Release
TransGlobe Energy Corporation Announces Successful Appraisal Well in Republic of Yemen
CALGARY, ALBERTA--(CCNMatthews - Sept. 28, 2004) - TransGlobe Energy Corporation ("TransGlobe" or the "Company") is pleased to announce a successful development well at Tasour #13. BLOCK 32, REPUBLIC OF YEMEN (13.81% working interest) Successful appraisal well at Tasour #13: Tasour #13 is a step-out appraisal well on the western flank of the Tasour Field in Block 32 and was put on production with initial production of 2,240 barrels of oil per day (309 barrels of oil per day to TransGlobe) and 5,740 barrels of water per day. This has increased the total oil production from the Tasour Field to approximately 19,500 Bopd, of which TransGlobe's share is approximately 2,693 Bopd. As a consequence of the positive results from Tasour #13 another development well (Tasour #14) will be drilled in the same area. This well could be put on stream in early November 2004. TransGlobe is a growth oriented international exploration and production company with its corporate office in Calgary, Alberta, Canada. TransGlobe has achieved a production growth rate of 38% per year over the past three years and expects to produce an average of 3,600 Boepd during 2004. TransGlobe is well positioned for continued growth with interests in three production sharing agreements in the Republic of Yemen (two producing, one exploration), one exploration concession in the Arab Republic of Egypt and producing oil and gas properties in Alberta, Canada. 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. /T/ TRANSGLOBE ENERGY CORPORATION s/s David C. Ferguson David C. Ferguson, Vice President, Finance and C.F.O. /T/ -30-
TransGlobe Energy Corporation
Ross G. Clarkson
President & C.E.O.
(403) 264-9888
(403) 264-9898 (FAX)
or
TransGlobe Energy Corporation
Lloyd W. Herrick
Vice President & C.O.O.
(403) 264-9888
(403) 264-9898 (FAX)
Email: trglobe@trans-globe.com
Website: www.trans-globe.com
or
TransGlobe Energy Corporation
Executive Offices:
#2900, 330 -5th Avenue, S.W.,
Calgary, AB T2P 0L4
Ross G. Clarkson
President & C.E.O.
(403) 264-9888
(403) 264-9898 (FAX)
or
TransGlobe Energy Corporation
Lloyd W. Herrick
Vice President & C.O.O.
(403) 264-9888
(403) 264-9898 (FAX)
Email: trglobe@trans-globe.com
Website: www.trans-globe.com
or
TransGlobe Energy Corporation
Executive Offices:
#2900, 330 -5th Avenue, S.W.,
Calgary, AB T2P 0L4