman Energy Inc. and its subsidiaries. Effective January 1, 2013, the Company adopted International Financial Reporting Standards ("IFRS") 11Joint
Arrangementswhich requires Talisman to account for its investments in Talisman Sinopec Energy UK Limited ("TSEUK") and Equion Energía Limited ("Equion") using
the equity method of accounting. References in tables in this exhibit to "Share of Equity Investees" relates to Talisman's 51% equity interest in TSEUK and Talisman's 49% equity interest in Equion
respectively.

Unless
the context indicates otherwise, references in this Exhibit 99.8 to "Talisman" or the "Company" include, for reporting purposes only, the direct or indirect subsidiaries of
Talisman Energy Inc., partnership interests held by Talisman Energy Inc. and its subsidiaries, and also include Talisman's equity interests in TSEUK and Equion. Such use of "Talisman" or
the "Company" to refer to these other legal entities, partnership interests and equity interests does not constitute a waiver by Talisman Energy Inc. or such entities or partnerships of their
separate legal status, for any purpose.

Note
that the numbers in each column of the tables throughout this Exhibit may not add due to rounding.

Please
refer to the Advisories and Abbreviations section at the end of this Exhibit.

Reserves Estimates

Summary of Oil and Gas Reserves as of Fiscal Year-End Based on Average Fiscal Year Prices

The following table sets forth Talisman's estimates of its proved developed, proved undeveloped and total proved reserves as at December 31,
2014. The reserves estimates included in this table were prepared using the standards of the US Securities and Exchange Commission ("SEC"), which requires that proved reserves be estimated using
existing economic conditions. The price used for calculating reserves is an unweighted arithmetic average of the historic first-day-of-the-month price for each month within the completed 12-month
period unless the prices are defined by contractual obligations (excluding escalations based on future conditions).

|                                    |                |                                  |                                    |                          
|----------------------------------- | -------------- | -------------------------------- | ---------------------------------- | -------------------------
|                                   
|                                    |                |                                  |                                    |                          
|Year ended December 31, 2014        |                | Net(4)
Proved(1)
Developed(2)(5) | Net(4)
Proved(1)
Undeveloped(3)(5) | Net(4)
Total
Proved(1)(5)
|                                   
|CONSOLIDATED ENTITIES               |                |                                  |                                    |                          
|                                   
|Oil and Natural Gas Liquids(mmbbls) |                |                                  |                                    |                          
|                                   
|                                    | North America  |                                  |                                    |                          
|                                   
|                                    |                | Canada                           |                                    | 46.1                     
|                                   
|                                    |                | United States                    |                                    | 25.4                     
|                                   
|                                    | North Sea(6)   |                                  |                                    |                          
|                                   
|                                    |                | Norway                           |                                    | 4.4                      
|                                   
|                                    | Southeast Asia |                                  |                                    |                          
|                                   
|                                    |                | Indonesia                        |                                    | 3.4                      
|                                   
|                                    |                | Malaysia                         |                                    | 8.2                      
|                                   
|                                    |                | Australia                        |                                    | 1.5                      
|                                   
|                                    |                | Papua New Guinea                 |                                    |                         
|                                   
|                                    |                | Vietnam                          |                                    | 6.1                      
|                                   
|                                    | Latin America  |                                  |                                    |                          
|                                   
|                                    |                | Colombia(6)                      |                                    | 3.7                      
|                                   
|                                    | Other          |                                  |                                    |                          
|                                   
|                                    |                | Algeria                          |                                    | 8.9                      
|                                   
|Total                               |                | 107.7                            | 34.5                               | 142.2                    
|                                   

TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION       1

---



|                                                                                   |                |                                  |                                    |                          
|---------------------------------------------------------------------------------- | -------------- | -------------------------------- | ---------------------------------- | -------------------------
|                                                                                  
|                                                                                   |                |                                  |                                    |                          
|Year ended December 31, 2014                                                       |                | Net(4)
Proved(1)
Developed(2)(5) | Net(4)
Proved(1)
Undeveloped(3)(5) | Net(4)
Total
Proved(1)(5)
|                                                                                  
|Natural Gas(bcf)                                                                   |                |                                  |                                    |                          
|                                                                                  
|                                                                                   | North America  |                                  |                                    |                          
|                                                                                  
|                                                                                   |                | Canada                           |                                    | 411.4                    
|                                                                                  
|                                                                                   |                | United States                    |                                    | 1,067.4                  
|                                                                                  
|                                                                                   | North Sea(6)   |                                  |                                    |                          
|                                                                                  
|                                                                                   |                | Norway                           |                                    | 7.6                      
|                                                                                  
|                                                                                   | Southeast Asia |                                  |                                    |                          
|                                                                                  
|                                                                                   |                | Indonesia                        |                                    | 514.5                    
|                                                                                  
|                                                                                   |                | Malaysia                         |                                    | 82.9                     
|                                                                                  
|                                                                                   |                | Australia                        |                                    |                         
|                                                                                  
|                                                                                   |                | Papua New Guinea                 |                                    |                         
|                                                                                  
|                                                                                   |                | Vietnam                          |                                    | 3.5                      
|                                                                                  
|                                                                                   | Latin America  |                                  |                                    |                          
|                                                                                  
|                                                                                   |                | Colombia(6)                      |                                    |                         
|                                                                                  
|                                                                                   | Other          |                                  |                                    |                          
|                                                                                  
|                                                                                   |                | Algeria                          |                                    |                         
|                                                                                  
|Total                                                                              |                | 2,087.3                          | 999.3                              | 3,086.6                  
|                                                                                  
|SHARE OF RESERVES OF EQUITY INVESTEES                                              |                |                                  |                                    |                          
|                                                                                  
|Oil and Natural Gas Liquids(mmbbls)                                                |                |                                  |                                    |                          
|                                                                                  
|                                                                                   |                | North Sea (TSEUK)                |                                    | 31.9                     
|                                                                                  
|                                                                                   |                | Latin America (Equion)           |                                    | 8.0                      
|                                                                                  
|Total                                                                              |                | 39.9                             | 15.3                               | 55.2                     
|                                                                                  
|Natural Gas (bcf)                                                                  |                |                                  |                                    |                          
|                                                                                  
|                                                                                   |                | North Sea (TSEUK)                |                                    | 2.4                      
|                                                                                  
|                                                                                   |                | Latin America (Equion)           |                                    | 44.9                     
|                                                                                  
|Total                                                                              |                | 47.3                             | 22.3                               | 69.6                     
|                                                                                  
|PROVED RESERVES OF CONSOLIDATED ENTITIES AND SHARE OF RESERVES OF EQUITY INVESTEES |                |                                  |                                    |                          
|                                                                                  
|Oil and Natural Gas Liquids(mmbbls)                                                |                |                                  |                                    |                          
|                                                                                  
|Total                                                                              |                | 147.6                            | 49.8                               | 197.4                    
|                                                                                  
|Natural Gas(bcf)                                                                   |                |                                  |                                    |                          
|                                                                                  
|Total                                                                              |                | 2,134.6                          | 1,021.6                            | 3,156.2                  
|                                                                                  

Talisman does not file estimates of its total oil and gas reserves with any US agency or federal authority other than the SEC and the US Energy Information
Administration.

2TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION

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Reserves Reconciliations

The following tables reflect activities from assets that are classified as both continuing operations and, until disposed of, discontinued operations
for financial reporting purposes.

Continuity of Net Proved Reserves

|                         |                  |                                       |  |         |   |         |   |        |   |           |   |                      |   |               |   |       |   |       |  
|------------------------ | ---------------- | ------------------------------------- |  | ------- | - | ------- | - | ------ | - | --------- | - | -------------------- | - | ------------- | - | ----- | - | ----- | -
|                         |                 
|                         |                  |                                       |  |         |   |         |   |        |   |           |   |                      |   |               |   |       |   |       |  
|                         |                  | Canada                                |  | US      |   | UK      |   | Norway |   | Indonesia |   | Other
Southeast
Asia |   | Latin
America |   | Other |   | Total |  
|                         |                 
|CONSOLIDATED ENTITIES(2) |                  |                                       |  |         |   |         |   |        |   |           |   |                      |   |               |   |       |   |       |  
|                         |                 
|Oil and Liquids(mmbbls)  |                  |                                       |  |         |   |         |   |        |   |           |   |                      |   |               |   |       |   |       |  
|                         |                 
|                         | Total Proved     |                                       |  |         |   |         |   |        |   |           |   |                      |   |               |   |       |   |       |  
|                         |                 
|                         |                  | Proved reserves at December 31, 2011  |  | 62.0    |   | 17.3    |   | 245.0  |   | 52.7      |   | 15.5                 |   | 30.3          |   | 12.8  |   | 15.5  |  
|                         |                 
|                         |                  | Discoveries, additions and extensions |  | 10.3    |   | 11.4    |   | 9.4    |   | (26.2     | ) | 0.2                  |   | 1.5           |   | 0.2   |   | (0.9  | )
|                         |                 
|                         |                  | Purchase of reserves                  |  |        |   |        |   |       |   |          |   |                     |   | 1.1           |   |      |   |      |  
|                         |                 
|                         |                  | Sale of reserves                      |  | (11.8   | ) |        |   | (114.5 | ) | (2.7      | ) | (1.1                 | ) |              |   |      |   |      |  
|                         |                 
|                         |                  | Revisions to previous estimates       |  | 5.1     |   | (1.5    | ) | (121.4 | ) | (2.1      | ) | (2.0                 | ) | 1.5           |   | (12.8 | ) | 0.2   |  
|                         |                 
|                         |                  | 2012 Production                       |  | (5.7    | ) | (2.5    | ) | (18.5  | ) | (7.2      | ) | (2.1                 | ) | (7.2          | ) | (0.1  | ) | (1.9  | )
|                         |                 
|                         |                  | Proved reserves at December 31, 2012  |  | 59.9    |   | 24.7    |   |       |   | 14.5      |   | 10.5                 |   | 27.2          |   | 0.1   |   | 12.9  |  
|                         |                 
|                         |                  | Discoveries, additions and extensions |  | 5.8     |   | 23.2    |   |       |   | 0.0       |   |                     |   | 2.9           |   | 2.1   |   |      |  
|                         |                 
|                         |                  | Purchase of reserves                  |  | 0.1     |   |        |   |       |   |          |   |                     |   |              |   |      |   |      |  
|                         |                 
|                         |                  | Sale of reserves                      |  | (1.0    | ) |        |   |       |   |          |   |                     |   |              |   |      |   |      |  
|                         |                 
|                         |                  | Revisions to previous estimates       |  |        |   | (4.2    | ) |       |   | 1.2       |   | (2.5                 | ) | (0.3          | ) | 0.4   |   | 1.1   |  
|                         |                 
|                         |                  | 2013 Production                       |  | (4.8    | ) | (4.9    | ) |       |   | (5.0      | ) | (1.4                 | ) | (7.2          | ) | (0.3  | ) | (1.8  | )
|                         |                 
|                         |                  | Proved reserves at December 31, 2013  |  | 60.0    |   | 38.8    |   |       |   | 10.7      |   | 6.6                  |   | 22.6          |   | 2.3   |   | 12.2  |  
|                         |                 
|                         |                  | Discoveries, additions and extensions |  | 6.3     |   | 15.4    |   |       |   |          |   |                     |   | 3.3           |   | 4.2   |   |      |  
|                         |                 
|                         |                  | Purchase of reserves                  |  |        |   |        |   |       |   |          |   |                     |   |              |   |      |   |      |  
|                         |                 
|                         |                  | Sale of reserves                      |  | (1.4    | ) |        |   |       |   |          |   | (1.0                 | ) |              |   |      |   |      |  
|                         |                 
|                         |                  | Revisions to previous estimates       |  | (9.5    | ) | 2.2     |   |       |   | (1.9      | ) | (0.1                 | ) | 1.5           |   | 1.7   |   | (1.2  | )
|                         |                 
|                         |                  | 2014 Production(1)                    |  | (6.6    | ) | (6.1    | ) |       |   | (4.4      | ) | (1.1                 | ) | (9.2          | ) | (1.0  | ) | (2.1  | )
|                         |                 
|                         |                  | Proved reserves at December 31, 2014  |  | 48.8    |   | 50.3    |   |       |   | 4.4       |   | 4.4                  |   | 18.2          |   | 7.2   |   | 8.9   |  
|                         |                 
|                         | Proved developed |                                       |  |         |   |         |   |        |   |           |   |                      |   |               |   |       |   |       |  
|                         |                 
|                         |                  | December 31, 2011                     |  | 59.9    |   | 7.3     |   | 201.9  |   | 17.0      |   | 9.9                  |   | 19.0          |   | 6.7   |   | 9.0   |  
|                         |                 
|                         |                  | December 31, 2012                     |  | 55.8    |   | 10.3    |   |       |   | 8.4       |   | 7.0                  |   | 15.0          |   | 8.8   |   | 7.6   |  
|                         |                 
|                         |                  | December 31, 2013                     |  | 54.8    |   | 16.1    |   |       |   | 6.9       |   | 4.8                  |   | 21.0          |   | 2.3   |   | 10.3  |  
|                         |                 
|                         |                  | December 31, 2014                     |  | 46.1    |   | 25.4    |   |       |   | 4.4       |   | 3.4                  |   | 15.8          |   | 3.7   |   | 8.9   |  
|                         |                 
|Natural Gas(bcf)         |                  |                                       |  |         |   |         |   |        |   |           |   |                      |   |               |   |       |   |       |  
|                         |                 
|                         | Total Proved     |                                       |  |         |   |         |   |        |   |           |   |                      |   |               |   |       |   |       |  
|                         |                 
|                         |                  | Proved reserves at December 31, 2011  |  | 1,292.7 |   | 1,985.8 |   | 18.7   |   | 67.6      |   | 1,107.2              |   | 188.8         |   | 83.5  |   |      |  
|                         |                 
|                         |                  | Discoveries, additions and extensions |  | 65.4    |   | (550.0  | ) | 35.6   |   | 17.1      |   | 0.3                  |   | 2.7           |   |      |   |      |  
|                         |                 
|                         |                  | Purchase of reserves                  |  |        |   |        |   |       |   |          |   |                     |   | 1.9           |   |      |   |      |  
|                         |                 
|                         |                  | Sale of reserves                      |  | (97.2   | ) |        |   | (20.3  | ) |          |   | (9.1                 | ) |              |   |      |   |      |  
|                         |                 
|                         |                  | Revisions to previous estimates       |  | (101.4  | ) | 66.0    |   | (32.1  | ) | (42.0     | ) | (3.9                 | ) | 7.5           |   | (83.5 | ) |      |  
|                         |                 
|                         |                  | 2012 Production                       |  | (137.2  | ) | (176.8  | ) | (1.9   | ) | (9.6      | ) | (99.8                | ) | (32.3         | ) |      |   |      |  
|                         |                 
|                         |                  | Proved reserves at December 31, 2012  |  | 1,022.3 |   | 1,325.0 |   |       |   | 33.1      |   | 994.7                |   | 168.6         |   |      |   |      |  
|                         |                 
|                         |                  | Discoveries, additions and extensions |  | 151.7   |   | 459.8   |   |       |   | 0.0       |   | 6.5                  |   | 3.3           |   |      |   |      |  
|                         |                 
|                         |                  | Purchase of reserves                  |  | 4.0     |   |        |   |       |   |          |   |                     |   |              |   |      |   |      |  
|                         |                 
|                         |                  | Sale of reserves                      |  | (14.6   | ) |        |   |       |   |          |   |                     |   |              |   |      |   |      |  
|                         |                 
|                         |                  | Revisions to previous estimates       |  | 65.8    |   | 26.3    |   |       |   | (12.3     | ) | (10.2                | ) | (7.1          | ) |      |   |      |  
|                         |                 
|                         |                  | 2013 Production                       |  | (110.0  | ) | (159.4  | ) |       |   | (3.1      | ) | (101.0               | ) | (25.8         | ) |      |   |      |  
|                         |                 
|                         |                  | Proved reserves at December 31, 2013  |  | 1,119.2 |   | 1,651.7 |   |       |   | 17.7      |   | 890.0                |   | 139.0         |   |      |   |      |  
|                         |                 
|                         |                  | Discoveries, additions and extensions |  | 77.5    |   | 391.6   |   |       |   |          |   | 21.7                 |   | 6.2           |   |      |   |      |  
|                         |                 

TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION       3

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| |                  |                                      |  |        |   |         |        |      |           |   |                      |   |               |       |       |  
| | ---------------- | ------------------------------------ |  | ------ | - | ------- | ------ | ---- | --------- | - | -------------------- | - | ------------- | ----- | ----- | -
| |                 
| |                  |                                      |  |        |   |         |        |      |           |   |                      |   |               |       |       |  
| |                  | Canada                               |  | US     |   | UK      | Norway |      | Indonesia |   | Other
Southeast
Asia |   | Latin
America | Other | Total |  
| |                 
| |                  | Purchase of reserves                 |  |       |   |        |        |     |          |   |                     |   |              |       |      | 
| |                 
| |                  | Sale of reserves                     |  | (624.1 | ) | (1.1    | )      |     |          |   | (6.7                 | ) |              |       |      | 
| |                 
| |                  | Revisions to previous estimates      |  | (48.0  | ) | (142.0  | )      |     | (2.1      | ) | (3.9                 | ) | (20.1         | )     |      | 
| |                 
| |                  | 2014 Production(1)                   |  | (77.9  | ) | (167.4  | )      |     | (8.0      | ) | (99.8                | ) | (26.9         | )     |      | 
| |                 
| |                  | Proved reserves at December 31, 2014 |  | 446.7  |   | 1,732.8 |        |     | 7.6       |   | 801.3                |   | 98.2          |       |      | 
| |                 
| | Proved developed |                                      |  |        |   |         |        |      |           |   |                      |   |               |       |       |  
| |                 
| |                  | December 31, 2011                    |  | 936.5  |   | 814.7   |        | 18.2 | 63.1      |   | 688.5                |   | 149.7         |       | 62.3  | 
| |                 
| |                  | December 31, 2012                    |  | 712.3  |   | 839.6   |        |     | 13.8      |   | 591.5                |   | 125.3         |       |      | 
| |                 
| |                  | December 31, 2013                    |  | 760.6  |   | 821.6   |        |     | 7.6       |   | 632.4                |   | 114.1         |       |      | 
| |                 
| |                  | December 31, 2014                    |  | 411.4  |   | 1,067.4 |        |     | 7.6       |   | 514.5                |   | 86.4          |       |      | 
| |                 

|                                         |                  |            |                                       |                        |       |       |     
|---------------------------------------- | ---------------- | ---------- | ------------------------------------- | ---------------------- | ----- | ----- | ----
|                                         |                  |            |                                       |                        |       |       |     
|                                         |                  | UK
(TSEUK) |                                       | Latin
America
(Equion) |       | Total |     
|                                         |                 
|SHARE OF RESERVES OF EQUITY INVESTEES(2) |                  |            |                                       |                        |       |       |     
|                                         |                 
|Oil and Liquids(mmbbls)                  |                  |            |                                       |                        |       |       |     
|                                         |                 
|                                         | Total Proved     |            |                                       |                        |       |       |     
|                                         |                 
|                                         |                  |            | Proved reserves at December 31, 2011  |                        |      |       |    
|                                         |                 
|                                         |                  |            | Discoveries, additions and extensions |                        |      |       | 3.7 
|                                         |                 
|                                         |                  |            | Purchase of reserves                  |                        |      |       |    
|                                         |                 
|                                         |                  |            | Sale of reserves                      |                        |      |       |    
|                                         |                 
|                                         |                  |            | Revisions to previous estimates       |                        | 99.8  |       | 12.9
|                                         |                 
|                                         |                  |            | 2012 Production                       |                        | (0.4  | )     | (3.2
|                                         |                 
|                                         |                  |            | Proved reserves at December 31, 2012  |                        | 99.4  |       | 13.4
|                                         |                 
|                                         |                  |            | Discoveries, additions and extensions |                        | 2.0   |       | 0.4 
|                                         |                 
|                                         |                  |            | Purchase of reserves                  |                        | 8.5   |       |    
|                                         |                 
|                                         |                  |            | Sale of reserves                      |                        |      |       |    
|                                         |                 
|                                         |                  |            | Revisions to previous estimates       |                        | (27.6 | )     |    
|                                         |                 
|                                         |                  |            | 2013 Production                       |                        | (6.8  | )     | (2.9
|                                         |                 
|                                         |                  |            | Proved reserves at December 31, 2013  |                        | 75.5  |       | 10.9
|                                         |                 
|                                         |                  |            | Discoveries, additions and extensions |                        | (0.1  | )     | 1.5 
|                                         |                 
|                                         |                  |            | Purchase of reserves                  |                        | 0.5   |       |    
|                                         |                 
|                                         |                  |            | Sale of reserves                      |                        |      |       |    
|                                         |                 
|                                         |                  |            | Revisions to previous estimates       |                        | (25.0 | )     | 0.5 
|                                         |                 
|                                         |                  |            | 2014 Production(1)                    |                        | (5.8  | )     | (2.8
|                                         |                 
|                                         |                  |            | Proved reserves at December 31, 2014  |                        | 45.1  |       | 10.1
|                                         |                 
|                                         | Proved developed |            |                                       |                        |       |       |     
|                                         |                 
|                                         |                  |            | December 31, 2011                     |                        |      |       |    
|                                         |                 
|                                         |                  |            | December 31, 2012                     |                        | 84.0  |       | 8.8 
|                                         |                 
|                                         |                  |            | December 31, 2013                     |                        | 60.5  |       | 8.3 
|                                         |                 
|                                         |                  |            | December 31, 2014                     |                        | 31.9  |       | 8.0 
|                                         |                 

4TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION

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|                  |                  |            |                                       |                        |      |       |      
|----------------- | ---------------- | ---------- | ------------------------------------- | ---------------------- | ---- | ----- | -----
|                  |                 
|                  |                  |            |                                       |                        |      |       |      
|                  |                  | UK
(TSEUK) |                                       | Latin
America
(Equion) |      | Total |      
|                  |                 
|Natural Gas (bcf) |                  |            |                                       |                        |      |       |      
|                  |                 
|                  | Total Proved     |            |                                       |                        |      |       |      
|                  |                 
|                  |                  |            | Proved reserves at December 31, 2011  |                        |     |       |     
|                  |                 
|                  |                  |            | Discoveries, additions and extensions |                        |     |       | (9.6 
|                  |                 
|                  |                  |            | Purchase of reserves                  |                        |     |       |     
|                  |                 
|                  |                  |            | Sale of reserves                      |                        |     |       |     
|                  |                 
|                  |                  |            | Revisions to previous estimates       |                        | 33.0 |       | 87.3 
|                  |                 
|                  |                  |            | 2012 Production                       |                        |     |       | (11.5
|                  |                 
|                  |                  |            | Proved reserves at December 31, 2012  |                        | 33.0 |       | 66.2 
|                  |                 
|                  |                  |            | Discoveries, additions and extensions |                        | 1.4  |       | 4.3  
|                  |                 
|                  |                  |            | Purchase of reserves                  |                        |     |       |     
|                  |                 
|                  |                  |            | Sale of reserves                      |                        |     |       |     
|                  |                 
|                  |                  |            | Revisions to previous estimates       |                        | (1.6 | )     | (0.4 
|                  |                 
|                  |                  |            | 2013 Production                       |                        | (0.6 | )     | (11.7
|                  |                 
|                  |                  |            | Proved reserves at December 31, 2013  |                        | 32.2 |       | 58.4 
|                  |                 
|                  |                  |            | Discoveries, additions and extensions |                        | (0.1 | )     |     
|                  |                 
|                  |                  |            | Purchase of reserves                  |                        |     |       |     
|                  |                 
|                  |                  |            | Sale of reserves                      |                        |     |       |     
|                  |                 
|                  |                  |            | Revisions to previous estimates       |                        | (6.9 | )     | (2.1 
|                  |                 
|                  |                  |            | 2014 Production(1)                    |                        | (0.5 | )     | (11.4
|                  |                 
|                  |                  |            | Proved reserves at December 31, 2014  |                        | 24.7 |       | 44.9 
|                  |                 
|                  | Proved developed |            |                                       |                        |      |       |      
|                  |                 
|                  |                  |            | December 31, 2011                     |                        |     |       |     
|                  |                 
|                  |                  |            | December 31, 2012                     |                        | 8.2  |       | 66.2 
|                  |                 
|                  |                  |            | December 31, 2013                     |                        | 6.0  |       | 58.4 
|                  |                 
|                  |                  |            | December 31, 2014                     |                        | 2.4  |       | 44.9 
|                  |                 

The narrative in the remainder of this subsection references a total of consolidated entities and Talisman's share of equity investees on a combined oil and
natural gas liquids and natural gas or barrels of oil equivalent (boe) basis.

Discussion of Continuity of Net Proved Reserves

In 2014, the Company's net proved reserves decreased by 168 mmboe. Additions and technical revisions, primarily in the US and Canada, replaced
99% of the 104 mmboe produced during 2014. Major negative revisions due to price and economic factors resulted in a decrease of 60 mmboe. These revisions occurred predominantly in the
United Kingdom and the US. Net acquisitions and divestments, almost entirely in Canada, resulted in a further reduction of 107 mmboe.

Proved Undeveloped Reserves

Talisman's proved undeveloped reserves related to its consolidated entities and its share of equity investees were 34.5 mmbbls of oil and
natural gas liquids and 999.3 bcf of natural gas as at December 31, 2014, a decrease of 2.5 mmbbls and 482 bcf, respectively,

TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION       5

---



compared
to year-end 2013. The following table and subsequent discussion reflects the changes to the gross proved undeveloped reserves during the year ended December 31, 2014.

|                          |                                                  |                                      |       |                   |         |                    |      
|------------------------- | ------------------------------------------------ | ------------------------------------ | ----- | ----------------- | ------- | ------------------ | -----
|                          |                                                 
|                          |                                                  |                                      |       |                   |         |                    |      
|                          |                                                  | Oil and
Natural Gas Liquids
(mmbbls) |       | Natural Gas
(bcf) |         | Total
BOE
(mmbbls) |      
|                          |                                                 
|CONSOLIDATED ENTITIES     |                                                  |                                      |       |                   |         |                    |      
|                          |                                                 
|                          | Proved Undeveloped Reserves at December 31, 2013 |                                      | 37.0  |                   | 1,481.3 |                    | 284.0
|                          |                                                 
|                          | Discoveries, Additions and Extensions            |                                      | 13.4  |                   | 250.0   |                    | 55.1 
|                          |                                                 
|                          | Purchase of Reserves                             |                                      | 0.0   |                   | 0.0     |                    | 0.0  
|                          |                                                 
|                          | Sale of Reserves                                 |                                      | (1.0  | )                 | (293.2  | )                  | (49.9
|                          |                                                 
|                          | Revisions to previous estimates                  |                                      | (4.4  | )                 | (253.4  | )                  | (46.6
|                          |                                                 
|                          | Conversion to Proved Developed Reserves          |                                      | (10.5 | )                 | (185.4  | )                  | (41.5
|                          |                                                 
|                          | Proved Undeveloped Reserves at December 31, 2014 |                                      | 34.5  |                   | 999.3   |                    | 201.1
|                          |                                                 
|SHARE OF EQUITY INVESTEES |                                                  |                                      |       |                   |         |                    |      
|                          |                                                 
|                          | Proved Undeveloped Reserves at December 31, 2013 |                                      | 17.6  |                   | 26.2    |                    | 22.0 
|                          |                                                 
|                          | Discoveries, Additions and Extensions            |                                      | 0.6   |                   | 0.0     |                    | 0.6  
|                          |                                                 
|                          | Purchase of Reserves                             |                                      | 0.0   |                   | 0.0     |                    | 0.0  
|                          |                                                 
|                          | Sale of Reserves                                 |                                      | 0.0   |                   | 0.0     |                    | 0.0  
|                          |                                                 
|                          | Revisions to previous estimates                  |                                      | (1.5  | )                 | (3.8    | )                  | (2.2 
|                          |                                                 
|                          | Conversion to Proved Developed Reserves          |                                      | (1.4  | )                 | (0.1    | )                  | (1.4 
|                          |                                                 
|                          | Proved Undeveloped Reserves at December 31, 2014 |                                      | 15.3  |                   | 22.3    |                    | 19.0 
|                          |                                                 

The Company developed 14% of proved undeveloped reserves in 2014. On a total proved undeveloped reserves basis, 42.9 mmboe were converted out of a
starting balance of 306 mmboe. Talisman spent approximately $544 million in 2014 to develop its proved undeveloped reserves. Major areas for conversion were several projects
in Marcellus and Eagle Ford.

Talisman also had total discoveries, additions, and extensions of 55.7 mmboe. Major areas for additions were also Marcellus and Eagle Ford. All of
Talisman's proved undeveloped reserves as at December 31, 2014 are scheduled for development within five years of original booking, except for the special circumstances described below.
Undeveloped reserves are booked only when all criteria including technical, commercial, and development plans were met. Talisman reviews the economics of its properties containing undeveloped reserves
using evaluation techniques commonly accepted in the industry, fully compliant with all regulations, and also with its own pricing and economic assumptions. Through this active management process,
Talisman selects some properties for further development activities while others are held in abeyance, sold, or swapped. Actual timing of the development of undeveloped reserves is based on various
factors including economic conditions, technical performance and capital availability and allocation of necessary resources.

As
of December 31, 2014 the only material proved undeveloped reserves that were five years or older were in Indonesia, Malaysia and the UK. The Indonesia and Malaysia undeveloped gas reserves
will be developed as needed in the next five years to meet gas deliverability requirements for existing gas contracts. The UK undeveloped oil reserves are located in new offshore projects that are
underway and where significant capital has already been spent.

Talisman
booked certain of its proved undeveloped reserves in North America, in fields where there exists reliable technology that established reasonable certainty of economic producibility at
distances greater than directly offsetting development spacing. Talisman utilized a combination of 3D seismic, core analysis, borehole logs, well tests, production history and numerical simulation in
order to attain the reasonable certainty required to book proved undeveloped reserves.

6TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION

---



Discounted Future Net Cash Flows

Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves

Future net cash flows were calculated by applying the prescribed average annual prices to the Company's estimated future production of proved
reserves and deducting estimates of future development, asset retirement, production and transportation costs, and income taxes. Future costs have been estimated based on existing economic and
operating conditions. Future income taxes have been estimated based on statutory tax rates enacted at year-end using existing tax and cost pools. The present values of the estimated future cash flows
were determined by applying a 10% discount rate prescribed by the US Financial Accounting Standards Board.

In
order to increase the comparability between companies, the standardized measure of discounted future net cash flows necessarily employs uniform assumptions that do not necessarily reflect
management's best estimate of future events and anticipated outcomes. There are numerous uncertainties inherent in estimating quantities of proved reserves and projecting future rates of production
and timing of development expenditures. Accordingly, the Company does not believe that the standardized measure of discounted future net cash flows will be representative of actual future net cash
flows and should not be considered to represent the fair market value of the oil and gas properties. Actual future net cash flows will differ significantly from estimates due to, but not limited to,
the following:

The
standardized measure of discounted future net cash flows was prepared using the following prices:

|                            
|----------------------------
|                            
|Average Prices              
|                            
|CONSOLIDATED ENTITIES(4)    
|                            
|Crude oil & liquids(US$/bbl)
|                            
|Canada(1)                   
|                            
|US(1)                       
|                            
|UK                          
|                            
|Norway                      
|                            
|Indonesia                   
|                            
|Other Southeast Asia(2)     
|                            
|Latin America               
|                            
|Other(3)                    
|                            
|Total                       
|                            
|Natural gas(US$/mcf)        
|                            
|Canada                      
|                            
|US                          
|                            
|UK                          
|                            
|Norway                      
|                            
|Indonesia                   
|                            
|Other Southeast Asia(2)     
|                            
|Latin America               
|                            
|Other(3)                    
|                            
|Total                       
|                            

TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION       7

---



|                               
|-------------------------------
|                               
|Average Prices                 
|                               
|SHARE OF EQUITY INVESTEES(4)   
|                               
|Crude oil & liquids(US$/bbl)   
|                               
|UK (TSEUK)                     
|                               
|Latin America (Equion)         
|                               
|Total Share of Equity Investees
|                               
|Natural gas(US$/mcf)           
|                               
|UK (TSEUK)                     
|                               
|Latin America (Equion)         
|                               
|Total Share of Equity Investees
|                               

In order to derive the prices in the cash flow, the following benchmark prices and exchange rates were used:

|                     
|---------------------
|                     
|                     
|                     
|WTI (US$/bbl)        
|                     
|Dated Brent (US$/bbl)
|                     
|HH gas (US$/mmbtu)   
|                     
|AECO-C (C$/GJ)       
|                     
|US$/C$               
|                     
|US$/£                
|                     

Standardized Measure of Discounted Future Net Cash Flows from Proved Reserves

|                                                            |                                  |        |        |        |        |    |        |      |           |      |              |        |               |      |          |      |         |       
|----------------------------------------------------------- | -------------------------------- | ------ | ------ | ------ | ------ | -- | ------ | ---- | --------- | ---- | ------------ | ------ | ------------- | ---- | -------- | ---- | ------- | ------
|                                                            |                                 
|                                                            |                                  |        |        |        |        |    |        |      |           |      |              |        |               |      |          |      |         |       
|December 31 ($ millions)                                    |                                  | Canada |        | US     |        | UK | Norway |      | Indonesia |      | Other
SEA(2) |        | Latin
America |      | Other(3) |      | Total   |       
|                                                            |                                 
|CONSOLIDATED ENTITIES                                       |                                  |        |        |        |        |    |        |      |           |      |              |        |               |      |          |      |         |       
|                                                            |                                 
|2014                                                        |                                  |        |        |        |        |    |        |      |           |      |              |        |               |      |          |      |         |       
|                                                            |                                 
|Future Cash Inflows                                         |                                  | 4,833  |        | 9,905  |        |   | 476    |      | 8,435     |      | 2,523        |        | 643           |      | 876      |      | 27,691  |       
|                                                            |                                 
|Future Costs                                                |                                  |        |        |        |        |    |        |      |           |      |              |        |               |      |          |      |         |       
|                                                            |                                 
|                                                            | Transportation                   |        | (127   | )      | (452   | )  |       | (54  | )         | (466 | )            | (24    | )             | (165 | )        | (22  | )       | (1,310
|                                                            |                                 
|                                                            | Production                       |        | (1,940 | )      | (2,598 | )  |       | (226 | )         | (824 | )            | (1,167 | )             | (222 | )        | (181 | )       | (7,158
|                                                            |                                 
|                                                            | Development and Site Restoration |        | (1,246 | )      | (1,759 | )  |       | (676 | )         | (393 | )            | (371   | )             | (30  | )        | (7   | )       | (4,482
|                                                            |                                 
|Future costs                                                |                                  | (3,313 | )      | (4,809 | )      |   | (956   | )    | (1,683    | )    | (1,562       | )      | (417          | )    | (210     | )    | (12,950 | )     
|                                                            |                                 
|Future Inflows before Income taxes                          |                                  | 1,520  |        | 5,096  |        |   | (480   | )    | 6,752     |      | 961          |        | 226           |      | 666      |      | 14,741  |       
|                                                            |                                 
|Future Income & Production revenue taxes                    |                                  | (185   | )      | (114   | )      |   | 1,534  |      | (2,783    | )    | (262         | )      | (12           | )    | (187     | )    | (2,009  | )     
|                                                            |                                 
|Net cash flows                                              |                                  | 1,335  |        | 4,982  |        |   | 1,054  |      | 3,969     |      | 699          |        | 214           |      | 479      |      | 12,732  |       
|                                                            |                                 
|Less 10% annual discount for estimated timing of cash flows |                                  | (66    | )      | (2,189 | )      |   | (939   | )    | (1,382    | )    | (88          | )      | (51           | )    | (113     | )    | (4,828  | )     
|                                                            |                                 
|Discounted cash flows                                       |                                  | 1,269  |        | 2,793  |        |   | 115    |      | 2,587     |      | 611          |        | 163           |      | 366      |      | 7,904   |       
|                                                            |                                 

8TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION

---



|                                                            |                                  |        |        |        |        |    |        |        |           |        |              |        |               |     |          |      |         |       
|----------------------------------------------------------- | -------------------------------- | ------ | ------ | ------ | ------ | -- | ------ | ------ | --------- | ------ | ------------ | ------ | ------------- | --- | -------- | ---- | ------- | ------
|                                                            |                                 
|                                                            |                                  |        |        |        |        |    |        |        |           |        |              |        |               |     |          |      |         |       
|December 31 ($ millions)                                    |                                  | Canada |        | US     |        | UK | Norway |        | Indonesia |        | Other
SEA(2) |        | Latin
America |     | Other(3) |      | Total   |       
|                                                            |                                 
|2013                                                        |                                  |        |        |        |        |    |        |        |           |        |              |        |               |     |          |      |         |       
|                                                            |                                 
|Future Cash Inflows(1)                                      |                                  | 6,952  |        | 8,583  |        |   | 1,249  |        | 8,857     |        | 3,548        |        | 223           |     | 1,288    |      | 30,700  |       
|                                                            |                                 
|Future Costs                                                |                                  |        |        |        |        |    |        |        |           |        |              |        |               |     |          |      |         |       
|                                                            |                                 
|                                                            | Transportation                   |        | (278   | )      | (417   | )  |       | (59    | )         | (405   | )            | (2     | )             | (32 | )        | (31  | )       | (1,224
|                                                            |                                 
|                                                            | Production                       |        | (2,960 | )      | (2,186 | )  |       | (629   | )         | (999   | )            | (1,376 | )             | (81 | )        | (239 | )       | (8,470
|                                                            |                                 
|                                                            | Development and Site Restoration |        | (1,595 | )      | (2,046 | )  |       | (1,202 | )         | (527   | )            | (372   | )             | (21 | )        | (43  | )       | (5,806
|                                                            |                                 
|Future costs                                                |                                  | (4,833 | )      | (4,649 | )      |   | (1,890 | )      | (1,931    | )      | (1,750       | )      | (134          | )   | (313     | )    | (15,500 | )     
|                                                            |                                 
|Future Inflows before Income taxes                          |                                  | 2,119  |        | 3,934  |        |   | (641   | )      | 6,926     |        | 1,798        |        | 89            |     | 975      |      | 15,200  |       
|                                                            |                                 
|Future Income & Production revenue taxes                    |                                  | (19    | )      |       |        |   | 1,565  |        | (2,911    | )      | (519         | )      |              |     | (306     | )    | (2,190  | )     
|                                                            |                                 
|Net cash flows                                              |                                  | 2,100  |        | 3,934  |        |   | 924    |        | 4,015     |        | 1,279        |        | 89            |     | 669      |      | 13,010  |       
|                                                            |                                 
|Less 10% annual discount for estimated timing of cash flows |                                  | (547   | )      | (1,604 | )      |   | (821   | )      | (1,347    | )      | (200         | )      | (20           | )   | (155     | )    | (4,694  | )     
|                                                            |                                 
|Discounted cash flows                                       |                                  | 1,553  |        | 2,330  |        |   | 103    |        | 2,668     |        | 1,079        |        | 69            |     | 514      |      | 8,316   |       
|                                                            |                                 
|2012                                                        |                                  |        |        |        |        |    |        |        |           |        |              |        |               |     |          |      |         |       
|                                                            |                                 
|Future Cash Inflows(1)                                      |                                  | 6,192  |        | 5,625  |        |   | 1,720  |        | 9,241     |        | 4,479        |        | 7             |     | 1,403    |      | 28,667  |       
|                                                            |                                 
|Future Costs                                                |                                  |       |        |       |        |   |       |        |          |        |             |        |              |     |         |      |         |       
|                                                            |                                 
|                                                            | Transportation                   |        | (262   | )      | (438   | )  |       | (36    | )         | (489   | )            | (26    | )             | (1  | )        | (36  | )       | (1,288
|                                                            |                                 
|                                                            | Production                       |        | (2,644 | )      | (1,538 | )  |       | (1,031 | )         | (1,397 | )            | (1,540 | )             | (1  | )        | (248 | )       | (8,399
|                                                            |                                 
|                                                            | Development and Site Restoration |        | (1,517 | )      | (1,406 | )  |       | (832   | )         | (613   | )            | (547   | )             |    |          | (52  | )       | (4,967
|                                                            |                                 
|Future costs                                                |                                  | (4,423 | )      | (3,382 | )      |   | (1,899 | )      | (2,499    | )      | (2,113       | )      | (2            | )   | (336     | )    | (14,654 | )     
|                                                            |                                 
|Future Inflows before Income taxes                          |                                  | 1,769  |        | 2,243  |        |   | (179   | )      | 6,742     |        | 2,366        |        | 5             |     | 1,067    |      | 14,013  |       
|                                                            |                                 
|Future Income & Production revenue taxes                    |                                  | (104   | )      |       |        |   | 1,209  |        | (2,803    | )      | (715         | )      | (1            | )   | (379     | )    | (2,793  | )     
|                                                            |                                 
|Net cash flows                                              |                                  | 1,665  |        | 2,243  |        |   | 1,030  |        | 3,939     |        | 1,651        |        | 4             |     | 688      |      | 11,220  |       
|                                                            |                                 
|Less 10% annual discount for estimated
timing of cash flows |                                  | (462   | )      | (816   | )      |   | (736   | )      | (1,386    | )      | (342         | )      | (1            | )   | (165     | )    | (3,908  | )     
|                                                            |                                 
|Discounted cash flows                                       |                                  | 1,203  |        | 1,427  |        |   | 294    |        | 2,553     |        | 1,309        |        | 3             |     | 523      |      | 7,312   |       
|                                                            |                                 

|
|

|                                                            |                                  |                   |        |                |      |        |       
|----------------------------------------------------------- | -------------------------------- | ----------------- | ------ | -------------- | ---- | ------ | ------
|                                                            |                                  |                   |        |                |      |        |       
|December 31 ($ millions)                                    |                                  | North Sea
(TSEUK) |        | Other
(Equion) |      | Total  |       
|                                                            |                                 
|SHARE OF EQUITY INVESTEES(4)                                |                                  |                   |        |                |      |        |       
|                                                            |                                 
|2014                                                        |                                  |                   |        |                |      |        |       
|                                                            |                                 
|Future Cash Inflows(1)                                      |                                  | 4,716             |        | 993            |      | 5,709  |       
|                                                            |                                 
|Future Costs                                                |                                  |                   |        |                |      |        |       
|                                                            |                                 
|                                                            | Transportation                   |                   | (72    | )              | (56  | )      | (128  
|                                                            |                                 
|                                                            | Production                       |                   | (3,066 | )              | (179 | )      | (3,245
|                                                            |                                 
|                                                            | Development and Site Restoration |                   | (2,379 | )              | (111 | )      | (2,490
|                                                            |                                 
|Future costs                                                |                                  | (5,517            | )      | (346           | )    | (5,863 | )     
|                                                            |                                 
|Future Inflows before Income taxes                          |                                  | (801              | )      | 647            |      | (154   | )     
|                                                            |                                 
|Future Income & Production revenue taxes                    |                                  | 603               |        | (149           | )    | 454    |       
|                                                            |                                 
|Net cash flows                                              |                                  | (198              | )      | 498            |      | 300    |       
|                                                            |                                 
|Less 10% annual discount for estimated timing of cash flows |                                  | 222               |        | (94            | )    | 128    |       
|                                                            |                                 
|Discounted cash flows                                       |                                  | 24                |        | 404            |      | 428    |       
|                                                            |                                 

TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION       9

---



|                                                            |                                  |                   |        |                |      |               |       
|----------------------------------------------------------- | -------------------------------- | ----------------- | ------ | -------------- | ---- | ------------- | ------
|                                                            |                                 
|                                                            |                                  |                   |        |                |      |               |       
|December 31 ($ millions)                                    |                                  | North Sea
(TSEUK) |        | Other
(Equion) |      | Total
Company |       
|                                                            |                                 
|2013                                                        |                                  |                   |        |                |      |               |       
|                                                            |                                 
|Future Cash Inflows(1)                                      |                                  | 8,419             |        | 1,288          |      | 9,707         |       
|                                                            |                                 
|Future Costs                                                |                                  |                   |        |                |      |               |       
|                                                            |                                 
|                                                            | Transportation                   |                   | (120   | )              | (74  | )             | (194  
|                                                            |                                 
|                                                            | Production                       |                   | (5,390 | )              | (236 | )             | (5,626
|                                                            |                                 
|                                                            | Development and Site Restoration |                   | (3,205 | )              | (204 | )             | (3,409
|                                                            |                                 
|Future costs                                                |                                  | (8,715            | )      | (514           | )    | (9,229        | )     
|                                                            |                                 
|Future Inflows before Income taxes                          |                                  | (296              | )      | 774            |      | 478           |       
|                                                            |                                 
|Future Income & Production revenue taxes                    |                                  | 495               |        | (178           | )    | 317           |       
|                                                            |                                 
|Net cash flows                                              |                                  | 199               |        | 596            |      | 795           |       
|                                                            |                                 
|Less 10% annual discount for estimated timing of cash flows |                                  | (75               | )      | (135           | )    | (210          | )     
|                                                            |                                 
|Discounted cash flows                                       |                                  | 124               |        | 461            |      | 585           |       
|                                                            |                                 
|2012                                                        |                                  |                   |        |                |      |               |       
|                                                            |                                 
|Future Cash Inflows(1)                                      |                                  | 11,305            |        | 1,662          |      | 12,967        |       
|                                                            |                                 
|Future Costs                                                |                                  |                   |        |                |      |               |       
|                                                            |                                 
|                                                            | Transportation                   |                   | (200   | )              | (58  | )             | (258  
|                                                            |                                 
|                                                            | Production                       |                   | (6,465 | )              | (225 | )             | (6,690
|                                                            |                                 
|                                                            | Development and Site Restoration |                   | (3,428 | )              | (185 | )             | (3,613
|                                                            |                                 
|Future costs                                                |                                  | (10,092           | )      | (468           | )    | (10,561       | )     
|                                                            |                                 
|Future Inflows before Income taxes                          |                                  | 1,212             |        | 1,193          |      | 2,406         |       
|                                                            |                                 
|Future Income & Production revenue taxes                    |                                  | (990              | )      | (316           | )    | (1,306        | )     
|                                                            |                                 
|Net cash flows                                              |                                  | 223               |        | 877            |      | 1,100         |       
|                                                            |                                 
|Less 10% annual discount for estimated timing of cash flows |                                  | 78                |        | (198           | )    | (120          | )     
|                                                            |                                 
|Discounted cash flows                                       |                                  | 301               |        | 679            |      | 980           |       
|                                                            |                                 

Principal Sources of Changes in Standardized Measure of Discounted Future Net
Cash Flows

|                                                           | 
|---------------------------------------------------------- | 
|                                                           | 
|Year ended December 31 ($ millions)                        | 
|                                                           | 
|CONSOLIDATED ENTITIES(1)                                   | 
|                                                           | 
|Sales of oil & gas produced net of production costs        | 
|                                                           | 
|Net change in prices                                       | 
|                                                           | 
|Net change in transportation costs                         | 
|                                                           | 
|Net changes in production costs                            | 
|                                                           | 
|Net changes in future development & site restoration costs | 
|                                                           | 
|Development costs incurred during year                     | 
|                                                           | 
|Extensions, discoveries and improved recovery              | 
|                                                           | 
|Revisions of previous reserve estimates                    | 
|                                                           | 
|Net purchases                                              | 
|                                                           | 
|Net sales of reserves in place                             | 
|                                                           | 
|Accretion of discount                                      | 
|                                                           | 
|Net change in taxes                                        | 
|                                                           | 
|Other                                                      | 
|                                                           | 
|Net change                                                 | 
|                                                           | 

10TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION

---





|                                                           | 
|---------------------------------------------------------- | 
|                                                           | 
|Year ended December 31 ($ millions)                        | 
|                                                           | 
|SHARE OF EQUITY INVESTEES(1)                               | 
|                                                           | 
|Sales of oil & gas produced net of production costs        | 
|                                                           | 
|Net change in prices                                       | 
|                                                           | 
|Net change in transportation costs                         | 
|                                                           | 
|Net changes in production costs                            | 
|                                                           | 
|Net changes in future development & site restoration costs | 
|                                                           | 
|Development costs incurred during year                     | 
|                                                           | 
|Extensions, discoveries and improved recovery              | 
|                                                           | 
|Revisions of previous reserve estimates                    | 
|                                                           | 
|Net purchases                                              | 
|                                                           | 
|Net sales of reserves in place                             | 
|                                                           | 
|Accretion of discount                                      | 
|                                                           | 
|Net change in taxes                                        | 
|                                                           | 
|Other                                                      | 
|                                                           | 
|Net change                                                 | 
|                                                           | 

TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION       11

---



Other Oil and Gas Information

Results of Operations from Oil and Gas Producing Activities

|                                                        |                                                                        
|------------------------------------------------------- | -----------------------------------------------------------------------
|                                                        |                                                                        
|                                                        |                                                                        
|Years ended December 31 ($ millions)                    |                                                                        
|                                                        |                                                                        
|CONSOLIDATED ENTITIES                                   |                                                                        
|                                                        |                                                                        
|2014                                                    |                                                                        
|                                                        |                                                                        
|Net oil and gas revenue derived from proved reserves(1) |                                                                        
|                                                        |                                                                        
|Less:                                                   |                                                                        
|                                                        |                                                                        
|                                                        | Production costs                                                       
|                                                        |                                                                        
|                                                        | Transportation                                                         
|                                                        |                                                                        
|                                                        | Exploration and dry hole expense                                       
|                                                        |                                                                        
|                                                        | Depreciation, depletion, amortization, accretion and impairment expense
|                                                        |                                                                        
|                                                        | Tax expense (recovery)                                                 
|                                                        |                                                                        
|Results of operations                                   |                                                                        
|                                                        |                                                                        

|
|

|                                                          |                                                                         |     |  |      |   |                   |        |      |   |     |  |     |   |                |     |        |       
|--------------------------------------------------------- | ----------------------------------------------------------------------- | --- |  | ---- | - | ----------------- | ------ | ---- | - | --- |  | --- | - | -------------- | --- | ------ | ------
|                                                          |                                                                         |     |  |      |   | North Sea
(TSEUK) |        |      |   |     |  |     |   | Other
(Equion) |     | Total  |       
|                                                          |                                                                        
|SHARE OF EQUITY INVESTEES(6)                              |                                                                         |     |  |      |   |                   |        |      |   |     |  |     |   |                |     |        |       
|                                                          |                                                                        
|2014                                                      |                                                                         |     |  |      |   |                   |        |      |   |     |  |     |   |                |     |        |       
|                                                          |                                                                        
|Net oil and gas revenue derived from proved reserves(1)   |                                                                         |     |  |      |   | 600               |        |      |   |     |  |     |   | 293            |     | 893    |       
|                                                          |                                                                        
|Less:                                                     |                                                                         |     |  |      |   |                   |        |      |   |     |  |     |   |                |     |        |       
|                                                          |                                                                        
|                                                          | Production costs                                                        |     |  |      |   |                   | 718    |      |   |     |  |     |   |                | 49  |        | 767   
|                                                          |                                                                        
|                                                          | Transportation                                                          |     |  |      |   |                   | 10     |      |   |     |  |     |   |                | 18  |        | 28    
|                                                          |                                                                        
|                                                          | Exploration and dry hole expense                                        |     |  |      |   |                   | 18     |      |   |     |  |     |   |                |    |        | 18    
|                                                          |                                                                        
|                                                          | Depreciation, depletion, amortization, accretion and impairment expense |     |  |      |   |                   | 2,102  |      |   |     |  |     |   |                | 132 |        | 2,234 
|                                                          |                                                                        
|                                                          | Tax expense (recovery)                                                  |     |  |      |   |                   | (1,147 | )    |   |     |  |     |   |                | 70  |        | (1,077
|                                                          |                                                                        
|Results of operations                                     |                                                                         |     |  |      |   | (1,101            | )      |      |   |     |  |     |   | 24             |     | (1,077 | )     
|                                                          |                                                                        
|TOTAL CONSOLIDATED ENTITIES AND SHARE OF EQUITY INVESTEES |                                                                         | 140 |  | (652 | ) | (1,101            | )      | (666 | ) | 382 |  | (61 | ) | (218           | )   | (2,176 | )     
|                                                          |                                                                        

12TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION

---



|
|

|                                                        |                                                                        
|------------------------------------------------------- | -----------------------------------------------------------------------
|                                                        |                                                                        
|                                                        |                                                                        
|Year ended December 31 ($ millions)                     |                                                                        
|                                                        |                                                                        
|CONSOLIDATED ENTITIES                                   |                                                                        
|                                                        |                                                                        
|2013                                                    |                                                                        
|                                                        |                                                                        
|Net oil and gas revenue derived from proved reserves(1) |                                                                        
|                                                        |                                                                        
|Less:                                                   |                                                                        
|                                                        |                                                                        
|                                                        | Production costs                                                       
|                                                        |                                                                        
|                                                        | Transportation                                                         
|                                                        |                                                                        
|                                                        | Exploration and dry hole expense                                       
|                                                        |                                                                        
|                                                        | Depreciation, depletion, amortization, accretion and impairment expense
|                                                        |                                                                        
|                                                        | Tax expense (recovery)                                                 
|                                                        |                                                                        
|Results of operations                                   |                                                                        
|                                                        |                                                                        

|
|

|                                                          |                                                                         |      |   |      |   |                   |       |      |   |     |  |    |  |                |     |       |      
|--------------------------------------------------------- | ----------------------------------------------------------------------- | ---- | - | ---- | - | ----------------- | ----- | ---- | - | --- |  | -- |  | -------------- | --- | ----- | -----
|                                                          |                                                                         |      |   |      |   | North Sea
(TSEUK) |       |      |   |     |  |    |  | Other
(Equion) |     | Total |      
|                                                          |                                                                        
|SHARE OF EQUITY INVESTEES(6)                              |                                                                         |      |   |      |   |                   |       |      |   |     |  |    |  |                |     |       |      
|                                                          |                                                                        
|2013                                                      |                                                                         |      |   |      |   |                   |       |      |   |     |  |    |  |                |     |       |      
|                                                          |                                                                        
|Net oil and gas revenue derived from proved reserves(1)   |                                                                         |      |   |      |   | 718               |       |      |   |     |  |    |  | 357            |     | 1,075 |      
|                                                          |                                                                        
|Less:                                                     |                                                                         |      |   |      |   |                   |       |      |   |     |  |    |  |                |     |       |      
|                                                          |                                                                        
|                                                          | Production costs                                                        |      |   |      |   |                   | 648   |      |   |     |  |    |  |                | 47  |       | 695  
|                                                          |                                                                        
|                                                          | Transportation                                                          |      |   |      |   |                   | 12    |      |   |     |  |    |  |                | 21  |       | 33   
|                                                          |                                                                        
|                                                          | Exploration and dry hole expense                                        |      |   |      |   |                   | 40    |      |   |     |  |    |  |                | 1   |       | 41   
|                                                          |                                                                        
|                                                          | Depreciation, depletion, amortization, accretion and impairment expense |      |   |      |   |                   | 1,193 |      |   |     |  |    |  |                | 101 |       | 1,294
|                                                          |                                                                        
|                                                          | Tax expense (recovery)                                                  |      |   |      |   |                   | (748  | )    |   |     |  |    |  |                | 63  |       | (685 
|                                                          |                                                                        
|Results of operations                                     |                                                                         |      |   |      |   | (427              | )     |      |   |     |  |    |  | 124            |     | (303  | )    
|                                                          |                                                                        
|TOTAL CONSOLIDATED ENTITIES AND SHARE OF EQUITY INVESTEES |                                                                         | (287 | ) | (163 | ) | (427              | )     | (326 | ) | 422 |  | 45 |  | 72             |     | (664  | )    
|                                                          |                                                                        

TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION       13

---



|
|

|                                                        |                                                                           
|------------------------------------------------------- | --------------------------------------------------------------------------
|                                                        |                                                                           
|                                                        |                                                                           
|                                                        |                                                                           
|                                                        |                                                                           
|CONSOLIDATED ENTITIES                                   |                                                                           
|                                                        |                                                                           
|2012                                                    |                                                                           
|                                                        |                                                                           
|Net oil and gas revenue derived from proved reserves(1) |                                                                           
|                                                        |                                                                           
|Less:                                                   |                                                                           
|                                                        |                                                                           
|                                                        | Production costs                                                          
|                                                        |                                                                           
|                                                        | Transportation                                                            
|                                                        |                                                                           
|                                                        | Exploration and dry hole expense                                          
|                                                        |                                                                           
|                                                        | Depreciation, depletion and amortization, accretion and impairment expense
|                                                        |                                                                           
|                                                        | Tax expense (recovery)                                                    
|                                                        |                                                                           
|Results of operations                                   |                                                                           
|                                                        |                                                                           

|
|

|                                                          |                                                                         |      |   |      |   |                   |      |      |   |     |  |     |  |                |     |       |    
|--------------------------------------------------------- | ----------------------------------------------------------------------- | ---- | - | ---- | - | ----------------- | ---- | ---- | - | --- |  | --- |  | -------------- | --- | ----- | ---
|                                                          |                                                                         |      |   |      |   | North Sea
(TSEUK) |      |      |   |     |  |     |  | Other
(Equion) |     | Total |    
|                                                          |                                                                        
|SHARE OF EQUITY INVESTEES(6)                              |                                                                         |      |   |      |   |                   |      |      |   |     |  |     |  |                |     |       |    
|                                                          |                                                                        
|2012                                                      |                                                                         |      |   |      |   |                   |      |      |   |     |  |     |  |                |     |       |    
|                                                          |                                                                        
|Net oil and gas revenue derived from proved reserves(1)   |                                                                         |      |   |      |   | 59                |      |      |   |     |  |     |  | 403            |     | 462   |    
|                                                          |                                                                        
|Less:                                                     |                                                                         |      |   |      |   |                   |      |      |   |     |  |     |  |                |     |       |    
|                                                          |                                                                        
|                                                          | Production costs                                                        |      |   |      |   |                   | 33   |      |   |     |  |     |  |                | 56  |       | 89 
|                                                          |                                                                        
|                                                          | Transportation                                                          |      |   |      |   |                   |     |      |   |     |  |     |  |                |    |       |   
|                                                          |                                                                        
|                                                          | Exploration and dry hole expense                                        |      |   |      |   |                   | 1    |      |   |     |  |     |  |                | 31  |       | 32 
|                                                          |                                                                        
|                                                          | Depreciation, depletion, amortization, accretion and impairment expense |      |   |      |   |                   | 177  |      |   |     |  |     |  |                | 110 |       | 287
|                                                          |                                                                        
|                                                          | Tax expense (recovery)                                                  |      |   |      |   |                   | (110 | )    |   |     |  |     |  |                | 68  |       | (42
|                                                          |                                                                        
|Results of operations                                     |                                                                         |      |   |      |   | (42               | )    |      |   |     |  |     |  | 138            |     | 96    |    
|                                                          |                                                                        
|TOTAL CONSOLIDATED ENTITIES AND SHARE OF EQUITY INVESTEES |                                                                         | (430 | ) | (248 | ) | 100               |      | (294 | ) | 442 |  | 146 |  | (266           | )   | (550  | )  
|                                                          |                                                                        

14TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION

---



Capitalized Costs Relating to Oil and Gas Activities

|                                    
|------------------------------------
|                                    
|                                    
|Years ended December 31 ($ millions)
|                                    
|CONSOLIDATED ENTITIES               
|                                    
|2014                                
|                                    
|Proved properties                   
|                                    
|Unproved properties                 
|                                    
|                                    
|                                    
|Less:                               
|                                    
|                                    
|                                    
|Net capitalized costs               
|                                    

|
|

|                                                          |                                                      |       |  |       |  |                   |       |     |  |     |  |       |  |                |     |       
|--------------------------------------------------------- | ---------------------------------------------------- | ----- |  | ----- |  | ----------------- | ----- | --- |  | --- |  | ----- |  | -------------- | --- | ------
|                                                          |                                                      |       |  |       |  | North Sea
(TSEUK) |       |     |  |     |  |       |  | Other
(Equion) |     | Total 
|                                                         
|SHARE OF EQUITY INVESTEES(5)                              |                                                      |       |  |       |  |                   |       |     |  |     |  |       |  |                |     |       
|                                                         
|2014                                                      |                                                      |       |  |       |  |                   |       |     |  |     |  |       |  |                |     |       
|                                                         
|Proved properties                                         |                                                      |       |  |       |  | 6,946             |       |     |  |     |  |       |  | 953            |     | 7,899 
|                                                         
|Unproved properties                                       |                                                      |       |  |       |  | 54                |       |     |  |     |  |       |  |               |     | 54    
|                                                         
|                                                          |                                                      |       |  |       |  | 7,000             |       |     |  |     |  |       |  | 953            |     | 7,953 
|                                                         
|Less:                                                     |                                                      |       |  |       |  |                   |       |     |  |     |  |       |  |                |     |       
|                                                         
|                                                          | Accumulated depreciation, depletion and amortization |       |  |       |  |                   | 5,659 |     |  |     |  |       |  |                | 424 |       
|                                                         
|Net capitalized costs                                     |                                                      |       |  |       |  | 1,341             |       |     |  |     |  |       |  | 529            |     | 1,870 
|                                                         
|TOTAL CONSOLIDATED ENTITIES AND SHARE OF EQUITY INVESTEES |                                                      | 2,851 |  | 4,260 |  | 1,341             |       | 379 |  | 978 |  | 1,920 |  | 1,199          |     | 12,928
|                                                         

TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION       15

---



|
|

|                                    
|------------------------------------
|                                    
|                                    
|Years ended December 31 ($ millions)
|                                    
|CONSOLIDATED ENTITIES               
|                                    
|2013                                
|                                    
|Proved properties                   
|                                    
|Unproved properties                 
|                                    
|                                    
|                                    
|Less:                               
|                                    
|                                    
|                                    
|Net capitalized costs               
|                                    

|
|

|                                                          |                                                      |       |  |       |  |                   |       |     |  |       |  |       |  |                |     |       
|--------------------------------------------------------- | ---------------------------------------------------- | ----- |  | ----- |  | ----------------- | ----- | --- |  | ----- |  | ----- |  | -------------- | --- | ------
|                                                          |                                                      |       |  |       |  | North Sea
(TSEUK) |       |     |  |       |  |       |  | Other
(Equion) |     | Total 
|                                                         
|SHARE OF EQUITY INVESTEES(5)                              |                                                      |       |  |       |  |                   |       |     |  |       |  |       |  |                |     |       
|                                                         
|2013                                                      |                                                      |       |  |       |  |                   |       |     |  |       |  |       |  |                |     |       
|                                                         
|Proved properties                                         |                                                      |       |  |       |  | 5,597             |       |     |  |       |  |       |  | 855            |     | 6,452 
|                                                         
|Unproved properties                                       |                                                      |       |  |       |  | 207               |       |     |  |       |  |       |  |               |     | 207   
|                                                         
|                                                          |                                                      |       |  |       |  | 5,804             |       |     |  |       |  |       |  | 855            |     | 6,659 
|                                                         
|Less:                                                     |                                                      |       |  |       |  |                   |       |     |  |       |  |       |  |                |     |       
|                                                         
|                                                          | Accumulated depreciation, depletion and amortization |       |  |       |  |                   | 4,067 |     |  |       |  |       |  |                | 293 |       
|                                                         
|Net capitalized costs                                     |                                                      |       |  |       |  | 1,737             |       |     |  |       |  |       |  | 562            |     | 2,299 
|                                                         
|TOTAL CONSOLIDATED ENTITIES AND SHARE OF EQUITY INVESTEES |                                                      | 2,893 |  | 4,734 |  | 1,737             |       | 824 |  | 1,043 |  | 1,991 |  | 1,406          |     | 14,628
|                                                         

16TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION

---



|
|

|                                     |                                                      |                  |       |           |       |                   |   |                       |       |           |     |           |       |          |     |       
|------------------------------------ | ---------------------------------------------------- | ---------------- | ----- | --------- | ----- | ----------------- | - | --------------------- | ----- | --------- | --- | --------- | ----- | -------- | --- | ------
|                                     |                                                      | North America(1) |       | North Sea |       | Southeast Asia(3) |   |                       |       |          
|Years ended December 31 ($ millions) |                                                      | Canada           |       | USA       |       | UK                |   | North Sea
(Norway)(2) |       | Indonesia |     | Other SEA |       | Other(4) |     | Total 
|                                    
|CONSOLIDATED ENTITIES                |                                                      |                  |       |           |       |                   |   |                       |       |           |     |           |       |          |     |       
|                                    
|2012                                 |                                                      |                  |       |           |       |                   |   |                       |       |           |     |           |       |          |     |       
|                                    
|Proved properties                    |                                                      | 6,938            |       | 5,171     |       |                  |   | 2,902                 |       | 1,457     |     | 3,503     |       | 364      |     | 20,335
|                                    
|Unproved properties                  |                                                      | 1,194            |       | 1,006     |       |                  |   | 1,970                 |       | 196       |     | 336       |       | 1,061    |     | 5,763 
|                                    
|                                     |                                                      |                  |       |           |       |                   |   |                      |       |           |     |           |       |          |     |       
|                                    
|                                     |                                                      | 8,132            |       | 6,177     |       |                  |   | 4,872                 |       | 1,653     |     | 3,839     |       | 1,425    |     | 26,098
|                                    
|Less:                                |                                                      |                  |       |           |       |                   |   |                       |       |           |     |           |       |          |     |       
|                                    
|                                     | Accumulated depreciation, depletion and amortization |                  | 4,075 |           | 1,646 |                   |  |                       | 4,165 |           | 602 |           | 1,792 |          | 692 |       
|                                    
|Net capitalized costs                |                                                      | 4,057            |       | 4,531     |       |                  |   | 707                   |       | 1,051     |     | 2,047     |       | 733      |     | 13,126
|                                    

|
|

|                                                          |                                                      |       |  |       |  |                   |       |     |  |       |  |       |  |                |     |       
|--------------------------------------------------------- | ---------------------------------------------------- | ----- |  | ----- |  | ----------------- | ----- | --- |  | ----- |  | ----- |  | -------------- | --- | ------
|                                                          |                                                      |       |  |       |  | North Sea
(TSEUK) |       |     |  |       |  |       |  | Other
(Equion) |     | Total 
|                                                         
|SHARE OF EQUITY INVESTEES(5)                              |                                                      |       |  |       |  |                   |       |     |  |       |  |       |  |                |     |       
|                                                         
|2012                                                      |                                                      |       |  |       |  |                   |       |     |  |       |  |       |  |                |     |       
|                                                         
|Proved properties                                         |                                                      |       |  |       |  | 4,778             |       |     |  |       |  |       |  | 704            |     | 5,482 
|                                                         
|Unproved properties                                       |                                                      |       |  |       |  | 197               |       |     |  |       |  |       |  |               |     | 197   
|                                                         
|                                                          |                                                      |       |  |       |  | 4,975             |       |     |  |       |  |       |  | 704            |     | 5,679 
|                                                         
|Less:                                                     |                                                      |       |  |       |  |                   |       |     |  |       |  |       |  |                |     |       
|                                                         
|                                                          | Accumulated depreciation, depletion and amortization |       |  |       |  |                   | 2,795 |     |  |       |  |       |  |                | 158 |       
|                                                         
|Net capitalized costs                                     |                                                      |       |  |       |  | 2,180             |       |     |  |       |  |       |  | 546            |     | 2,726 
|                                                         
|TOTAL CONSOLIDATED ENTITIES AND SHARE OF EQUITY INVESTEES |                                                      | 4,057 |  | 4,531 |  | 2,180             |       | 707 |  | 1,051 |  | 2,047 |  | 1,279          |     | 15,852
|                                                         

TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION       17

---



Costs Incurred in Oil and Gas Activities

|                                    
|------------------------------------
|                                    
|                                    
|Years ended December 31 ($ millions)
|                                    
|CONSOLIDATED ENTITIES               
|                                    
|2014                                
|                                    
|Property acquisition costs          
|                                    
|                                    
|                                    
|                                    
|                                    
|Exploration costs                   
|                                    
|Development costs                   
|                                    
|Asset retirement costs              
|                                    
|Total costs incurred                
|                                    

|
|

|                             |          |  |  |  |  |                   |   |  |  |  |  |  |  |                |   |      
|---------------------------- | -------- |  |  |  |  | ----------------- | - |  |  |  |  |  |  | -------------- | - | -----
|                             |          |  |  |  |  | North Sea
(TSEUK) |   |  |  |  |  |  |  | Other
(Equion) |   | Total
|                            
|SHARE OF EQUITY INVESTEES(5) |          |  |  |  |  |                   |   |  |  |  |  |  |  |                |   |      
|                            
|2014                         |          |  |  |  |  |                   |   |  |  |  |  |  |  |                |   |      
|                            
|Property acquisition costs   |          |  |  |  |  |                   |   |  |  |  |  |  |  |                |   |      
|                            
|                             | Proved   |  |  |  |  |                   | 2 |  |  |  |  |  |  |                |  |      
|                            
|                             | Unproved |  |  |  |  |                   |  |  |  |  |  |  |  |                |  |      
|                            
|Exploration costs            |          |  |  |  |  | 56                |   |  |  |  |  |  |  |               |   | 56   
|                            
|Development costs            |          |  |  |  |  | 549               |   |  |  |  |  |  |  | 103            |   | 652  
|                            
|Asset retirement costs       |          |  |  |  |  | 946               |   |  |  |  |  |  |  | (5             | ) | 941  
|                            
|Total costs incurred         |          |  |  |  |  | 1,553             |   |  |  |  |  |  |  | 98             |   | 1,651
|                            

18TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION

---



|
|

|                                    
|------------------------------------
|                                    
|                                    
|Years ended December 31 ($ millions)
|                                    
|CONSOLIDATED ENTITIES               
|                                    
|2013                                
|                                    
|Property acquisition costs          
|                                    
|                                    
|                                    
|                                    
|                                    
|Exploration costs                   
|                                    
|Development costs                   
|                                    
|Asset retirement costs              
|                                    
|Total costs incurred                
|                                    

|
|

|                             |          |  |  |  |  |                   |   |  |  |  |  |  |  |                |   |      
|---------------------------- | -------- |  |  |  |  | ----------------- | - |  |  |  |  |  |  | -------------- | - | -----
|                             |          |  |  |  |  | North Sea
(TSEUK) |   |  |  |  |  |  |  | Other
(Equion) |   | Total
|                            
|SHARE OF EQUITY INVESTEES(5) |          |  |  |  |  |                   |   |  |  |  |  |  |  |                |   |      
|                            
|2013                         |          |  |  |  |  |                   |   |  |  |  |  |  |  |                |   |      
|                            
|Property acquisition costs   |          |  |  |  |  |                   |   |  |  |  |  |  |  |                |   |      
|                            
|                             | Proved   |  |  |  |  |                   |  |  |  |  |  |  |  |                |  |      
|                            
|                             | Unproved |  |  |  |  |                   |  |  |  |  |  |  |  |                |  |      
|                            
|Exploration costs            |          |  |  |  |  | 60                |   |  |  |  |  |  |  |               |   | 60   
|                            
|Development costs            |          |  |  |  |  | 491               |   |  |  |  |  |  |  | 118            |   | 609  
|                            
|Asset retirement costs       |          |  |  |  |  | 287               |   |  |  |  |  |  |  | 1              |   | 288  
|                            
|Total costs incurred         |          |  |  |  |  | 838               |   |  |  |  |  |  |  | 119            |   | 957  
|                            

TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION       19

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|
|

|                                     |          |                  |   |           |    |                   |   |                       |   |           |   |           |    |          |    |      
|------------------------------------ | -------- | ---------------- | - | --------- | -- | ----------------- | - | --------------------- | - | --------- | - | --------- | -- | -------- | -- | -----
|                                     |          | North America(1) |   | North Sea |    | Southeast Asia(3) |   |                       |   |          
|Years ended December 31 ($ millions) |          | Canada           |   | USA       |    | UK                |   | North Sea
(Norway)(2) |   | Indonesia |   | Other SEA |    | Other(4) |    | Total
|                                    
|CONSOLIDATED ENTITIES                |          |                  |   |           |    |                   |   |                       |   |           |   |           |    |          |    |      
|                                    
|2012                                 |          |                  |   |           |    |                   |   |                       |   |           |   |           |    |          |    |      
|                                    
|Property acquisition costs           |          |                  |   |           |    |                   |   |                       |   |           |   |           |    |          |    |      
|                                    
|                                     | Proved   |                  |  |           | 2  |                   |  |                       |  |           |  |           | 19 |          |   |      
|                                    
|                                     | Unproved |                  | 7 |           | 37 |                   |  |                       |  |           |  |           | 91 |          | 66 |      
|                                    
|Exploration costs                    |          | 191              |   | 11        |    | 53                |   | 79                    |   | 32        |   | 117       |    | 351      |    | 834  
|                                    
|Development costs                    |          | 324              |   | 1,097     |    | 584               |   | 502                   |   | 103       |   | 264       |    | 8        |    | 2,882
|                                    
|Asset retirement costs               |          | 81               |   | 53        |    | 152               |   | 156                   |   | 3         |   | 78        |    | 34       |    | 557  
|                                    
|Total costs incurred                 |          | 603              |   | 1,200     |    | 788               |   | 737                   |   | 138       |   | 569       |    | 459      |    | 4,494
|                                    

|
|

|
|

|                             |          |  |  |  |  |                   |  |  |  |  |  |  |  |                |   |      
|---------------------------- | -------- |  |  |  |  | ----------------- |  |  |  |  |  |  |  | -------------- | - | -----
|                             |          |  |  |  |  | North Sea
(TSEUK) |  |  |  |  |  |  |  | Other
(Equion) |   | Total
|                            
|SHARE OF EQUITY INVESTEES(5) |          |  |  |  |  |                   |  |  |  |  |  |  |  |                |   |      
|                            
|2012                         |          |  |  |  |  |                   |  |  |  |  |  |  |  |                |   |      
|                            
|Property acquisition costs   |          |  |  |  |  |                   |  |  |  |  |  |  |  |                |   |      
|                            
|                             | Proved   |  |  |  |  |                   |  |  |  |  |  |  |  |                |   |      
|                            
|                             | Unproved |  |  |  |  |                   |  |  |  |  |  |  |  |                |   |      
|                            
|Exploration costs            |          |  |  |  |  |                  |  |  |  |  |  |  |  |                |   |     
|                            
|Development costs            |          |  |  |  |  | 24                |  |  |  |  |  |  |  | 97             |   | 121  
|                            
|Asset retirement costs       |          |  |  |  |  | 153               |  |  |  |  |  |  |  | (1             | ) | 152  
|                            
|Total costs incurred         |          |  |  |  |  | 178               |  |  |  |  |  |  |  | 96             |   | 274  
|                            

20TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION

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Acreage

|                                              
|----------------------------------------------
|                                              
|Years ended December 31, 2014 (thousand acres)
|Property                                      
|                                              
|CONSOLIDATED                                  
|                                              
|North America(1)                              
|                                              
|                                              
|                                              
|                                              
|                                              
|Total North America                           
|                                              
|North Sea(3)                                  
|                                              
|                                              
|                                              
|Total North Sea                               
|                                              
|Southeast Asia                                
|                                              
|                                              
|                                              
|                                              
|                                              
|                                              
|                                              
|                                              
|                                              
|                                              
|                                              
|Total Southeast Asia                          
|                                              
|Latin America                                 
|                                              
|                                              
|                                              
|                                              
|                                              
|Total Latin America                           
|                                              
|Other                                         
|                                              
|                                              
|                                              
|                                              
|                                              
|Total Other                                   
|                                              
|TOTAL CONSOLIDATED                            
|                                              
|EQUITY INVESTMENTS                            
|                                              
|                                              
|                                              
|                                              
|                                              
|TOTAL EQUITY INVESTMENTS                      
|                                              
|TOTAL TALISMAN(6)                             
|                                              
|Total Worldwide                               
|                                              

TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION       21

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Advisories and Abbreviations

The references to reserves volumes in this Exhibit are to reserves volumes estimated in accordance with US disclosure standards.

Talisman's
oil and gas reserves are evaluated internally. Talisman has obtained an exemption from Canadian securities regulators that exempts Talisman from the requirement under Canadian disclosure
standards to have its reserves evaluated or audited by independent reserves evaluators. The reserves information in this Exhibit is provided pursuant to the requirements of the exemption. Please refer
to Talisman's Annual Information Form under the heading "Internal Evaluation" for additional information.

Natural
gas is converted to a barrel of oil equivalent (boe) at the ratio of six thousand cubic feet (mcf) to one barrel (bbl) of oil. Oil is converted to natural gas equivalent (mcfe) at the
ratio of one bbl to six mcf of natural gas. The boe and mcfe measures may be misleading, particularly if used in isolation. A boe conversion ratio of six mcf to one bbl and an mcfe conversion
ratio of one bbl to six mcfe are based on an energy equivalent conversion method primarily applicable at the burner tip and do not represent a value equivalence at the wellhead.

|bbl      |  | barrel                           
|-------- |  | ---------------------------------
|bbls     |  | barrels                          
|bcf      |  | billion cubic feet               
|boe      |  | barrels of oil equivalent        
|C$       |  | Canadian dollar                  
|HH       |  | Henry Hub                        
|mcf      |  | thousand cubic feet              
|mcfe     |  | thousand cubic feet equivalent   
|mmbbls   |  | million barrels                  
|mmboe    |  | million barrels of oil equivalent
|UK       |  | United Kingdom                   
|US       |  | United States of America         
|US$ or $ |  | United States dollar             
|WTI      |  | West Texas Intermediate          
|£        |  | Pound sterling                   

22TALISMAN ENERGY40-F SUPPLEMENTAL RESERVES INFORMATION

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