TransGlobe Energy Corporation Announces Successful Development Well in Yemen.CALGARY, Alberta -- TransGlobe Energy Corporation ("TransGlobe" or the "Company") (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension :TGL TGL Taeglich (German: daily) TGL Touch and Go Landing (aircraft flight training) TGL Temporary Guidance Leaflets TGL Technische Güte und Lieferbedingungen (German) ) (AMEX AMEX See: American Stock Exchange :TGA See TARGA. TGA - Targa Graphics Adaptor ) announces another successful development well on Block S-1 in the Republic of Yemen Noun 1. Republic of Yemen - a republic on the southwestern shores of the Arabian Peninsula on the Indian Ocean; formed in 1990 Yemen Aden-Abyan Islamic Army, Islamic Army of Aden, Islamic Army of Aden-Abyan, IAA - Yemen-based terrorist group that supports . Block S-1, Yemen (25.0% working interest) An Nagyah #19, which commenced drilling on January 9th, 2006, reached a total depth of 1,705 meters and was completed as a producing oil well after flowing at a stabilized rate of 3,226 barrels of light (43 degree API) oil per day and 1.6 million cubic feet of gas per day at a flowing pressure of 500 psi on a 48/64 inch choke. The An Nagyah #19 well encountered the Lam A sandstone reservoir and was completed in a 266 meter horizontal section. The well is now being pipeline connected to the An Nagyah facilities. The drilling rig is preparing to move to the next drilling location at An Nagyah #20. The An Nagyah #20 well is planned as an 850 meter horizontal well in the Lam A sandstone of the An Nagyah field, between vertical producers An Nagyah #5 and An Nagyah #7 in the western portion of the field. This release includes certain statements that may be deemed to be "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of the US Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and 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, well production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. TRANSGLOBE ENERGY CORPORATION s/s David Ferguson David C. Ferguson, Vice President, Finance & CFO TransGlobe Energy Corporation (TSX:TGL) (AMEX:TGA) |
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