TGA Q3 updates

[par_putt]

TransGlobe Energy Corporation Updates Q3 Production 10/11 03:22 PM
TransGlobe Energy Corporation Updates Q3 Production 10/11 03:22 PM

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CALGARY, ALBERTA--(Marketwire - Oct. 11, 2012) - TransGlobe Energy Corporation (TGA:$11.14,00$-0.02,00-0.18%) ("TransGlobe" or the "Company") is pleased to provide an update on third Quarter production and operations. All dollar values are expressed in United States dollars unless otherwise stated.

HIGHLIGHTS



-- Drilling commenced October 10th on the South Mariut concession (60%
Working Interest) at Al Azayem #1.
-- Q-3 average production of 18,145 Bopd (Egypt 16,810 Bopd; Yemen 1,335
Bopd) a 7% increase over Q-2 average production.
-- Q-3 average sales volumes of approximately 17,190 Bopd (Egypt 16,810
Bopd; Yemen 380 Bopd) with an increase of Yemen inventories which is
scheduled for tanker lifting in Q4.
-- September production averaged 18,525 Bopd (Egypt 16,869 Bopd; Yemen
1,656 Bopd).
-- West Gharib production of 12,500 Bopd was shut-in for approximately 8
days (September 30th approx. October 7th) due to an illegal labor
protest blocking crude oil deliveries from the West Gharib field to the
GPC receiving terminal.
-- Current production is approximately 20,000 Bopd.
-- 2012 Guidance for production remains unchanged at 17,000 to 18,600 Bopd.

UPDATE

TransGlobe's production averaged 18,525 Bopd in September.

-- Production from Egypt averaged 16,869 Bopd (West Gharib approx. 12,238
Bopd; West Bakr approx. 4,381 Bopd & East Ghazalat approx. 250 Bopd) in
September.
-- West Gharib September and October production was impacted by an 8
day illegal labor protest at the West Gharib field entrance which
shut down crude oil trucking from West Gharib from September 30th to
October 7th. The labor protest involved subcontractor day-rate
workers who were seeking full time employment. The protest was ruled
illegal by the courts on October 7th and disbanded peacefully by the
Ministry of Interior. It is estimated that approximately 100,000
Barrels of production was deferred during the eight day protest
which reduced the September sales by approximately 365 Bopd for the
month and will impact fourth quarter sales by approximately 950
Bopd. Current production at West Gharib is approximately 12,600
Bopd. Longer term the Company continues to progress a number of
infrastructure projects in the West Gharib/West Bakr fields to
deliver West Gharib production to GPC by pipeline and thereby
eliminate oil trucking outside the West Gharib field area.
-- West Bakr production is delivered by pipeline and was unaffected by
the protest. Current production from West Bakr is approximately
4,820 Bopd.
-- East Ghazalat commenced production September 9th representing the
Company's first production from the Western Desert. Three Safwa
wells were placed on production during September and the fourth well
was placed on production in early October. Production from the Safwa
field was approximately 500 Bopd (250 Bopd to TransGlobe) for
September. Safwa production has averaged approximately 1,100 Bopd
(550 Bopd to TransGlobe) in October. The East Ghazalat 2x
exploration well reached total depth in September and was abandoned.
-- Production in Yemen averaged 1,656 Bopd (Block S-1 at 1,314 Bopd; Block
32 at 342 Bopd) in September. The Company has agreed to amend the Block
S-1 marketing contract from a monthly purchase contract to a tanker
lifting sales contract which has resulted in a buildup of inventory
during Q3 which will be sold during the next tanker lifting in Q4. Based
on current production volumes it is estimated that tanker liftings could
occur approximately once per quarter from Block S-1. Block 32 production
is marketed on a similar contract arrangement with a different
purchaser, which started January 1, 2012.
-- Block S-1 production in September was impacted by a 7 day shut-in
period due to an attack on the export pipeline, which was repaired.
Current production is approximately 1,720 Bopd to TransGlobe in
October.
-- Block 32 production is currently 350 Bopd to TransGlobe.

INVESTOR CONFERENCES

TransGlobe is pleased to advise that Mr. Ross G. Clarkson, President and Chief Executive Officer, will make a presentation on the Company`s activities at the Canaccord Genuity Global Resources Conference in Miami, Florida on Tuesday, October 16, 2012 at 2:30 pm Eastern Daylight Time (12:30 pm Mountain Daylight Time).

Investors are invited to listen to the live webcast of the presentation via the following link: http://wsw.com/webcast/canaccord7/tga/

The links to these webcasts will also be available on TransGlobe`s website at: www.trans-globe.com

TransGlobe Energy Corporation (TGA:$11.14,00$-0.02,00-0.18%) is a Calgary-based, growth-oriented oil and gas exploration and development company focused on the Middle East/North Africa region with production operations in the Arab Republic of Egypt and the Republic of Yemen. TransGlobe's common shares trade on the Toronto Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA.

[bearcatbob]

For the absolute life of me I see no reason to invest in any company focused in Egypt!

[par_putt]

Its called money.