Transglobal Energy Resources AG
Transglobal Energy Resources AG: Transglobal Announces High Grade Oil Starts to Flow
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. ---------------------------------------------------------------------- TransGlobal Energy Resources AG Announces High Grade Oil Starts to Flow Zurich, Switzerland, October 15, 2008 (WKN: AONHFQ) --, TransGlobal Energy Resources Inc., (TransGlobal) is a 100% fully owned subsidiary of Transglobal Energy Resources AG, a rapidly growing Enhanced Secondary Recovery (ESR) Oil and Gas company with offices in Dallas, Texas, USA, Calgary, Alberta, Whitby, Ontario, Canada and Switzerland is pleased to announce the initial flow of high grade oil through its 100% owned operating subsidiary's Great Plains Field in Texas USA. The first reworked well of the field is yielding high grade, Texas Sweet crude which indicates the whole field will yield this premium grade Oil and will provide the Company with a $2.25 per barrel premium over spot. Oil prices when sold into the market. Brian Kennedy, CEO, stated: 'I have just returned from visiting our Great Plain field and was pleased with our progress despite recent delays caused by severe weather in the area. Our infrastructure is now in place and our team has begun to rework additional wells. We will begin to optimize the flow rate of each well as they are treated and brought on line and should be in a position to report on steady daily production flow numbers later in this Quarter. So far the field is looking great and we are very optimistic about the field’s potential. With this grade of 'Texas Sweet' oil, we can get $2.25 a barrel above the spot market. That means if the spot market is $90.00 a barrel, TransGlobal will receive $92.25' and this will be the case over the whole 350 acres we have under lease. For further information Contact: http://www.transglobalenergyresources.com Vinetta Makkreel, President, PR North America: 866 316 7657; Europe: 41 43 500 6542 TransGlobal’s mission is to capture the value of Oil and Gas reserves that were previously discovered but not fully produced through the deployment of ESR (Enhanced Secondary Recovery) An excellent overview of the Enhanced Secondary Recovery process can be found at: http://www.fossil.energy.gov/programs/oilgas/eor/ TransGlobal is a Swiss based holding company performing ESR in 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' TransGlobal is actively utilizing new technology to maximize return and significantly increase the oil we can obtain from these previously producing wells. As a result, our value is increasing daily with each new step we take. 13.10.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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