NEWS RELEASE TRANSMITTED BY Marketwire
FOR: TRANSGLOBE ENERGY CORPORATION
TransGlobe Energy Corporation Announces Normal Course Issuer Bid
Jul 30, 2008 - 05 20 ET
CALGARY, ALBERTA--(Marketwire - July 30, 2008) - TransGlobe Energy Corporation ("TransGlobe" or the "Company") (TSX:TGL) (NASDAQ:TGA) announced today that the Toronto Stock Exchange ("TSX") has accepted its Notice to Make a Normal Course Issuer Bid (the "Bid") to purchase, from time to time, as it considers advisable, up to 5,558,322 of its 59,799,839 currently issued and outstanding common shares (being no greater than 10% of the public float, which is 55,583,216 common shares) on the open market through the facilities of the TSX. In accordance with the rules of the TSX governing normal course issuer bids, the total number of common shares the Company is permitted to purchase is subject to a daily purchase limit of 15,178 shares, representing 25 percent of the average daily trading volume of TransGlobe shares on the TSX calculated for the six-month period ended June 30, 2008 provided, however, that the Company may make one block purchase per calendar week which exceeds the daily re-purchase restriction. The price that TransGlobe will pay for any common shares under the Bid will be the prevailing market price on the TSX at the time of such purchase. Common shares acquired under the Bid will be canceled.
The Bid will commence on August 1, 2008 and will terminate on July 31, 2009 or such earlier time as the Bid is completed or terminated at the option of TransGlobe.
TransGlobe believes that from time to time, the market price of the Company's common shares may not reflect their underlying value and that, at such times, the purchase of common shares for cancellation will increase the proportionate interest of, and be advantageous to, all remaining shareholders.
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.
FOR FURTHER INFORMATION PLEASE CONTACT:
TransGlobe Energy Corporation
Manager, Investor Relations & Assistant Corporate Secretary
(403) 268-9868 or Cell: (403) 472-0053