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Transglobe Energy Corporation Announces Normal Course Issuer Bid

CALGARY, ALBERTA--TransGlobe Energy Corporation ("TransGlobe" or 
the "Company") (TSX symbol "TGL"; OTC-BB symbol "TGLEF") is 
pleased to announce it has received approval from The Toronto 
Stock Exchange to make a normal course issuer bid for up to 
4,855,435 common shares of the Company (being 10% of the public 
float as defined by The Toronto Stock Exchange) over a 12 month 
period; but not more than 1,029,896 common shares (2% of the 
issued and outstanding common shares) in any 30 day period, at 
the market price from time to time. 

The bid may commence on December 9, 2002 and will continue until 
the earlier of December 8, 2003 and the date by which the Company 
has acquired the 4,855,435 common shares which may be purchased 
under the bid. Purchases will be made through the facilities of 
The Toronto Stock Exchange only, in accordance with the 
requirements of The Toronto Stock Exchange, and the price at 
which the Company will purchase its common shares will be the 
market price of the shares at the time of acquisition. The 
Company has appointed Raymond James Ltd. as its broker to conduct 
normal course issuer bid transactions. Common shares purchased by 
the Company will be returned to the Company's treasury for 
cancellation. The Company has been advised that none of the 
insiders of the Company, nor their associates, has a present 
intention of selling common shares of the Company during the 
course of the bid. 

"Our board of directors believes that the current market price of 
our shares does not fully reflect the value of our business, our 
underlying assets or our future prospects," said Ross Clarkson, 
Chief Executive Officer of the Company. "Accordingly, the board 
of directors believes in having the Company purchase its own 
shares for cancellation is an appropriate strategy for increasing 
long term shareholder value." 

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. 


Ross Clarkson, President & CEO 


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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