TransGlobe Energy Corporation Announces New Credit Facility and Release Date of Second Quarter Results, Web Cast and Conference
July 29 2010 - 7:00AM
Marketwired
TransGlobe Energy Corporation (TSX: TGL) (NASDAQ: TGA)
("TransGlobe" or the "Company") is pleased to announce that it has
secured a US$100.0 million borrowing base credit facility and to
announce the Company's release date of the second quarter 2010
financial and operating results, web cast and conference call.
All dollar values are expressed in United States dollars unless
otherwise stated.
New Credit Facility
The new credit facility is arranged by Sumitomo Mitsui Banking
Corporation Europe Limited ("SMBCE") as the Initial Mandated Lead
Arranger and Co-ordinating Mandated Lead Arranger and includes BNP
Paribas SA ("BNPP") and Export Development Canada ("EDC") as
Mandated Lead Arrangers. The new credit facility is based upon the
Company's 100% working interest in the West Gharib Concession
onshore operations in the Arab Republic of Egypt and the Company's
working interests in Block S-1 and Block 32 onshore operations in
the Republic of Yemen. Initially, over $90.0 million will be
available for drawdown and the financing will be used to refinance
TransGlobe's $50.0 million outstanding debt under its old credit
facility signed in 2007 along with general corporate purposes.
This new credit facility has a maturity date of June 30,
2015.
Ross Clarkson, President and Chief Executive Officer said: "The
successful completion of our new credit facility with
well-renowned, AA-rated, international banks and long standing
support of EDC, Canada's AAA-rated export credit agency, solidifies
the Company's capital structure. These financial resources will
assist us in achieving our near term reserves, production and cash
flow growth targets. The confidence shown in us by SMBCE, BNPP and
EDC is testimony to the progress we have made as a Company and we
look forward to further strengthening our relationship with our new
partners."
Q2 2010 Release Date, Web cast and Conference Call
TransGlobe also announces its second quarter 2010 financial and
operating results to be released on Thursday, August 5, 2010 prior
to the opening of the stock markets. A conference call and web cast
to discuss the results will be held the same day:
Time: 2:30 p.m. Mountain Time (4:30 p.m. Eastern Time)
Dial-in: (416) 340-8018 or toll-free at 1-866-223-7781
Web cast:
http://events.digitalmedia.telus.com/transglobe/080510/index.php
Shortly after the conclusion of the call, a replay will be
available by dialing (416) 695-5800 or toll-free at 1-800-408-3053.
The pass code is 5088115#. The replay will expire at 11:59 p.m.
Eastern Time on August 12, 2010. Thereafter, a copy of the call can
be accessed on TransGlobe's Web site at www.trans-globe.com.
TransGlobe Energy Corporation is a Calgary-based,
growth-oriented oil and gas exploration and development company
focused on the Middle East/North Africa region with production
operations in the Arab Republic of Egypt and the Republic of Yemen.
TransGlobe's common shares trade on the Toronto Stock Exchange
under the symbol TGL and on the NASDAQ Exchange under the symbol
TGA.
Cautionary Statement to Investors:
This news release may include certain statements that may be
deemed to be "forward-looking statements" within the meaning of the
U.S. Private Securities Litigation Reform Act of 1995. Such
statements relate to possible future events. All statements other
than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate",
"plan", "continue", "estimate", "expect", "may", "will", "project",
"predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar expressions. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements. Although
TransGlobe's forward-looking statements are based on the beliefs,
expectations, opinions and assumptions of the Company's management
on the date the statements are made, such statements are inherently
uncertain and provide no guarantee of future performance. Actual
results may differ materially from TransGlobe's expectations as
reflected in such forward-looking statements as a result of various
factors, many of which are beyond the control of the Company. These
factors include, but are not limited to, unforeseen changes in the
rate of production from TransGlobe's oil and gas properties,
changes in price of crude oil and natural gas, adverse technical
factors associated with exploration, development, production or
transportation of TransGlobe's crude oil and natural gas reserves,
changes or disruptions in the political or fiscal regimes in
TransGlobe's areas of activity, changes in tax, energy or other
laws or regulations, changes in significant capital expenditures,
delays or disruptions in production due to shortages of skilled
manpower, equipment or materials, economic fluctuations, and other
factors beyond the Company's control. TransGlobe does not assume
any obligation to update forward-looking statements if
circumstances or management's beliefs, expectations or opinions
should change, other than as required by law, and investors should
not attribute undue certainty to, or place undue reliance on, any
forward-looking statements. Please consult TransGlobe's public
filings at www.sedar.com and www.sec.gov/edgar.shtml for further,
more detailed information concerning these matters.
Contacts: TransGlobe Energy Corporation Scott Koyich Investor
Relations (403) 264-9888 investor.relations@trans-globe.com
www.trans-globe.com
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