Talisman Acquires Lundin Oil

Talisman Energy Inc., through a Swedish subsidiary, completed its acquisition in August 2001 of Lundin Oil AB, a Swedish international oil and gass company with shares listedon the Stockholm stock exchange and Global Depositary Shares listed on NASDAQ. The transaction was worth $530 million. The acquisition was a highly complex, international transaction, involving a public tender offer for all of the shares and warrants of Lundin Oil, a concurrent spin-off to the existing shareholders of Lundin Oil of a new company (Lundin Petroleum AB) owning Lundin Oil's assets in Sudan and Russia, and the sale to Petro-Canada of Lundin Oil's assets in Libya. Lundin Oil's remaining assets are located in various areas including the North Sea, Malaysia, Vietnam and Papua New Guinea. The tender offer by Talisman was made under both Swedish and US tender requirements and, because of the Sudanese assets, it involved the consideration of US sanction laws.

The Talisman legal team was led by Jackie Sheppard, V.P., Legal and Corporate Projects and Denis Duke, Associate General Counse. Macled Dixon LLP of Calgary, Talisman's regular Canadian counsel, assisted Talisman in the overall co-ordination and implementation of all aspects of the transaction. Macleod Dixon's team was led by Kevin Johnson and included John Fitzgerald and Jack MacGillivray. Dorsey & Whitney LLP provided advice to Talisman on US securities law matters. Dorsey & Whitney was led by Chris Barry and also included Kimberley Anderson and Chris Doerksen in Seattle and John Basnage and Ashley Davies in London. Gernandt & Danielsson, a Swedish law firm, acted on behalf of Talisman with respect to Swedish matters. Gernandt & Danielsson's legal team was led by Manfred Löfvenhaft and included Johan Josjö and Carl Westerberg.

Lundin Oil was represented by Michael Webb, in-house counsel, with assistance from the Swedish law firm of Lagerlof & Leman, led by Erik Nerpin, and the US firm of Gibson, Dunn & Crutcher LLP, led by Stephanie Bess in London.