TransGlobe Reports Egyptian Dry Hole

TransGlobe Energy Corp. on Thursday announced the well results at Set #1, Nuqra Block 1, Egypt (50% working interest).

The Set #1 exploration well was drilled to a total measured depth of 1,372 meters (4,500 feet) and subsequently plugged and abandoned. No hydrocarbons were encountered in the Cretaceous and Jurassic sands. The Set #1 exploration well was the first of a two-well commitment targeting Cretaceous and Jurassic prospects in the Nuqra/Kom Ombo rift basin located near Aswan, Egypt.

The drilling rig is currently moving to the second exploration commitment well at Narmer #1, located approximately 30 kilometers east of Set #1. It is expected that Narmer #1 will commence drilling on March 24 and take approximately 40 days to drill and evaluate.

TransGlobe Energy is an oil and gas producer with proved reserves and production operations in The Republic of Yemen and in Alberta, Canada. TransGlobe has an active exploration and development program planned for 2007 in The Republic of Yemen, the Arab Republic of Egypt and in Canada. The Company owns working interests in more than 6.6 million acres across their operating regions.