Transglobe Sign PSA to Acquire Shares in Egypt

Source: www.gulfoilandgas.com 5/1/2012, Location: Africa

TransGlobe Energy Corporation (TransGlobe) announces the signing of a Share Purchase Agreement (SPA) with two United States based energy companies (Vendors) to acquire the shares of their direct and indirect wholly owned subsidiaries which hold the Vendor's Egyptian Assets.

TransGlobe announces the signing of the SPA to acquire the shares of a wholly owned Cayman Islands subsidiary of the Vendors (EgyptCo). EgyptCo's subsidiaries hold a 50% non-operated working interest in the South Alamein concession and a 60% operated working interest in the South Mariut concession, both located in the Western Desert of the Arab Republic of Egypt. This transaction is expected to close by early June 2012 and is subject to customary closing conditions.

TransGlobe cannot make assurances that it will successfully close the subject transaction. All dollar values are expressed in United States dollars unless otherwise stated.

The transaction highlights include:

- $15 million plus inventory, fixed assets and working capital
- All-cash deal, effective April 1, 2012
- 50% working interest in the South Alamein concession, which combined with the previously announced Cepsa acquisition (June 29, 2011) will increase TransGlobe's interest to 100%
- 60% working interest and operatorship of the South Mariut concession
- Increase of 674,523 net exploration acres in Egypt's prolific Western Desert
- Near term (100% operated) development project, of the Boraq 2 Oil Discovery in South Alamein
- Near term (60% operated) exploration well (Al-Azayem-1) in South Mariut
- Greatly expanded exploration opportunity base in the Western Desert
- Maps and additional information can be found on the Company's website, starting May 3, 2012 at http://www.trans-globe.com/operations/egypt


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