TransGlobe Acquires Additional Interest in West Gharib Properties
18 Agosto 2008 - 9:53PM
Marketwired
TransGlobe Energy Corporation ("TransGlobe") (TSX: TGL) (NASDAQ:
TGA) is pleased to announce it has completed the acquisition of an
additional 25 percent in certain leases on its West Gharib (Arab
Republic of Egypt) properties from its partner, a private company
registered in Cyprus, for consideration of US$18.0 million adjusted
to June 1, 2008. This acquisition brings TransGlobe's holdings to a
100 percent working interest on all nine West Gharib leases.
The acquisition was funded from TransGlobe's expanded credit
facility and working capital. TransGlobe's average daily production
increases by approximately 400 barrels of oil per day ("Bopd"),
effective today. The purchase price paid by TransGlobe translates
into approximately US$16.20 per barrel of Proved Plus Probable
reserves or approximately US$45,000 per flowing Bopd, in line with
recent similar transactions in the area. Depending upon the size of
future reserve additions in the East Hoshia and South Rahmi fields,
TransGlobe has agreed to pay the partner a success fee up to $5.0
million and $2.0 million, respectively.
Ross Clarkson, President and Chief Executive Officer of
TransGlobe, commented: "The West Gharib acquisition established
TransGlobe as a producing operator in the Middle East and we are
very pleased to increase our interest. The early drilling successes
have proved the value of the assets. We believe there are more
production and reserve gains to come from the West Gharib
lands."
TransGlobe Energy Corporation is a Calgary-based,
growth-oriented oil and gas exploration and development company
focused on the Middle East/North Africa region with production
operations in the Arab Republic of Egypt and the Republic of Yemen.
TransGlobe's common shares trade on the Toronto Stock Exchange
under the symbol TGL and on the NASDAQ Exchange under the symbol
TGA.
Cautionary Statement to Investors:
This news release may include certain statements that may be
deemed to be "forward-looking statements" within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995. Such
statements relate to possible future events. All statements other
than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate",
"plan", "continue", "estimate", "expect", "may", "will", "project",
"predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar expressions. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. Although
TransGlobe's forward-looking statements are based on the beliefs,
expectations, opinions and assumptions of the Company's management
on the date the statements are made, such statements are inherently
uncertain and provide no guarantee of future performance. Actual
results may differ materially from TransGlobe's expectations as
reflected in such forward-looking statements as a result of various
factors, many of which are beyond the control of the Company. These
factors include, but are not limited to, unforeseen changes in the
rate of production from TransGlobe's oil and gas properties,
changes in price of crude oil and natural gas, adverse technical
factors associated with exploration, development, production or
transportation of TransGlobe's crude oil and natural gas reserves,
changes or disruptions in the political or fiscal regimes in
TransGlobe's areas of activity, changes in tax, energy or other
laws or regulations, changes in significant capital expenditures,
delays or disruptions in production due to shortages of skilled
manpower, equipment or materials, economic fluctuations, and other
factors beyond the Company's control. TransGlobe does not assume
any obligation to update forward-looking statements if
circumstances or management's beliefs, expectations or opinions
should change, and investors should not attribute undue certainty
to, or place undue reliance on, any forward-looking statements.
Please consult TransGlobe's public filings at www.sedar.com and
www.sec.gov for further, more detailed information concerning these
matters.
Contacts: TransGlobe Energy Corporation Anne-Marie Buchmuller
Manager, Investor Relations & Assistant Corporate Secretary
(403) 268-9868 (403) 472-0053 (FAX) Email:
investor.relations@trans-globe.com Website: www.trans-globe.com
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