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Transglobe Energy Corporation Announces Private Placement Financing

CALGARY, ALBERTA--TransGlobe Energy Corporation ("TransGlobe" or 
the "Company") announced today that it has entered into an 
agreement with Northern Securities Inc. for a best efforts 
private placement financing of up to 1,363,637 common shares to 
be issued as "flow-through shares" under the Income Tax Act 
(Canada) at a price of Cdn$2.20 per share, for gross proceeds of 
approximately Cdn$3 million. The shares issued will be subject to 
a four-month hold period. 

The offering is subject to regulatory approval, including 
approval of the Toronto Stock Exchange. TransGlobe will use the 
net proceeds of the offering to incur flow-through expenditures 
on the Company's Canadian oil and gas properties. 

The securities offered hereby have not been registered under the 
U.S. Securities Act of 1933, as amended, and may not be offered 
or sold in the United States absent registration or an applicable 
exemption from the registration requirements. This news release 
shall not constitute an offer to sell or the solicitation of an 
offer to buy nor shall there be any sale of the securities in any 
state in which such offer, solicitation or sale would be 

TransGlobe Energy Corporation, headquartered in Calgary, Alberta, 
is an international explorer and producer of oil and gas. The 
Company has oil and gas production in Canada and in two projects 
in the Republic of Yemen. TransGlobe has completed five gas wells 
and two oil wells in Canada to date in 2003. TransGlobe is 
currently drilling one well in Canada and plans to drill one 
additional well prior to year end. TransGlobe expects to continue 
production growth both in Canada and Yemen through an aggressive 
drilling and development program for 2004/2005. More information 
about TransGlobe and its projects can be found at 

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. 



"signed Ross G. Clarkson"

Ross G. Clarkson,
President & C.E.O.

Executive Offices:
#2900, 330 -5th Avenue, S.W.,
Calgary, AB T2P 0L4



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)

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