Stock Quote:
TGL  $ 2.10  $ -0.01
TGA  $ 1.63  $ 0.00
BZM18  $ 74.77  $ 0.77


TransGlobe Energy Corporation Announces Update on Canadian and Republic of Yemen Operations

CALGARY, ALBERTA--TransGlobe Energy Corporation ("TransGlobe" or 
the "Company") (TSX symbol "TGL"; OTC-BB symbol "TGLEF") is 
pleased to announce two successful exploration wells in Canada 
and the start of drilling at Tasour #11 in the Republic of Yemen. 


The Company drilled one new gas well (100% working interest) and 
one new oil well (65% working interest) during August and 
September. Six wells have been drilled in Canada in 2003 
resulting in five gas wells and one oil well. With the addition 
of the new wells, TransGlobe has incremental production of 
approximately 800 Barrels of Oil Equivalent per day (Boepd) 
awaiting pipeline connections. It is estimated TransGlobe's 
Canadian production will exit 2003 at 1,000 Boepd, if the new 
wells can be placed on production by the end of the fourth 
quarter. This represents a 400% increase compared to 2002. 
Pipeline tie-in applications are in progress and construction is 
expected to be underway during October and November 2003. 

The Company plans to drill six additional wells during the 
balance of the year. All the prospects are focused towards 
natural gas. Successful wells could be on production quickly as 
the prospects are near existing infrastructure and can be 
accessed year round.  

To date in 2003, the Company has acquired mineral rights on 
10,000 net acres and farmed-in on an additional 5,600 (2,900 net) 
acres. The Company plans to acquire additional mineral rights and 
is negotiating several farm-in proposals. The majority of the 
land is located in Central Alberta on three main prospects, of 
which two are new focus areas for the Company. The drilling of 
these mineral rights is anticipated to continue into next year 
with up to ten wells planned for 2004. 

Block 32, Yemen (13.81% working interest) 

The Tasour #11 well commenced drilling on September 20 to develop 
the western extension of the Tasour field defined by Tasour #10. 
It is expected that the well will be completed by mid-October 
and, if successful, production could commence immediately. The 
Tasour field has produced in excess of 12 million barrels of oil 
to date. Production during September 2003 has averaged 
approximately 17,200 Bopd (2,375 Bopd to TransGlobe).  

2004 Outlook 

The Company is anticipating several major events in 2004. It is 
anticipated that development of the An Nagyah discovery of Block 
S-1 in Yemen will proceed and be completed during 2004. This 
development could equal or exceed the Company's current Yemen 
production level. In addition to planned production increases in 
Canada and Yemen, the Company is actively evaluating several new 
international exploration/production opportunities with the goal 
of adding a new project in 2004.  

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)

View Print Version