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TransGlobe Energy Corporation Announces 1999 Year End Results and Operations Update

CALGARY, ALBERTA--TransGlobe Energy Corporation (TSE, symbol 
"TGL"; NASD OTC-BB symbol "TGLEF") announces its financial and 
operating results for the fifteen month period ended December 31, 
1999. The Company has changed its year end from September 30 to 
December 31, effective in 1999, therefore the 1999 year is for the
fifteen month period ended December 31. All dollar values are 
expressed in United States dollars unless otherwise stated. 


(x) TransGlobe positioned for first oil production in 2000 from 
Block 32, Yemen  

(x) Exploration drilling in progress on Block S-1, Yemen 

(x) Closed rights offering financing for $0.9 million in January, 

(x) Strengthened balance sheet moving into 2000 


Block S-1, Republic of Yemen (25% working interest) 

Following the 1999 3-D seismic program on Block S-1, exploration 
drilling commenced on February 24, 2000. Vintage Petroleum 
International Inc., a 100 percent subsidiary of Vintage Petroleum 
Inc. ("VPI" NYSE), the operator of the project, will drill three 
wells in the exploration phase and is targeting prospects with a 
combined reserve potential of 100 million barrels of recoverable 

The first well is currently drilling to test the An Naeem 
structure, a three kilometre extension of the Halewah field. 
Jannah Hunt Oil Co. (JHOC, a subsidiary of Yemen Hunt Oil Co.) 
currently produces approximately 25,000 barrels of oil per day 
("bopd") from 12 wells in the Halewah field. Block S-1 is adjacent
to the Yemen Hunt Oil Co. block which has proven reserves of 
approximately 900 million barrels of oil and 7 TCF of gas and is 
also adjacent to Block 20, where Adair International ("AIGI" NASD 
OTC-BB) has signed a Memorandum of Understanding with the Ministry
of Oil and Mineral Resources ("MOMR"). 

The three wells comprise a portion of a farm out commitment by 
Vintage.  The farm out agreement allows Vintage to earn a 75 
percent working interest in Block S-1 by funding 100 percent of 
the first $20 million of the Block S-1 exploration work.  
TransGlobe will retain a 25 percent working interest after Vintage
earns. The current three well drilling program will test three 
separate structures identified by the 1999 3-D seismic program. 

Block 32, Republic of Yemen (9.81% working interest) 

On February 5, 2000 the MOMR approved the Development Plan and 
Development Area for the Tasour field located on Block 32. The 
Development Area, which is approximately 380 square kilometres 
(151,000 acres) encompasses all of the Tasour structure as well as
eleven additional prospects, identified to date, that could be 
drilled in the future.  The development/production period will 
extend until 2020 with an optional five year extension. 

The Block 32 Joint Venture Group development plan for the Tasour 
field consists of the construction of production facilities and a 
65 kilometer (40 mile) 8 inch pipeline to connect with Canadian 
Occidental's export pipeline to the coast. Initial production is 
targeting 5,000 to  7,000 bopd (approximately 500 to 700 bopd net 
to TransGlobe) from the two existing Tasour oil wells (Tasour #1 &
#3).  Completion of facilities and pipeline construction is 
projected for September 2000 with first oil sales expected during 
October 2000. TransGlobe's independent engineering consultants, 
Fekete Associates Inc. of Calgary have assigned proven plus 
probable (P50) reserves of 6.9 million barrels (678,000 barrels 
net to TransGlobe) for the Tasour "B" structure. This compares 
with 12.4 million barrels of probable reserves (P50) assigned to 
the Tasour "B" structure at January 1, 1999. 

A seismic acquisition program to define additional Tasour 
development locations and to firm up additional exploratory 
locations was completed March 8, 2000. Results of the seismic 
evaluation will be used to finalize a development drilling program
planned for late 2000. Depending on the results of the development
wells, production could increase to 15,000 to 20,000 bopd 
(approximately 1,500 to 2,000 bopd net to TransGlobe) by mid 2001.

Once constructed and operational, the production facilities will 
allow for cost effective early production from future exploration 
locations. By utilizing the Tasour facilities and pipeline, 
discoveries of new oil can be rapidly converted into early cash 
flow, significantly enhancing future investments in Block 32.  


Exploration Prospects 

During 1999, TransGlobe drilled two (one net) wells in the Rimbey 
area of Alberta, resulting in one small Glauconite gas well and 
one dry hole.  

Subsequent to year end, TransGlobe drilled a Viking gas well (50% 
working interest) on its Elk Island prospect. The well was drilled
and cased at no cost to TransGlobe under the terms of the farm-out
agreement with an industry partner. Although the initial drill 
stem test of 1.1 million cubic feet of gas per day was very 
encouraging the subsequent completion and flow test indicated the 
well has limited reserves. 

Going forward, the Company will drill two gas wells subject to rig
availability and continue to expand and develop the existing 
prospect inventory in Alberta. 



                                   Fifteen Months      Twelve Months 
                                 Ended December 31,  Ended September 30,
          Financial                    1999                 1998
                                  (U.S. Dollars)      (U.S. Dollars)
Oil and gas revenue net
 of royalties                       $1,096,232          $1,054,774
Cash flow from operations              190,923             109,595
    Basic per share                      $0.01               $0.01
Net loss                              (232,828)         (7,692,405)
    Basic per share                     ($0.01)             ($0.42)
Capital expenditures - Canada          527,477              24,915
Capital expenditures - U.S.             97,266           1,723,628
Capital expenditures - Yemen         1,821,369           2,351,953
Proceeds from property disposal      1,101,945                   -

Debt (xx)                             $748,405          $1,486,421
Common shares outstanding
    Basic                           33,417,244          18,846,118
    Fully diluted                   38,977,559          21,445,038

Oil and liquids (bopd)                    121(x)               162
Gas (mcfpd)                               554(x)               648
Total (boepd)                             176(x)               227


(x)  Includes acquired Moiibus production from April 28th forward.
(xx) Redeemed on February 29, 2000 and converted to share capital 


Canadian production during the fifteen month period ended December
31, 1999 averaged 76 barrels of oil equivalent per day ("boepd"). 
This production was acquired during the year with the acquisition 
of Moiibus Resource Corporation in April, 1999. Production in the 
United States averaged 100 boepd in 1999 compared to 227 in 1998. 
The decline in production is attibutable to the sale of the Madera
gas property in 1999.  


The average oil and natural gas liquids price for the fifteen 
month period ended December 31, 1999 increased to $15.70 per 
barrel as compared to $13.59 per barrel for the twelve month 
period ended Septemer 30, 1998. The average natural gas price for 
1999 was $2.01 per mcf compared to $2.51 per mcf for 1998. 

The netback per barrel of oil equivalent ("boe") was $9.87 during 
1999 and $10.79 in 1998. The difference in the netback between 
periods is due to the variance in price and change in properties 
over the two periods.  


On January 21, 2000, the Company successfully completed a rights 
offering financing and raised $935,022 by issuing 2,597,283 
shares. The proceeds from the Rights Offering will be used to pay 
a portion of the Company's estimated share of Block 32 facilities 
and pipeline construction costs and to drill additional 
development wells on the Tasour discovery.  

On February 29, 2000 the Company called for redemption the 
$748,404.50 10% convertible subordinated secured debentures due 
January 1, 2004 (the "Debentures"), and all holders elected to 
convert the Debentures into fully paid and non-assessable common 
shares of the Company at US$0.15 per share.  As a result, 
4,989,354 common shares were issued in respect of the principal 
and 12,769 common shares in respect to accrued interest. 
TransGlobe has 41,555,089 common shares outstanding as at March 8,

With the convertible debenture redeemed, TransGlobe has no debt 
outstanding and an undrawn bank line of Cdn$1,000,000. 

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. 

On Behalf of the Board of Directors of  


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)

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