TransGlobe Energy Corporation Announces Third Quarter Financial and Operating Results 11/09 05:00 AM
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CALGARY, ALBERTA--(Marketwire - Nov. 9, 2011) - TransGlobe Energy Corporation (TGA:$10.20,00$0.00,000.00%) ("TransGlobe" or the "Company") is pleased to announce its financial and operating results for the three and nine months ended September 30, 2011. All dollar values are expressed in United States dollars unless otherwise stated.
HIGHLIGHTS
-- Record quarterly average production of 13,406 Bopd, up 13% from Q2-2011
(Egypt 11,138 Bopd, Yemen 2,268 Bopd);
-- Record quarterly funds flow of $37.5 million ($0.50/share), a 28%
increase over Q2-2011;
-- Record quarterly net earnings of $26.1 million ($0.35/share), a 19%
increase over Q2-2011;
-- Drilled 14 wells in the third quarter resulting in 11 oil wells, one
water source well and 2 dry wells at West Gharib;
-- Initiated a secondary recovery waterflood on the Arta/East Arta, Lower
Nukhul pool in early July;
-- Expanded the Company's opportunity base in the Western Desert by
acquiring a 50% interest and operatorship of the South Alamein
Concession for $3.0 million;
-- East Ghazalat Safwa Field development plan approved in July, first
production is targeted for Q2-2012.
A conference call to discuss TransGlobe's second quarter results presented in this report will be held on Wednesday, November 9, 2011 at 9:00 a.m. Mountain Time (11:00 a.m. Eastern Time) and is accessible to all interested parties by dialing (416) 340-8530 or toll-free 1-877-240-9772 (see also TransGlobe's news release dated November 2, 2011). Online the webcast may be accessed at http://events.digitalmedia.telus.com/tr ... /index.php
FINANCIAL AND OPERATING RESULTS
TGA reports
Re: TGA reports
TransGlobe Q3 profit rises; cuts FY output forecast 11/09 05:57 AM
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Nov 9 (Reuters) - TransGlobe Energy Corp's (TGA:$10.20,00$0.00,000.00%) quarterly profit rose nearly three-fold, helped by higher production and strong Brent oil prices, but the Canadian oil and gas company cut its full-year production forecast.
It now expects 2011 production of 12,000-12,300 barrels of oil per day (bopd), down from its prior view of 13,000-13,500 bopd.
The company, which was forced to shut production at Block S-1 in Yemen in October due to attacks on the export pipeline, expects 2011 funds flow of about $120 million, or $1.60 per share. Operations at the block had resumed in July after being shut for the entire second quarter.
For the July-September period, net income rose to $26.1 million, or 35 cents a share, from $9.3 million, or 13 cents a share, a year ago.
Oil revenue jumped 93 percent to $128.3 million.
Total average production was up 32 percent to 13,406 barrels of oil per day (bop/d), resulting in funds flow of $37.5 million, or 50 cents a share, in the quarter.
In the year-ago period, funds flow from operations was $19.1 million, or 28 cents a share. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)
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Nov 9 (Reuters) - TransGlobe Energy Corp's (TGA:$10.20,00$0.00,000.00%) quarterly profit rose nearly three-fold, helped by higher production and strong Brent oil prices, but the Canadian oil and gas company cut its full-year production forecast.
It now expects 2011 production of 12,000-12,300 barrels of oil per day (bopd), down from its prior view of 13,000-13,500 bopd.
The company, which was forced to shut production at Block S-1 in Yemen in October due to attacks on the export pipeline, expects 2011 funds flow of about $120 million, or $1.60 per share. Operations at the block had resumed in July after being shut for the entire second quarter.
For the July-September period, net income rose to $26.1 million, or 35 cents a share, from $9.3 million, or 13 cents a share, a year ago.
Oil revenue jumped 93 percent to $128.3 million.
Total average production was up 32 percent to 13,406 barrels of oil per day (bop/d), resulting in funds flow of $37.5 million, or 50 cents a share, in the quarter.
In the year-ago period, funds flow from operations was $19.1 million, or 28 cents a share. (Reporting by Bhaswati Mukhopadhyay in Bangalore; Editing by Sriraj Kalluvila)
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