Transglobal Energy Resources AG
Transglobal Energy Resources AG: POSITIVE RESULTS CONVINCE TRANSGLOBAL ENERGY RESOURCES TO EXPAND DRILLING
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. ---------------------------------------------------------------------- POSITIVE RESULTS CONVINCE TRANSGLOBAL ENERGY RESOURCES TO EXPAND DRILLING FROM 2 TO 6 OIL WELLS Zurich,Switzerland February 2, 2009 TransGlobal Energy Resources AG (FRT/XETRA:B98) is pleased to announce today that the expansion of its drilling program from 2 wells to 6 new vertical oil wells. The drilling results from the first well and our technology validate the expansion. H. Andrews, Chairman and COO, stated: 'The newer log technology is making our job easier. From the data we have accumulated, with the necessary drilling and work over equipment out on these fields, we are confident with the timing of our expansion. On a conservative calculation, we see the strong possibility of this growth of 6 wells to yield a recoverable Oil reserve of approximately 1,500,000 barrels of oil and producing at a rate of 240 barrels of oil per day and 300,000 cf of gas per day. And these 6 wells are capable of supporting a long production life cycle.' The CEO, B. Kennedy, continued: 'Operationally it is strategic for the Company to drill these 6 new wells as vertical wells. Depending upon further study and results, horizontal wells may be considered in the future on these 6 expansions.' 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 and operation in Dallas, Texas USA, Calgary and Whitby 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 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.' 02.02.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------
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