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TransGlobe Energy Corporation Announces Successful Closing of Cdn $11 Million Bought Deal Financing

CALGARY, ALBERTA--(CCNMatthews - Nov. 24, 2004) - TransGlobe Energy 
Corporation (TSX:TGL) (AMEX:TGA) ("TransGlobe" or the "Company") is 
pleased to announce that it has successfully closed its previously 
announced bought deal financing with a syndicate of underwriters, 
issuing 2,530,000 common shares at a price of Cdn$4.35 per share for 
gross proceeds of approximately Cdn$11,005,500. The underwriters also 
retain an over-allotment option, expiring on December 24, 2004, to 
acquire an additional 379,500 common shares at Cdn$4.35 per share, 
which, if exercised, would result in additional gross proceeds to the 
Company of approximately Cdn$1,650,825. 

Proceeds of the offering will be used to expand TransGlobe's existing 
capital expenditure programs in the Republic of Yemen and the Arab 
Republic of Egypt. 

TransGlobe is a growth oriented international energy company engaged in 
the exploration, development and production of crude oil and natural gas 
in the Republic of Yemen, the Arab Republic of Egypt and Alberta, 

This news release shall not constitute an offer to sell or the 
solicitation of an offer to buy the securities in any jurisdiction. The 
common shares offered will not and have not been registered under the 
United States Securities Act of 1933 and may not be offered or sold in 
the United States absent registration or applicable exemption from 
registration requirements. 

This release includes certain statements that may be deemed to be 
"forward-looking statements" within the meaning of the US Private 
Securities Litigation Reform Act of 1995. All statements in this 
release, other than statements of historical facts that address future 
production, reserve potential, exploration drilling, exploitation 
activities and events or developments that the Company expects, are 
forward-looking statements. Although TransGlobe believes the 
expectations expressed in such forward-looking statements are based on 
reasonable assumptions, such statements are not guarantees of future 
performance and actual results or developments may differ materially 
from those in the forward-looking statements. Factors that could cause 
actual results to differ materially from those in forward-looking 
statements include oil and gas prices, exploitation and exploration 
successes, continued availability of capital and financing, and general 
economic, market or business conditions. 


TransGlobe Energy Corporation
Ross G. Clarkson
President & C.E.O.
(403) 264-9888
(403) 264-9898 (FAX)


TransGlobe Energy Corporation
Lloyd W. Herrick
Vice President & C.O.O.
(403) 264-9888
(403) 264-9898 (FAX)


TransGlobe Energy Corporation
Executive Offices
#2900, 330 -5th Avenue, S.W.
Calgary, AB T2P 0L4
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.

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