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Gold/Mining/Energy : Talisman Energy Inc. (TLM) -- Ignore unavailable to you. Want to Upgrade?

To: Todd R. Levine who wrote (61)	10/27/2008 2:34:32 PM
From: Jim P.	Read Replies (2) \| Respond to of 82

Cost for Canadian production in Canadian dollars, product sold in dollars so benefit there. Debt in u.s. dollars so a wash there as production is sold in U.S. dollars. North sea production cost would be influenced by the British pound which is dropping in relationship to U.S. dollar so net benefit to TLM. Southeast Asia cost I am not familiar with. Dividend in Canadian dollar so net negative to U.S. holders. I do not believe the Canadian dollar will stay down against the U.S. dollar but also never thought the exchange rate would shift so quickly. I own Talisman for the assets and cash flow. Cash flow will be less with oil down but unless we have a depression it will not stay down. Valuation cheap compared to other exploration companies account reserve life is fairly short. This is account rapid depletion for North Sea production. Other assets are not booked as reserves, shale gas and unconventional oil (Bakken) even though these could be produced. A conference call about 3 quarters ago the CEO was frustrated at valuation. He complained "we have 15 years of conventional gas, we have lot of unconventional that is not booked as reserves because we have never needed to go there, yet there are other companies in the marketplace with no conventional gas being valued as if their unconventional gas was conventional. TLM is managed very conservatively and will be valued higher in the future. Jim