Transglobal Energy Resources AG
Transglobal Energy Resources AG: ADVANCES IN DEVELOPMENT IN THE PROLIFIC PALO PINTO FORMATION UTILZING ENHANCED OIL RECOVERY
Transglobal Energy Resources AG / Miscellaneous 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. ---------------------------------------------------------------------- PRESS RELEASE March, 10 2009 ADVANCES IN DEVELOPMENT IN THE PROLIFIC PALO PINTO FORMATION UTILZING ENHANCED OIL RECOVERY! Transglobal Energy Resources AG ( FRK & XETRA : B98 ) has had exciting progress and advances on the drilling of the second well on their H project and the Palo Pinto formation. The drilling has reached 2,882 feet or 873 meters which surpasses the half mark of the anticipated goal of 4,300 feet or 1,303 meters. Using geosteering techniques 3 D seismic, 3 oil well placements have been pinpointed on the H project of the total 6 wells. The progress indicates the team is closer to reaching the forward outcomes of the expected producing reserves of 1.2 - 1.5 million barrels of oil. CEO, B. Kennedy said: Our Enhanced Oil Recovery ( EOR) program is looking forward to the next few weeks when we should see some great oil flow rates from this number two well. The past performance of older wells on our zone has indicated to us the strong possibility of obtaining a flow test of over 200 barrels of oil per day (bopd). This will provide us with the capability of determining the oil reservoir consistency and the necessary engineering with EOR appropriate requirements to facilitate extraction. This would probably lead a result of a higher than expected average range of 40-75 bopd. H. Andrews, Chairman/COO said: The media has some bleak outlooks, but research suggests the necessity of oil consumption is strong and therefore oil prices will increase by 2010. Ref: www.eia.doe.gov, DOE/EIA 0383 2009 Even the Commerzbank in Frankfurt stated that the oil price decline should not continue. We also agree with the Texas Railroad Commission (which over see oil & Gas productions) when they say; 'Texans have vast untapped domestic energy resources… that could help power US economy for generations to come.' Mr. Andrews continued: 'Transglobal's research sees energy intensity in the making that will cause the market to grow, and our plans are right in line for 2009. Our methodical growth strategy gives a strong position for this year. TransGlobal Energy Resources AG is a Swiss Based holding company engaged in Enhanced Secondary Recovery (ESR) of Oil and Gas in North America through its 100% owned subsidiary TransGlobal Energy Resources Inc., with operation in USA, Canada and Zurich, Switzerland. Through the deployment of ESR, TransGlobal's mission is to capture the value of Oil and Gas reserves that were previously discovered but not fully produced and left behind. For further information Contact: vmakkreel@transglobalenergyresources.com Vinetta Makkreel, President, 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.' 10.03.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------
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