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Release

TransGlobe Energy Corporation Announces Successful Development Well and Approval of a New Development Plan in the Republic of Yemen

CALGARY, ALBERTA--TransGlobe Energy Corporation ("TransGlobe" or 
the "Company") (TSX symbol "TGL"; OTC-BB symbol "TGLEF") is 
pleased to announce a successful development well at Tasour #11 
on Block 32 and approval of the Block S-1 Development Plan in the 
Republic of Yemen. 

Block 32, Yemen (13.81% working interest) 

The Tasour #11 well was completed as an oil well and placed on 
production today at an initial rate of approximately 6,000 
barrels of oil and 3,000 barrels of water per day. Tasour #11 is 
located in the western extension of the Tasour field initially 
discovered by the Tasour #10 step-out well. 

With the addition of Tasour #11 the Tasour field is currently 
producing in excess of 20,000 Bopd (2,760 Bopd to TransGlobe). It 
is expected that production from the Tasour field will average 
approximately 16,000 Bopd (2,210 Bopd to TransGlobe) for the year 
2004, which is consistent with the predicted natural declines for 
the field. 

Further development drilling in the western extension is planned 
for 2004. The remapping of the Tasour field now shows a possible 
eastern extension which will be tested during 2004. The 
anticipated average production for 2004 could increase if the 
planned development drilling is successful. 

Block S-1, Yemen (25.0% working interest) 

On October 15, 2003 the Ministry of Oil and Minerals approved the 
Block S-1 Development Plan and Development Area of approximately 
285,000 acres. The Development Area encompasses all of the An 
Naeem, Harmel and An Nagyah discoveries as well as several 
additional prospects that could be drilled in the future. The 
Development/Production period will extend until 2023 with an 
optional five year extension also possible. 

The initial field development is focused on the An Nagyah light 
oil pool which was discovered and appraised during the 2002/2003 
drilling program. The plan provides for early production 
commencing in the first quarter of 2004 by trucking up to 2,500 
Bopd (625 Bopd to TransGlobe) from existing wells. Concurrently, 
construction of a central production facility at An Nagyah and a 
28 kilometer (18 mile) 8 inch pipeline to the Jannah Hunt Halewah 
export pipeline is planned during 2004, with an anticipated 
completion by early 2005. The pipeline capacity would be in 
excess of 30,000 Bopd to allow future discoveries to be placed on 
stream quickly. The central production facility will be designed 
with an initial capacity of 10,000 Bopd (2,500 Bopd to 
TransGlobe). It is expected that the An Nagyah field development 
will consist of 13 wells to delineate and produce the field. 
Development/appraisal drilling is expected to commence on the An 
Nagyah field in the first half of 2004. The total number of wells 
will be adjusted as additional reservoir information is obtained 
from new drilling. 

In addition to the An Nagyah field development, the Block S-1 
Joint Venture Group plans to drill an appraisal well on the 
Harmel medium gravity oil discovery and to evaluate the An Naeem 
gas condensate discovery for a potential condensate gas cycling 
project. The Harmel appraisal well is expected to be drilled in 
2004. It is anticipated that the Harmel pilot production project 
will commence after the An Nagyah field has been developed. 

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

"Signed"

David C. Ferguson,
Vice President, Finance & C.F.O.


TransGlobe Energy Corporation
#2900, 330 -5th Avenue, S.W.,
Calgary, AB T2P 0L4

/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

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