Transglobal Energy Resources AG
Transglobal Energy Resources AG: ACQUISITION OF NEW OIL AND GAS WELLS IN A JOINT VENTURE
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. ---------------------------------------------------------------------- July 21 2009 St. Gallen, Switzerland ACQUISITION OF NEW OIL AND GAS WELLS IN A JOINT VENTURE TransGlobal Energy Resources AG is pleased to announce that they have successfully acquired a controlling 51% working interest in new Oil and Gas wells in the State of Oklahoma, USA. Expected oil production is 140 barrels per day (bopd) 'We have a signed agreement for a joint venture with a private principle of this project in Oklahoma, USA. Due to our resourceful negotiations and success with Enhanced Secondary Oil Recovery (ESR) this contract agreement joins the two parties together for the purpose of executing ESR, operational, re-work and development of the 50 acre or 20 hectare property which presently has 7 capped wells.' Said H. Andrews, CEO. 'The general acceptance of the terms of the contract is: TransGlobal acquires 51% working interest for $230,000. US. The expected ESR, re-work, development and operational costs are $525,000. US. The Company will be invoiced for the initial costs until our portion of the working interest has been paid in full. Once this goal has been reached the private principle joint venture partner will share the balance of the costs with their 49% share.' 'With all 7 wells producing we are expecting 140 bopd and at a conservative rate of $60/barrel we can see a return of $252,000 US/month. We anticipate this property to be producing by the end of the 4th quarter. 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 Contact via Email: vmakkreel@transglobalenergyresources.com 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.' 21.07.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------
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