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January 30, 2012
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| 15:20 EDT |  | TGA |
| | 15:19 EDT | | TGA |
| theflyonthewall.com: | TransGlobe Energy reports January average production 17,010 Bopd | | TransGlobe Energy Corporation provided a mid-quarter production and operations update for Q1 and reported January average production of 17,010 barrels of oil per day, 41% higher than Q4 and 40% higher than 2011 average production. The company said that its West Bakr acquisition closed December 29, 2011 for an adjusted purchase price at closing net of working capital of approximately $39M. The fair value of the assets received on closing was higher than the adjusted purchase price. This resulted in an estimated $13M, or 18c/share, unaudited, non-cash gain on acquisition. The company has identified a number of drilling and recompletion opportunities at West Bakr which could increase production to the 6,000-8,000 Bopd range over the next two years. :theflyonthewall.com |
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