TransGlobe Energy: First Quarter 2010 Financial and Operating Results

TransGlobe Energy Corporation (TSX:TGL) (NASDAQ:TGA) reported its financial and operating results for the three month period ended March 31, 2010.

The press release is quoted as saying:

Highlights of the same are: Record first quarter production averaged 9,694 Bopd, a 12% increase over fourth quarter 2009, First quarter funds flow of $19.1 million ($0.29/share), a 97% increase over fourth quarter 2009, First quarter net income of $11.6 million ($0.17/share), a 361% increase over fourth quarter 2009, New exploration project (East Ghazalat) added in Arab Republic of Egypt’s (“Egypt”) prolific Western Desert, Oil tested on second East Ghazalat exploration well (Safwa #1); follow-up well (Safwa NW #1) approved by partners, Successful West Gharib fracture stimulation program at Arta (four wells frac’d), 800 Bopd of new production from Nukhul formation in April and Increased budget and guidance for 2010 powered by new production and improved oil price differentials at West Gharib and Arta success.

Click here to access the entire press release

Click here to access TransGlobe Energy Corporate Site