TransGlobe Energy Corporation Successful Bidder on Four

TransGlobe Energy Corporation Successful Bidder on Four Concessions
in the 2011/12 EGPC Bid Round 
CALGARY, ALBERTA -- (Marketwire) -- 11/06/12 -- TransGlobe Energy
Corporation  (TSX:TGL) (NASDAQ:TGA) ("TransGlobe" or the "Company")
is pleased to provide an update on the Egypt bid round results. All
dollar values are expressed in United States dollars unless otherwise
stated. 
HIGHLIGHTS 


 
--  The Egyptian General Petroleum Corporation ("EGPC") informed TransGlobe
    on November 6th that the Company was the successful bidder on four
    concessions in the 2011/12 bid round. 
--  TransGlobe won three concessions in the Eastern Desert near the West
    Gharib/West Bakr operations and one concession in the Western Desert: 
    --  NW Gharib Concession 
    --  SW Gharib Concession 
    --  SE Gharib Concession 
    --  S Ghazalat Concession 
--  TransGlobe's net exploration acreage position in Egypt increases by
    approximately 800,000 acres upon ratification of the new Production
    Sharing Concessions ("PSCs"). 

 
EGPC BID ROUND RESULTS 
EGPC announced that TransGlobe was the successful bidder on four
concessions (100% working interest) in the 2011 EGPC bid round which
closed on March 29, 2012. It is expected that the new concessions
will be awarded in late 2013 following the ratification process which
culminates when each concession is passed into law by the People's
Assembly (Parliament).  
The new concessions will increase the Company's Egyptian exploration
land holdings by approximately 3,241 square kilometers (approx.
800,000 acres). Three concessions (NW Gharib, SW Gharib and SE
Gharib) are proximal to the Company's core producing area at West
Gharib/West Bakr onshore Gulf of Suez in the Eastern Desert. The S
Ghazalat concession is located in the Western Desert west of the
Company's East Ghazalat concession. All four concessions have a 7
year exploration term which will commence when the respective
concessions are passed into law. The seven year term is comprised of
three phases starting with an initial three year exploration period
and two additional two year extension periods. The new concessions
provide for the approval of 20 year development leases on commercial
discoveries. 
The Company committed to spending $101 million in the f
irst
exploration period (3 years) including; signature bonuses, the
acquisition of new 2D and 3D seismic, and an extensive drilling
program approaching 40 wells.  
NW Gharib (100% WI) 
The Company's primary objective was obtaining the 655 square
kilometer (162,000 acre) NW Gharib concession which surrounds and
immediately offsets the Company's core West Gharib/West Bakr
producing concessions (approx. 45,000 acres). At NW Gharib the
Company expects to commence drilling shortly after ratification and
final approval of the concession into law. The Company has identified
more than 45 drilling locations based on existing well and seismic
data for the area. Concurrently the Company would acquire additional
3D seismic data on the concession to develop additional exploration
targets.  
SW Gharib (100% WI) 
The 195 square kilometer (48,000 acre) SW Gharib concession is
located immediately south of the NW Gharib concession. The Company
will acquire 3D seismic over the entire concession prior to drilling
exploration wells in the first exploration phase.  
SE Gharib (100%WI) 
The 508 square kilometer (125,000 acre) SE Gharib concession is
located immediately south of the SW Gharib concession. The Company
will acquire extensive 2D and 3D seismic over this area prior to
drilling exploration wells in the first exploration phase.  
S Ghazalat (100%WI) 
The 1,883 square kilometer (465,000 acre) S Ghazalat concession is
located in the Western Desert to the west of the company's East
Ghazalat concession in the prolific Abu Gharadig basin. The Company
will acquire extensive 3D seismic over this area prior to drilling
exploration wells in the first exploration phase.  
Management Comments 
Mr. Ross Clarkson, President & CEO said "We are extremely pleased
with the results of the bid round and eagerly look forward to the
exploration and development of these very prospective new
concessions. The award of these new concessions demonstrates
TransGlobe's continued commitment to Egypt and will significantly
expand our portfolio of opportunities".  
TransGlobe Energy Corporation 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. 
Cautionary Statement to Investors:  
This news release may include certain statements that may be deemed
to be "forward-looking statements" within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995. Such statements
relate to possible future events. All statements other than
statements of historical fact may be forward-looking statements.
Forward-looking statements are often, but not always, identified by
the use of words such as "seek", "anticipate", "plan", "continue",
"estimate", "expect", "may", "will", "project", "predict",
"potential", "targeting", "intend", "could", "might", "should",
"believe" and similar expressions. These statements involve known and
unknown risks, uncertainties and other factors that may cause actual
results or events to differ materially from those anticipated in such
forward-looking statements. Although TransGlobe's forward-looking
statements are based on the beliefs, expectations, opinions and
assumptions of the Company's management on the date the statements
are made, such statements are inherently uncertain and provide no
guarantee of future performance. Actual results may differ materially
from TransGlobe's expectations as reflected in such forward-looking
statements as a result of various factors, many of which are beyond
the control of the Company. These factors include, but are not
limited to, unforeseen changes in the rate of production from
TransGlobe's oil and gas properties, changes in price of crude oil
and natural gas, adverse technical factors associated with
exploration, development, production or transportation of
TransGlobe's crude oil and natural gas reserves, changes or
disruptions in the political or fiscal regimes in TransGlobe's areas
of activity, changes in tax, energy or other laws or regulations,
changes in significant capital expenditures, delays or disruptions in
production due to shortages of skilled manpower, equipment or
materials, economic fluctuations, and other factors beyond the
Company's control. TransGlobe does not assume any obligation to
update forward-looking statements if circumstances or management's
beliefs, expectations or opinions should change, other than as
required by law, and investors should not attribute undue certainty
to, or place undue reliance on, any forward-looking statements.
Please consult TransGlobe's public filings at www.sedar.com and
www.sec.gov/edgar.shtml for further, more detailed information
concerning these matters. 
Contacts:
TransGlobe Energy Corporation
Scott Koyich
Investor Relations
403.264.9888
investor.relations@trans-globe.com
www.trans-globe.com