Transglobal Energy Resources AG
Transglobal Energy Resources AG: WE HIT OIL AND PRODUCTION EXPECTED IN THIS FIRST QUARTER
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 January 26, 2009 TransGlobal Energy Resources: WE HIT OIL AND PRODUCTION EXPECTED IN THIS FIRST QUARTER TERM: Barrels of Oil Per Day (bopd) TransGlobal Energy Resources AG ( FRT/XETRA: B98 ) is pleased to announce today that the drilling from the first well log test results show 3 good pay Zones on the H Project One. The well has hit oil and testing at 135 barrels of oil per day. 'We logged a good amount of pay load in the Palo Pinto formation. We are very pleased with these results and plan to bring this well into production in this first quarter. It also indicates more study towards expansion is required.' Said CEO, B. Kennedy. Chairman and COO, H. Andrews said: ' Our success has been greatly enhanced with the use of 3D Seismic, which has indicated many additional drilling targets and productive horizons. We plan to focus on the Palo Pinto formation at this time. This formation has been a good producer up and down the Eastern Shelf of the Permian Basin. Historically, other area oil wells began production around 100 – 200 bopd but have only recovered 40,000 – 50,000 barrels of oil. The well has been testing around 135 barrels of oil per day.' Mr. Andrews continued: 'With our determination to create a higher long term return on the investment, it appears prudent to set our production to a constant and reliable 40 – 50 bopd and 50,000 cf of gas per day. This should ensure a future of a higher recovery rate of 150,000 – 250,000 barrels of oil over a much longer production life cycle.' 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 operations 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, Public Relation 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.' 26.01.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------
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