Transglobal Energy Resources AG
Transglobal Energy Resources AG: THE H PROJECT IN THE PALO PINTO FORMATION 4 WELLS GROSS
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. ---------------------------------------------------------------------- Zurich, Switzerland - June 30, 2009 THE H PROJECT IN THE PALO PINTO FORMATION 4 WELLS GROSS INCOME PER MONTH $100,000 USD TransGlobal Energy Resources AG (FRT/XETRA:B98) is pleased to announce that its first 4 wells in their 6 well H Project in the Palo Pinto formation is recording initial production of 2000 barrels of Oil per month. The result from this well has put TransGlobal's production plan ahead of the previous forecast. The Company is planning to increase the depth to 4,800 ft or 1,454.5 mts, whereas at present the wells are at 4,400 ft or 1,333.3 mts. This operational plan provides a forecast of improved production and reserve values. H. Andrews, Chairman & CEO said: 'The result of this production rate of 2000 barrels per month with only 4 wells producing and another 2 to go is exciting. The 5th well has been drilled but not producing as of yet; however, it should be in a few weeks. This has given us a confidence boost that increasing the project well number was a good call. The technology of pinpointing the well positions with geosteering of 3D seismic has eliminated so many variables that an oil field presents.' The Company acquired an initial working interest in the 6 well H project and is looking to increase its minority participation with further investment on the development of the surrounding acreage. TransGlobal will be looking at other targets on this field to invest in as funds become available and will increase their working interest accordingly. Some 20 additional targets have been identified on the field that the Company can choose to participate in. Board of Directors effective June 30h New Board Members: Jean-Claude Diener, Michiel Sloff, Re-Elected Board Members: H. Andrews, V. Makkreel , J. Verhagen Background information on the new boards members will be on our website by July 7th New Registered Office: Teufenerstrasse 12,Postfach / P.O. Box 12, CH-9001 St. Gallen,Schweiz Auditors: Provida Wirtschaftsprufung AG St. Gallen, Schweiz TransGlobal Energy Resources AG is a Swiss Based company engaged in Enhanced Secondary Recovery (ESR) of Oil and Gas in North America. 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: Vinetta Makkreel - President & PR Contact via Email http://www.transglobalenergyresources.com Information presented in this Press Release constitutes neither an offer to buy or sell securities and contain 'forward looking statements' within the meaning of Section 27A of the U.S. 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.' 30.06.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------
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