TGA is on-track

[dan_s]

TGA had a good quarter. I hope to find time to update the forecast model this weekend. Sweet 16 comes first for me. TGA is on track to end the year at close to 23,000 bopd. Note that they are generating a lot of free cash flow these days. - Dan

CALGARY, ALBERTA--(Marketwired - May 7, 2013) - TransGlobe Energy Corporation ("TransGlobe" or the "Company") (TGL.TO) (TGA) is pleased to announce its financial and operating results for the three months ended March 31, 2013. All dollar values are expressed in United States dollars unless otherwise stated.
•First quarter production averaged 18,001 Bopd (17,909 Bopd sales);


•First quarter funds flow of $36.0 million;


•First quarter earnings of $24.9 million (includes a $3.0 million unrealized gain on convertible debentures);


•Spent $18.2 million on exploration and development during the quarter;


•Drilled 11 wells in the quarter resulting in 8 oil wells and 3 dry holes;


•Two new Lower Nukhul discoveries in the Arta and East Arta Blocks have added to the appraisal location inventory;


•Collected $75.2 million in accounts receivable from the Egyptian Government during the quarter;


•Ended the quarter with $112.2 million in cash and cash equivalents; positive working capital of $278.0 million or $167.0 million net of debt (including convertible debentures).