Stock Quote:
TGL  $ 1.86  $ 0.10
TGA  $ 1.47  $ 0.08
BZM18  $ 73.60  $ 0.12


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

CALGARY, ALBERTA--TransGlobe Energy Corporation ("TransGlobe" or 
the "Company") (TSE symbol "TGL"; OTC-BB symbol "TGLEF") announces
the completion of a wildcat exploration well at Asswairy #1 in the
Republic of Yemen and the commencement of gas production in 

Block 32, Yemen (13.81% working interest) 

The Asswairy #1 wildcat exploration well, which commenced drilling
December 17, 2001, was plugged and abandoned.  Several horizons 
with oil shows were production tested, however no hydrocarbons 
were recovered. 

The drilling rig will be moved to the adjacent non-owned Block 53 
for a development drilling program. The Block 32 joint venture 
group has the option to move the drilling rig back to Block 32 for
an additional one or two exploration wells.  It is anticipated 
that the drilling rig will be available to the Block 32 group in 
four to five months.  TransGlobe has identified two exploration 
locations that could be targeted for future drilling and has eight
additional prospect leads on Block 32 that will be the focus of 
future work. 


Tie-in work has commenced on TransGlobe's (100% working interest) 
gas well at Cherhill, Alberta.  The deeper zone in the well was 
completed and production tested in January 2002 at rates up to 1.6
million cubic feet per day.  It is anticipated that the well will 
be placed on production in late February at an initial rate of 1.0
million cubic feet per day. 

The Company is also proceeding with the tie-in of gas wells at 
Morningside and Morinville.  It is anticipated the wells will be 
on stream during the first quarter of 2002 and will add production
of 600-800 thousand cubic feet per day plus 20-30 barrels per day 
of natural gas liquids to TransGlobe. 

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. 


Lloyd W. Herrick, Vice President & C.O.O. 


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