NEWS RELEASE TRANSMITTED BY Marketwire



FOR: TRANSGLOBE ENERGY CORPORATION

TSX SYMBOL:
 TGL
NASDAQ SYMBOL:
 TGA

TransGlobe Energy Corporation Completes Private Placement Financing

Dec 23, 2003 - 12 52 ET

CALGARY, ALBERTA--TransGlobe Energy Corporation ("TransGlobe" or 
the "Company") is pleased to announce that it has successfully 
completed its previously announced financing consisting of 
1,363,637 common shares to be issued as "flow-through shares" 
under the Income Tax Act (Canada) at a price of Cdn$2.20 per 
share, for gross proceeds of approximately Cdn$3 million. The 
shares issued will be subject to a four-month hold period. 

The financing was fully subscribed with Northern Securities Inc. 
acting as agent. TransGlobe will use the net proceeds of the 
offering to incur flow-through expenditures on the Company's 
Canadian oil and gas properties. 

The securities offered hereby have not been registered under the 
U.S. Securities Act of 1933, as amended, and may not be offered 
or sold in the United States absent registration or an applicable 
exemption from the registration requirements. This news release 
shall not constitute an offer to sell or the solicitation of an 
offer to buy nor shall there be any sale of the securities in any 
state in which such offer, solicitation or sale would be 
unlawful. 

TransGlobe Energy Corporation, headquartered in Calgary, Alberta, 
is an international explorer and producer of oil and gas. The 
Company has oil and gas production in Canada and in two projects 
in the Republic of Yemen. TransGlobe has completed seven gas 
wells and two oil wells in Canada to date in 2003. TransGlobe 
expects to continue production growth both in Canada and Yemen 
through an aggressive drilling and development program for 
2004/2005. More information about TransGlobe and its projects can 
be found at www.trans-globe.com. 

This release includes certain statements that may be deemed to be 
"forward-looking statements" within the meaning of the US Private 
Securities Litigation Reform Act of 1995. All statements in this 
release, other than statements of historical facts that address 
future production, reserve potential, exploration drilling, 
exploitation activities and events or developments that the 
Company expects, are forward-looking statements. Although 
TransGlobe believes the expectations expressed in such 
forward-looking statements are based on reasonable assumptions, 
such statements are not guarantees of future performance and 
actual results or developments may differ materially from those 
in the forward-looking statements. Factors that could cause 
actual results to differ materially from those in forward-looking 
statements include oil and gas prices, exploitation and 
exploration successes, continued availability of capital and 
financing, and general economic, market or business conditions. 


/T/

TRANSGLOBE ENERGY CORPORATION
"signed Ross G. Clarkson"

Ross G. Clarkson, 
President & C.E.O

Executive Offices:
#2900, 330 - 5th Avenue, S.W.
Calgary, AB T2P 0L4

/T/

-30-


FOR FURTHER INFORMATION PLEASE CONTACT:

TransGlobe Energy Corporation
Ross G. Clarkson
President & C.E.O.
(403) 264-9888
(403) 264-9898 (FAX)

or

TransGlobe Energy Corporation
Lloyd W. Herrick
Vice President & C.O.O.
(403) 264-9888
(403) 264-9898 (FAX)
Email: trglobe@trans-globe.com
Website: www.trans-globe.com