TransGlobe Energy Corporation Announces Signing of New Concession Agreements in Egypt

TransGlobe Energy Corporation Announces Signing of New Concession Agreements in 
Egypt 
CALGARY, ALBERTA -- (Marketwired) -- 11/08/13 -- TransGlobe Energy
Corporation ("TransGlobe" or the "Company") (TSX:TGL)(NASDAQ:TGA) is
pleased to announce the signing of agreements for the four new
Production Sharing Concessions in Egypt. All dollar values are
expressed in United States dollars unless otherwise stated. 
ARAB REPUBLIC OF EGYPT  
NEW CONCESSIONS - EGPC BID ROUND  
TransGlobe signed the four Production Sharing Concession agreements
("PSC"), won in the EGPC bid round in 2011/2012, at an official
signing ceremony with the Ministry of Petroleum held on November 7,
2013. These new concessions add approximately 800,000 net acres to
TransGlobe's land holdings in Egypt and brings the total number of
TransGlobe Egyptian PSCs to eight (seven are operated).  
The Company has committed to $101.1 million of expenditures on the
new blocks over the next three years. The total commitment includes
$40.6 million in signature bonuses that were settled through an
offset to TransGlobe's outstanding accounts receivable with the
government of Egypt. Each concession consists of an initial
three-year exploration period with the provision for two extension
periods of two years each for a total exploration period of seven
years.  
"TransGlobe is extremely excited about the potential to grow our base
of operations materially over the next few years in Egypt. The
Northwest Gharib concession, which surrounds all of our Eastern
Desert production, is expected to be the cornerstone of that growth.
The Southeast Gharib and Southwest Gharib concessions, which are
situated directly south of our current operations, should provide
lower risk exploration opportunities in the coming years. The South
Ghazalat concession in the Western Desert abuts the recent condensate
discovery (see Operations Update 10/01/13) and should provide some
additional exploration opportunities as well. TransGlobe commends the
Egyptian Ministry of Petroleum for making the ratification of these
concessions a top priority of the new administration", stated Ross
Clarkson, President and CEO. 
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. TransGlobe's convertible
debentures trade on the Toronto Stock Exchange under the symbol
TGL.DB. 
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
Investor Relations
Scott Koyich
403.264.9888
investor.relations@trans-globe.com
investor.relations@trans-globe.com
 
 
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