Transglobal Energy Resources AG
Transglobal Energy Resources AG: Acquisition of a significant new oil and gas field
Transglobal Energy Resources AG / Acquisition Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- ZURICH, Switzerland, Aug. 15, 2008 - Transglobal Energy Resources Inc., fully owned subsiduary of Transglobal Energy Resources AG., a rapidly growing Enhanced Secondary Recovery (ESR) Oil and Gas company, announces that the release of the Company's second quarter financials has been postponed due to the acquisition of a significant new oil and gas field. This property comes in exchange for the company's Pidcoke Property, subsequent to the end of the last quarter, and will have a strong material positive impact to the firm's financial statements. A revised statement will be released on or before Sept. 15, 2008. As result of this strategic acquisition, Transglobal will have a working interest acquisition of a new project. The potential reserves of this new property, located north of San Angelo, Texas, is an estimated 15,000,000 barrels of oil. Based on a low value of $100 per barrel the project has a gross value of 1.5 billion US Dollars. Transglobal's percentage share of this reserve is estimated at $70 million (USD). The company is 100% debt free. The Chairman, H. Andrews stated: 'We are excited by this excellent opportunity and we are very pleased with the oil assessment results. We have exchanged our Pidcoke asset for this superior project which boasts a much larger oil reserve, with over 1500 acres or 700 hectars for further development!'. This project has been fully funded and no additional funds are need by Transglobal to proceed with the venture. For further information contact: vmakkreel@transglobalenergyresources.com Vinetta Makkreel, President, PR North America: 866 315 7657; Europe: 41 43 500 6542 TransGlobal's mission is to capture the value of Oil and Gas reserves that were previously discovered but not fully produced through the deployment of ESR (Enhanced Secondary Recovery). An excellent overview of the Enhanced Secondary Recovery process can be found at: http://www.fossil.energy.gov/programs/oilgas/eor/ TransGlobal is a Swiss based holding company performing ESR in North America. Information presented in the Press Release constitutes neither an offer to buy or sell securities and contain 'forward looking statements' within the meaning of Section 27A of the US Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be 'forward looking statements'. 18.08.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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