Transglobal Energy Resources AG
Transglobal Energy Resources AG: POSITIVE HIGH GRADE SWEET CRUDE OIL FLOW RATES FROM ENHANCED SECONDARY RECOVERY (ESR) ADVANCES 24/7 OPERATION ON GREAT PLAINS FIELD
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 POSITIVE HIGH GRADE SWEET CRUDE OIL FLOW RATES FROM ENHANCED SECONDARY RECOVERY (ESR) ADVANCES 24/7 OPERATION ON GREAT PLAINS FIELD Zurich,Switzerland TransGlobal Energy Resources AG (FRT/XETRA:B98) is pleased to announce today that the initial rework program to its Great Plains Field project using ESR has yielded positive oil flow results in their last quarter. The Company also has to its benefit a High Grade Sweet Crude Oil which provides $2.25/ barrel above Spot Market price, and with the use of ESR technology and methods believes it can produce approximately 9,600 barrels of this high grade sweet crude oil per month from 45 reworked wells. CEO, Brian Kennedy, said: ' Our ESR and testing methodology on 2 of the first 10 wells has yielded constant flow results that are equivalent to approximately 240 – 300 barrels of high grade sweet crude oil per month. This is a significant step forward even though we have had some time delays due to inclement weather and equipment breakdowns. These positive oil flow rates have given us increased confidence in our future progress.' ' The Company is now preparing the property for constant 24 hours a day/ 7 days a week operation and beginning the tie in of wells to the production grid. Some capital expenditures are planned with the purchase and installation of flow lines and new increased storage capabilities to handle the expected increase in oil flow. Once the production infrastructure is in place, wells that have been reworked will be brought on line 2 at a time. This phase will be applied to 45 wells. The next phase envisions further ESR methods that will include, acid treatments, fracing , drilling deeper and perforating into other known existing zones.' H. Andrews, Chairman and COO, said: 'These results from our wells indicate that the ESR blueprint we are using is attaining its objectives from the targets within the 45 older wells on the field. It is going to be a big step forward to get the project going at full tilt. With these results reinforcing our confidence, we are gearing up to tackle the approximately 2 million barrels of oil that are expected to be recovered in these older wells.' 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 offices in 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:http://www.transglobalenergyresources.com Vinetta Makkreel, President, PR 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.' 18.02.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------
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