TransGlobe Energy Corporation (TSX: TGL) (AMEX: TGA) ("TransGlobe" or the "Company") is announcing a mid-quarter production and operating update. All dollar values are expressed in United States dollars unless otherwise stated. Conversion of natural gas to oil is made on the basis of 6,000 cubic feet of natural gas being equivalent to one barrel of crude oil.
Production Summary
The Company's total production is expected to average approximately 7,000 Boepd during the fourth quarter of 2007. This represents a 34% increase over the third quarter of 2007 due to the addition of the West Gharib producing assets in Egypt.
Dated Brent oil prices were very strong averaging $82.50 per barrel in October and $92.61 during November, averaging 17% higher than the third quarter of 2007. North American natural gas prices showed continued weakness, averaging approximately C$6.00/Mcf during October/November. TransGlobe's production is 85% oil and natural gas liquids and 15% natural gas, mitigating the Company's sensitivity to gas pricing.
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