Stock Quote:
TGL  $ 1.74  $ 0.05
TGA  $ 1.32  $ 0.04
BZQ17  $ 45.66  $ 0.44

Release

TransGlobe Energy Corporation Announces Operations Updates for Yemen and Canada

CALGARY, ALBERTA--TransGlobe Energy Corporation (TSE, symbol 
"TGL"; NASD OTC-BB symbol "TGLEF"; CDNX symbol "TGL")  

HIGHLIGHTS 

- Block 32, Yemen - Declaration of Commerciality and Tasour 
Development Plan submitted to the Ministry of Oil and Mineral 
Resources 

- Block S-1, Yemen - Construction of well sites underway, drilling
to start imminently. 

- Gas discovery in Western Canada  

INTERNATIONAL EXPLORATION UPDATE 

Block 32, Republic of Yemen 

The operator, DNO ASA, submitted the Declaration of Commerciality 
and Tasour Development Plan  to the Ministry of Oil and Mineral 
Resources on December 18, 1999.  The Development Plan anticipates 
the start of production by mid-year 2000 with an initial 
production rate of  5,000 - 7,000 bopd (500 - 700 bopd net to 
TransGlobe).  DNO ASA also is preparing bid documents for the 
construction of production facilities and a 65 kilometre (40 mile)
pipeline to the Canadian Occidental central production facility.  
TransGlobe anticipates construction to commence during April 2000.


Block S-1, Republic of Yemen 

TransGlobe's joint venture partner Vintage Petroleum Yemen Inc., a
wholly owned subsidiary of Vintage Petroleum, Inc. (NYSE:VPI) is 
in the midst of construction on the well sites, camp and air strip
in preparation for its three well drilling campaign.  The camp 
facilities are being moved on site and the drilling rig will be 
moved on and set up over the next two weeks.  Vintage advises 
TransGlobe that spudding of the first well on Block S-1 is 
expected by the end of January.  The construction work was delayed
approximately six weeks due to extended contract negotiations with
the civil engineering contractor.  The first well (An Naeem #1) 
will test a possible extension of Jannah Hunt's Halewah field 
(currently producing 25,000 bopd).   

Canada  

TransGlobe drilled two exploration wells in western Canada during 
December 1999 and January 2000 resulting in one gas discovery and 
one dry hole.  The Company anticipates completing the gas 
discovery and connecting in to a nearby pipeline system during the
first quarter of 2000.  TransGlobe will participate in an 
additional gas exploration well planned for the first quarter of 
2000. 

Toronto Stock Exchange Listing 

Under the restructuring of Canada's capital markets The Toronto 
Stock Exchange will be the country's sole market for senior 
equities.  TransGlobe has received written confirmation from the 
TSE yesterday that it is a qualified TSE-listed issuer and 
therefore TransGlobe common shares will trade in Canada only on 
the TSE effective January 31, 2000.  The CDNX listing for 
TransGlobe will automatically be withdrawn on January 31, 2000.  
TransGlobe common shares will also continue to trade on the OTC 
Bulletin Board in the U.S. 

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  

TRANSGLOBE ENERGY CORPORATION 

Ross G. Clarkson 

President & C.E.O. 

-30-

TransGlobe Energy Corporation
Ross G. Clarkson
President & C.E.O.
(403) 264-9888
(403) 264-9898 (FAX)
http://www.trans-globe.com
trglobe@trans-globe.com

or

TransGlobe Energy Corporation
Lloyd W. Herrick
Vice President & C.O.O.
(403) 264-9888
Toll-free 1 (877) 308-9888 in the U.S. and Canada
(during the Rights Offering only)
The Canadian Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.

View Print Version