TransGlobe says proven reserves grow six per cent annualy

Reuters, Tuesday 15 Feb 2011

Canadian oil and gas company TransGlobe Energy Corp said its proven reserves at end 2010 rose six per cent, helped by exploration and appraisal drilling at its leases in West Gharib, Egypt.

The company, which has production operations in Egypt and Yemen, said proven plus probable reserves grew 26 per cent to 30.4 million barrels of oil (mmbbl) by 31 December 2010 from 24.2 mmbbl at 31 December 2009.

Total proven reserves increased six per cent to 20.5 mmbbl by 31 December 2010, from 19.2 mmbbl on 31 December 2009, the company said in a statement.

The Calgary, Alberta-based TransGlobe's shares, which have more than tripled in value in the past year, closed at C$15.25 on Friday on the Toronto Stock Exchange.

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