TransGlobe Energy’s mid-quarter production and operating update boasts a 34% increase in production over the third quarter.
The Company’s total production is expected to average approximately 7,000 Boepd during the fourth quarter of 2007. This represents a 34% increase over the third quarter of 2007 due to the addition of the West Gharib producing assets in Egypt.
Dated Brent oil prices were very strong averaging $82.50 per barrel in October and $92.61 during November, averaging 17% higher than the third quarter of 2007. North American natural gas prices showed continued weakness, averaging approximately C$6.00/Mcf during October/November. TransGlobe’s production is 85% oil and natural gas liquids and 15% natural gas, mitigating the Company’s sensitivity to gas pricing.