interessanter Rohstoffplay? - 500 Beiträge pro Seite

[madi2000]

TRANSGLOBE ENERGY profitiert gleichzeitig von den dauerhaften Engpässen bei Öl und Gas! Denn die im Jemen, Ägypten und Kanada aktive Firma ist in beiden Märkten bestens aufgestellt und befindet sich auf einem steilen Wachstumspfad: Lag die Produktion im vergangenen Jahr noch bei geschätzten 2475 Fass Öl pro Tag, erwarten unsere Kollegen von Octagon Capital schon im kommenden Jahr eine Steigerung auf knapp 6000 Fass. Gleichzeitig soll die Gasförderung von 3,5 Millionen Kubikfuß pro Tag in 2004 auf sechs Millionen Kubikfuß 2006 pro Tag explodieren. Und Gas, das haben wir Ihnen in der letzten Ausgabe des CSI ausführlich dargelegt, verfügt wegen des krassen Nachfrageüberhangs über enormes Potenzial. Schon in Kürze wird die Gesellschaft mit einem Jahresergebnis für 2004 aufwarten, das die Finanzwelt aufhorchen lassen dürfte. Denn schon in den ersten neun Monaten des vergangenen Jahres schnellte der Nettogewinn um satte 107 Prozent auf 5,151 Millionen US-Dollar hoch, der Umsatz kletterte um 57 Prozent auf knapp 20 Millionen Dollar. Legen Sie sich diesen Öljunior mit Major-Potenzial auf aktuellem Niveau ins Depot und freuen Sie sich an weiter steigenden Ölpreisen (WKN 865742)

[madi2000]

heute 6,62 USD mit einem Tagesvolumen von 2,8 mill shares

[madi2000]

20. Januar 2005 Mit deutlichen Kursgewinnen machte in den vergangenen Monaten die Aktie des kleinen kanadischen Ölexplorations- und förderunternehmens TransGlobe auf sich aufmerksam. Das Papier hat sei Beginn des Jahres 2003 knapp 1.200 Prozent auf zuletzt 7,06 kanadische Dollar zugelegt, der Trend zeigt weiterhin nach oben.


Diese Entwicklung läßt sich auch fundamental begründen. Denn das Unternehmen und die Aktie konnten nicht nur von der zwischenzeitlichen Rohstoffeuphorie der vergangenen Monate profitieren, sondern auch der operative Erfolg stimmt.

Deutliche Steigerung der operativen Performance

Das Unternehmen konnte den Umsatz in den ersten neun Monaten des vergangenen Jahres im Vergleich mit der Vorjahresperiode um 57 Prozent auf 19,874 Millionen amerikanische Dollar steigern. Der Cashflow legte um 48 Prozent auf knapp elf Millionen Dollar zu und der Nettogewinn um satte 107 Prozent auf 5,151 Millionen Greenbacks.

Das Unternehmen sucht und fördert Öl in Kanada, Ägypten und im Jemen. Dabei nahm die geförderte Menge deutlich zu. Die „Trefferquote” im vergangenen Jahr kann sich sehen lassen. Das Untenehmen bohrte 15 Quellen an, die zu zwölf fördernden Gas- und zwei Ölquellen führten. Lediglich ein Versuch war ein Mißerfolg. Im laufenden Jahr sollen weitere 15 Quellen gebohrt werden. Das Ziel besteht darin, weitere Gasvorkommen in der Provinz Alberta zu erschließen. Das hätte den Vorteil, sie schnell in Produktion bringen zu können, da die vorgesehenen Plätze nahe an der schon bestehenden Infrastruktur liegen.

Im Oktober des vergangenen Jahres lag die dem Unternehmen zustehende Fördermenge bei 4.500 Barrel Öl pro Tag (boepd: barrels of oil equivalent per day). Das Unternehmen ging davon aus, mit einer Fördemenge von 5.000 Barrel das Jahr 2004 beenden und bis Mitte des laufenden Jahres auf 6.000 Barrel pro Tag aufstocken zu können. Das zeigt, daß das Unternehmen operativ deutlich und profitabel wächst.

Bewertung wird durch das Wachstum relativiert

Diese Einschätzung wird bestätigt durch die jüngste Meldung. Denn danach konnte das Unternehmen Im Dezember des vergangenen Jahres im Jemen eine weitere Quelle im Block S-1 erschließen und in Produktion bringen. Das interessante daran ist, daß diese Quelle auf weitere Ölvorkommen schließen läßt. Die durchschnittliche Produktion TransGlobes belief sich im Dezember auf 5.325 Barrel Öl.

Das Unternehmen konnte seine Produktion in den vergangenen vier Jahr um 84 Prozent steigern und geht davon aus, diese Entwicklung auf Grund der bestehenden Abkommen im Jemen, in Ägypten und auch in Kanada weiter fortsetzen zu können.

Mit Kurs-Gewinnverhältnissen von 48 und knapp 20 auf Basis der Gewinnschätzungen für das vergangene und das laufende Jahr scheint die Aktie auf den ersten Blick zunächst kein Schnäppchen zu sein. Allerdings relativieren sich die Kennzahlen angesichts des deutlichen Umsatz- und Ertragswachstums des Unternehmens. Sollte der Ölpreis nicht nur nicht deutlicher zurückgehen, sondern möglicherweise weiter steigen, dürfte die Aktie weitere Kursphantasie bieten. Der Trend zeigt schon einmal nach oben. Absicherungsstrategien und eine gewisse Risikoneigung sind allerdings angesichts der Unwägbarkeiten des Sektors und auch der geringen Unternehmensgröße empfehlenswert.

[madi2000]

TransGlobe Energy Corporation Announces 2004 Year End and Fourth Quarter Results
Thursday March 10, 12:42 pm ET


CALGARY, Alberta--(BUSINESS WIRE)--March 10, 2005--TransGlobe Energy Corporation (TSX:TGL - News; AMEX:TGA - News; "TransGlobe" or the "Company") is pleased to announce its financial and operating results for the three and twelve month periods ended December 31, 2004. All dollar values are expressed in United States dollars unless otherwise stated. Per barrel of oil equivalent ("Boe") amounts have been calculated using a conversion of 6,000 cubic feet of natural gas to one barrel of oil.
FOURTH QUARTER 2004 HIGHLIGHTS:

- Record average sales volumes of 5,384 Boepd for the quarter and 3,796 Boepd for the year.

- Record cash flow of $6,326,000 and $17,325,000 for the quarter and year, respectively.

- An Nagyah #12 horizontal well tested 4,800 Bopd.

- Bought deal financing completed, $9.8 million net.

- New bank facility completed, $7.0 million (undrawn).

- Assignment of interest and approval of TransGlobe as operator of Nuqra Block, Egypt.

FINANCIAL AND OPERATING UPDATE
(Expressed in thousands of U.S. Dollars, except per share amounts)
---------------------------------------------------------------------
Three Months Twelve Months
Ended Dec. 31 Ended Dec. 31
Financial (000`s -----------------------------------------------
US $`s, except per % %
share amounts) 2004 2003 Change 2004 2003 Change
---------------------------------------------------------------------
Oil and gas sales 18,548 7,495 147 49,495 27,336 81
Oil and gas sales
net of royalties 11,756 4,489 162 31,630 17,162 84
Operating expense 2,814 1,121 151 7,064 3,706 91
General and
administrative
expense 680 423 61 1,664 1,207 38
Stock-based
compensation 452 - 1,310 -
Depletion,
depreciation and
accretion 4,197 1,292 225 10,346 6,253 65
Income taxes 2,799 (1,489) 288 4,995 307 1527
Cash flow from
operations 6,326 1,895 234 17,325 9,347 85
Basic per share 0.12 0.04 0.32 0.18
Diluted per share 0.11 0.03 0.31 0.17
Net income 768 3,414 (77) 5,919 5,905 0
Basic per share 0.01 0.06 0.11 0.11
Diluted per share 0.01 0.06 0.10 0.11
Capital expenditures 11,075 4,011 176 26,367 14,229 85
Working capital 2,839 2,537 12
Common shares
outstanding
Basic (weighted
average) 54,388 52,071 4
Diluted (weighted
average) 56,719 53,779 5
---------------------------------------------------------------------
Reserves (MBoe)
---------------------------------------------------------------------
Total Proven (6 : 1) 6,664 3,746 78
Total Proven
+ Probable (6 : 1) 10,427 7,038 48
---------------------------------------------------------------------
Sales Volumes
---------------------------------------------------------------------
Oil and liquids
(Bpd) 4,726 2,535 86 3,298 2,435 35
Average price
(US$ per barrel) 38.01 28.83 32 36.24 28.06 29
Gas (Mcfpd) 3,942 1,704 131 2,987 1,200 149
Average price
(US$ per Mcf) 5.47 4.82 13 5.19 5.24 (1)
Total (Boepd) (6:1) 5,384 2,819 91 3,796 2,635 44
Operating expense
(US$ per Boe) 5.68 4.32 31 5.09 3.85 32
---------------------------------------------------------------------


EXPLORATION UPDATE

Block 32, Republic of Yemen (13.81087% working interest)

The Tasour #14 well was drilled and placed on production with initial production of 2,820 barrels of oil per day (389 barrels of oil per day to TransGlobe) and 1,330 barrels of water per day.

In January 2005 the drilling rig returned to Block 32 to drill Tasour #15, #16 and #17. Tasour #15 was drilled as a water injector near the central production facility and found a 2.5 meter oil column, which indicates the Tasour field could extend eastward. The Tasour #16 well was temporarily suspended after encountering 6.0 meters of oil pay overlying 3.0 meters of water bearing sandstone. The dip meter indicates a structurally higher location can be reached by sidetracking the well to the south of the current bottom hole location. The sidetrack drilling is planned after Tasour #17. The rig is currently drilling Tasour #17 approximately 2.0 kilometers east of Tasour #15 to test a possible eastern extension of the Tasour field. The eastern extension was identified on the recent 3-D seismic survey and by the Tasour #15 water injection well.

Block S-1, Republic of Yemen (25% working interest)

During the quarter, one producing horizontal oil well (An Nagyah #12) was drilled. One appraisal/exploratory oil well (An Nagyah #14) was drilling over year end.

The An Nagyah #12 well was drilled to a total depth of 2,070 meters and completed as a producing Upper Lam oil well. The An Nagyah #12 well was tested from an 836 meter horizontal Upper Lam sandstone section at a rate of 4,801 barrels of light (43 degree API) oil per day and 2.6 million cubic feet of natural gas per day on a 64/64 inch choke at 389 psi flowing pressure. An Nagyah #12 was the second successful horizontal well drilled in the An Nagyah field and confirmed that horizontal drilling is the preferred development strategy for the pool.

The An Nagyah #14 well was drilled to a total depth of 1,365 meters and suspended as a Lam `B` oil well in early January 2005. The An Nagyah #14 well encountered a 19 meter oil column in the Lam `B` (lower Lam) sandstone. The well was swab tested at a rate of approximately 80 barrels of light (40 degree API) oil per day. No water was produced during the test period. This discovery is located south of the An Nagyah field in a separate fault block. The An Nagyah #14 oil test has identified a new exploration fairway south of the main An Nagyah field. Additional work will be required to incorporate the well results and remap the seismic in this area to identify future drilling locations.

Following An Nagyah #14, the drilling rig was moved to the Malaki exploration prospect approximately nine kilometers south east of the An Nagyah pool. The Malaki #1 exploration well was drilled to a total depth of 2,315 meters. The well was plugged and abandoned after encountering minor hydrocarbon shows. The Lam `A` sandstone reservoirs were encountered structurally lower than the oil/water contact in the An Nagyah field and were water saturated. The drilling rig has moved to the next drilling location at An Nagyah #15. The An Nagyah #15 well is planned as an 800 meter horizontal well in the northwest area of the An Nagyah field, adjacent to An Nagyah #12.

In addition to the An Nagyah drilling activities, a workover rig was mobilized in the fourth quarter. The An Nagyah #2 well was successfully recompleted as a producing Lam `A` oil well. The workover rig also re-completed the An Nagyah #3 well as a Lam `A` gas injector. Natural gas from the An Nagyah pool is now being injected into An Nagyah #3 to conserve the gas and to maintain reservoir pressure thereby enhancing oil recovery.

Subsequent to the An Nagyah workovers, the Harmel #2 appraisal well was completed as a multizone oil well. The Harmel #2 was drilled in June 2004 to appraise the shallow oil reservoirs found in the discovery well, Harmel #1. The Harmel #1 and #2 wells are being equipped with pumps and production testing equipment which are expected to be operational by the end of the March. It is expected that both Harmel wells will be production tested for three to six months. Production and test data obtained from the Harmel #1 and #2 wells will help to determine the commerciality of the medium gravity oil (22 degree API). The Harmel structure identified on 3-D seismic could require 80 to 90 shallow wells (700 to 800 meters in depth) to be fully developed.

Early production (trucking) facilities were installed at An Nagyah during the first quarter of 2004 with an initial capacity of 2,500 Bopd (625 Bopd to TransGlobe). The oil production is currently being trucked 18 miles to the Jannah Hunt facility where it enters the pipeline to the Ras Isa loading terminal on the Red Sea. Trucking operations will be phased out following the construction of a central production facility ("CPF") at An Nagyah and a 28 kilometer (18 mile) pipeline to the Jannah Hunt export pipeline

After commencing production the trucking facilities were steadily expanded to the current capacity of approximately 7,600 Bopd (1,900 Bopd to TransGlobe). After drilling An Nagyah #12 the field productive well capacity is in excess 12,000 Bopd.

The pipeline and facility construction for the An Nagyah field is on schedule with a planned start up in June 2005. The An Nagyah field production is anticipated to increase to over 10,000 Bopd (2,500 Bopd to TransGlobe) when the facilities and pipeline are operational. The CPF is designed for an initial capacity of 10,000 to 12,000 Bopd (2,500 to 3,000 Bopd to TransGlobe), with expansion capabilities. The 10 inch pipeline has an ultimate design capacity of 80,000 Bopd to provide expansion capabilities for future developments.

Block 72, Republic of Yemen (33% working interest)

DNO ASA (operator at 34%), TG Holdings Yemen Inc. (33%) and Ansan Wikfs (Hadramaut) Limited (33%) ("Block 72 Joint Venture Group") were selected as the successful bidders for Block 72 in the Yemen International Bid Round for Exploration and Production of Hydrocarbons. TG Holdings Yemen Inc. is a wholly owned subsidiary of TransGlobe Energy Corporation. The Block 72 Production Sharing Agreement has been approved by the Cabinet and is currently before the Yemen parliament for final approval.

Block 72 encompasses 1,822 square kilometers (approximately 450,234 acres) and is located in the western Masila Basin adjacent to the billion barrel Canadian Nexen Masila Block. The Block 72 Joint Venture Group plans to carry out a seismic acquisition program and the drilling of two exploration wells during the first exploration period of thirty months. It is anticipated that 3-D seismic will be acquired during 2005, with drilling commencing in late 2005 or early 2006. Any discoveries made on Block 72 would follow a similar development program to Block 32`s whereby a separate oil processing facility and a pipeline would be constructed to connect to the Nexen export pipeline.

Nuqra Block 1, Arab Republic of Egypt (50% working interest, Operator)

As announced in the second quarter, TransGlobe Petroleum Egypt Inc. ("TransGlobe Egypt"), a wholly owned subsidiary of TransGlobe Energy Corporation, entered into a Farmout Agreement with Quadra Egypt Limited ("QEL"), a subsidiary of Quadra Resources Corp. headquartered in Calgary, and Rampex Petroleum International ("Rampex") headquartered in Cairo, Egypt. This agreement provides TransGlobe Egypt the opportunity to participate and earn a 50% working interest in the Nuqra Concession by paying 100% of the initial $6.0 million of expenditures in the Stage 1 and Stage 2 work programs. TransGlobe Egypt is the operator of the Nuqra Block.

TransGlobe Petroleum Egypt Inc. was assigned a 50% interest in the project and approved as operator by the Egyptian Government in October 2004.

The Nuqra Concession is located in Upper Egypt near the city of Luxor on the east bank of the Nile River. The concession encompasses over two-thirds of the Kom Ombo Basin, a rift basin analogous to the Gulf of Suez Basin, the Marib Basin in the Republic of Yemen, and the Muglad Basin in Sudan, all of which contain major reserves. The Nuqra Concession contains more than 30,000 square kilometers or 7,500,000 acres of exploration lands with 13 seismically defined leads identified from over 4,000 km of existing 2-D seismic. Seismic and well data have confirmed the existence of Jurassic and Cretaceous sediments and the presence of a petroleum system which could potentially hold significant oil reserves.

TransGlobe has obtained the existing seismic data on the Nuqra Block and is currently reprocessing the data to improve the resolution. A new seismic acquisition program is anticipated to commence in the fourth quarter 2005. A field geological survey is also underway to investigate surface outcrops and oil seeps in the Nuqra area. It is expected that a two well drilling program will commence in late 2006. This would complete all the first period and second period PSA commitments ahead of schedule.

Canada

During the quarter, the Company drilled 3 gas wells (1.4 net) located in central Alberta (Nevis, Three Hills Creek and Thorsby).

For the year 2004, the Company drilled 15 wells (11.2 net) resulting in 10 gas wells, 2 oil wells, 3 dry holes. The wells were all drilled in central Alberta with the primary focus in the core areas of Nevis (5 Gas, 1 Oil) and Twining (2 Gas). Two wells were abandoned at Cynthia after testing non-commercial gas and the remainder of the wells were drilled at Morningside (Oil), Gadsby (Gas), Three Hills Creek (Gas), Thorsby (Gas) and Lone Pine Creek (Dry). Seven of the 2004 wells were placed on production by year end and contribute approximately 350 Boepd or 39% of Canadian production. Subsequent to year end two (0.9 net) additional wells (50 Boepd) were tied in and placed on production. Negotiations are currently underway to tie in two (1.5 net) additional wells in 2005 which should initially contribute an additional 70 Boepd. The remaining Nevis well of the 2004 program will undergo additional testing and evaluation prior to initiating tie in negotiations.

Production in the fourth quarter averaged 900 Boepd. Production was partially curtailed due to natural gas compression capacity limitations at third party operated facilities in the Nevis and Twining areas (approximately 150 Boepd for the quarter). It is anticipated that additional compression will be installed by early 2005 to increase production.

The Canadian 2005 drilling program is expected to commence in April or May after spring break-up to take advantage of lower equipment and service prices during the summer months. The Company plans to drill 10 to 15 wells in Canada during 2005. The majority of the wells will be drilled in the Nevis area, targeting natural gas.

OUTLOOK
2005 Production Outlook 2005 2004 %
Change(a)
----------------------------------------------------------------------
--
Barrels of oil equivalent (6 : 1) Boepd 5,800 3,796
58
to 6,200
----------------------------------------------------------------------
--
(a) % growth based on mid point of guidance


2005 Cash Flow From Operations Outlook
($000`s) 2005(b) 2004 %
Change(b)
----------------------------------------------------------------------
--

Cash Flow From Operations 32,000 17,325
85%
----------------------------------------------------------------------
--
(b) Based on 6,000 Boepd, a dated Brent oil price of $38.00/Bbl and an
AECO gas price of Cdn$6.00/Mcf.


2005 Sensitivity ($000`s) Cash Flow from Operations
Increase
----------------------------------------------------------------------
--
$1.00 per barrel increased
815
in Dated Brent
$0.10 per Mcf increase in AECO
120
----------------------------------------------------------------------
--


SUMMARY OF OPERATING AND FINANCIAL RESULTS

Summary of Operating and Financial Results should be read in conjunction with the unaudited interim financial statements for the three months and twelve months ended December 31, 2004 and 2003 and the audited financial statements and management`s discussion and analysis for the year ended December 31, 2004 included in the Company`s annual report. All dollar values are expressed in United States dollars unless otherwise stated.

Operating Results

Production

In the Republic of Yemen, sales volumes increased 84% in the fourth quarter of 2004 to 4,483 Bopd from 2,443 Bopd in the fourth quarter of 2003 primarily due to Block S-1 commencing production at the end of the first quarter of 2004. Block 32 averaged 2,631 Bopd during the fourth quarter of 2004 compared to 2,443 Bopd during the fourth quarter of 2003 and Block S-1 averaged 1,852 Bopd in the fourth quarter of 2004.

In Canada, sales volumes from Canada averaged 900 Boepd (73% natural gas) during the fourth quarter of 2004 compared to 376 Boepd during the fourth quarter of 2003.

Financial

Cash flow from operations for the twelve months 2004 increased 85% to $17,325,000 compared to $9,347,000 in 2003 primarily due to:

- Oil and gas sales, net of royalties, increasing $14,468,000 (84%) as a direct result of sales volumes increasing 44% and commodity prices increasing 25%;

- Operating costs increasing $3,358,000 (32% on a Boe basis) in 2004 compared to 2003 as a result of increased volumes and Block S-1 having a higher cost per Boe during the trucking phase.

- Current income tax increasing $2,525,000 in 2004 compared to 2003 as a result of higher volumes with Block S-1 production commencing in 2004.

Net income was unchanged in 2004 with 2003 at $5,919,000 due the above items which were offset by the following non-cash items:

- Depletion, depreciation and accretion, a non-cash expense, increased $4,093,000 (15% on a Boe basis) in 2004 compared to 2003.

- Future income tax recovery, a non-cash recovery, decreased $2,163,000 in 2004 compared to 2003.

- Stock compensation expense, a non-cash expense, amounted to $1,310,000 in 2004 without a corresponding amount in the same period in 2003.

Cash flow from operations is a non-GAAP measure that represents cash generated from operating activities before changes in non-cash working capital. Management considers cash flow from operations a key measure as it demonstrates the Company`s ability to generate the cash flow necessary to fund future growth through capital investment. Cash flow from operations may not be comparable to similar measures used by other companies.

Revenue net of royalties increased 162% to $11,756,000 for the fourth quarter 2004 compared to $4,489,000 for the same period in 2003. Revenues net of royalties from the Republic of Yemen were $9,358,000 in the fourth quarter 2004 compared to $3,656,000 in the same of 2003 and from Canada were $2,398,000 in the fourth quarter of 2004 compared to $833,000 in the same period of 2003.

In the Republic of Yemen, revenues net of royalties in the fourth quarter 2004 increased 156% compared to the fourth quarter 2003 primarily as a result of sales volumes increasing 84% and oil prices increased 31%. The increase in sales volumes is a result of the An Nagyah field on Block S-1 commencing production at the end of the first quarter of 2004.

The average oil price for the Company`s production in the Republic of Yemen for the fourth quarter 2004 was $37.97 per barrel compared to $28.97 in the fourth quarter 2003. Oil production from the Tasour field in the Republic of Yemen is purchased by Nexen Marketing International Ltd. and the oil price is based on an average dated Brent price less a quality/transportation differential between the dated Brent blend and the Yemen Masila crude oil blend. Oil production from the An Nagyah field in Yemen is purchased by ExxonMobil Sales & Supply Corporation and the oil price is based on an average dated Brent price less a quality/transportation differential between the dated Brent blend and the Yemen Marib crude oil blend.

In Canada, revenue net of royalties in the fourth quarter increased 188% due to a 13% increase in gas prices, a 55% increase in oil and liquids prices and a 139% increase in production compared to the fourth quarter 2003. Gas prices averaged $5.47 per Mcf in Canada for the fourth quarter in 2004 and $4.82 per Mcf for the same period in 2003. Oil and liquids prices in Canada averaged $38.72 per barrel for the fourth quarter of 2004 and $24.96 per barrel for the same period 2003.

Operating costs were $2,814,000 ($5.68 per Boe) in the fourth quarter 2004 compared to $1,121,000 ($4.32 per Boe) in the fourth quarter 2003. In Yemen, operating costs increased 37% to average $5.29 per barrel in the fourth quarter 2004 compared to $3.87 per barrel in the fourth quarter 2003 primarily as a result of Block S-1 commencing production in 2004 and having significantly higher operating costs during the initial trucking phase, averaging $7.00 per barrel. This is a reflection of higher costs associated with trucking and higher fixed costs per barrel until volumes are increased when full scale production commences in 2005. In Canada, operating costs increased 5% to average $7.64 per Boe in the fourth quarter of 2004 compared to $7.29 per Boe in the fourth quarter of 2003 due primarily to higher foreign exchange rates when converting Canadian dollars to US dollars.

General and administrative expense ("G&A") was $680,000 ($1.37 per Boe) for the fourth quarter 2004 as compared to $423,000 ($1.63 per Boe) in the comparable period 2003. During the twelve months 2004, general and administrative expenses increased to $1,664,000 ($1.20 per Boe) from $1,207,000 ($1.25 per Boe) in the comparable period in 2003.

A new Canadian accounting standard was adopted in 2004 that requires the Company to record a compensation expense for the fair value of stock options over the vesting period granted to employees and directors since January 1, 2002. The non-cash stock-based compensation expense was $452,000 ($0.91 per Boe) in the fourth quarter of 2004 and $1,310,000 ($0.94 per Boe) for the twelve months 2004.

Depletion, depreciation and accretion was $4,197,000 ($8.47 per Boe) for the fourth quarter 2004 compared to $1,292,000 ($4.98 per Boe) in the same period 2003. Depletion, depreciation and accretion increased to $10,346,000 ($7.45 per Boe) for the twelve months 2004 compared to $6,253,000 ($6.50 per Boe) for the twelve months 2003, reflecting the increase in the depletable costs in the Republic of Yemen and Canada, and higher foreign exchange rates when converting Canadian dollars to US dollars in Canada.

Current income tax expense in the amount of $1,925,000 in the fourth quarter 2004 represents income taxes incurred and paid under the laws of the Republic of Yemen pursuant to the Production Sharing Agreement`s on Block 32 and Block S-1 compared to $959,105 in the same period 2003. The current income tax increase is due to increased production volumes on Block S-1 due to the An Nagyah field commencing production in the first quarter of 2005 and Block 32 of which the Yemen government`s share has increased due to recovery of all historical costs. The government`s share of production sharing oil includes royalties and income taxes. The future income tax expense of $874,000 in the fourth quarter of 2004 is a result of recognizing future income tax assets of $1,160,000 in the third quarter of 2004 and $2,448,085 in 2003 which were utilized in the fourth quarter. The recording of these future tax benefits in Canada is a direct result of the successful drilling program carried out in 2003 and 2004 in Canada.

Finding and Development Costs
2004 2003
--------------------------------------
Proved + Proved +
(000`s, except per Boe amounts) Proved Probable Proved Probable
---------------------------------------------------------------------
Total capital expenditure $ 26,367 $ 26,367 $ 14,229 $ 14,229
Net change from previous
year`s future capital 8,796 597 2,159 11,303
---------------------------------------------------------------------
$ 35,163 $ 26,964 $ 16,388 $ 25,532
---------------------------------------------------------------------
Reserve additions
and revisions (MBoe) 4,332 4,804 2,360 4,872
Average cost per Boe $ 8.12 $ 5.61 $ 6.94 $ 5.24
Three year average
cost per Boe $ 7.42 $ 5.37 $ 6.40 $ 5.47
---------------------------------------------------------------------


The finding and development costs shown above have been calculated in accordance with Canadian National Instrument 51-101, Standards of Disclosure for Oil and Gas Activities introduced in 2003.

The aggregate of the exploration and development costs incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related to reserves additions for that year.

Liquidity and Capital Resources

Funding for the Company`s capital expenditures in the fourth quarter 2004 was provided by cash flow from operations, working capital and issuance of share capital.

At December 31, 2004 the Company had working capital of $2,839,000, zero debt and an unutilized loan facility of $7,000,000.

The Company expects to fund its 2005 exploration and development program (budgeted at $32 million firm and contingent) through the use of working capital, cash flow and debt. The use of our credit facilities during 2005 is expected to remain within conservative guidelines of a debt to cash flow ratio of less than 0.5 : 1. The Company raised $9.8 million (net after costs) on a bought deal equity financing in November and December 2004 to partially fund the Egyptian, Yemen and Canadian exploration program. This amount is included in the working capital at December 31, 2004. Equity financing may be utilized in the future to accelerate existing projects or to finance new opportunities. Fluctuations in commodity prices, product demand, foreign exchange rates, interest rates and various other risks may impact capital resources.

In December 2003, the Company issued flow through shares with terms providing that the Company renounce Canadian tax deductions in the amount of C$3,000,000 to subscribers with the entire amount to be expended by the Company by December 31, 2004. The Company has fulfilled this expenditure commitment.

Commitments and Contingencies

In June 2004, the Company entered into a one year fixed price contract to sell 10,000 barrels of oil per month in Block 32 commencing July 1, 2004 at $33.90 per barrel for Dated Brent plus or minus the Yemen Government`s official selling price differential.

Pursuant to the Company`s farm-in agreement on the Nuqra Concession in Egypt, the Company is committed to spend $6 million over the next 5 years to earn its 50% working interest. As part of this commitment the Company issued a $2 million letter of credit on July 8, 2004 to Ganoub El Wadi Holding Petroleum Company which expires on February 14, 2007. This letter of credit is secured by a guarantee granted by Export Development Canada.

Upon the determination that proven recoverable reserves are 40 million barrels or greater for Block S-1, Yemen, the Company will be required to pay a finders` fee to third parties in the amount of $281,000.

Consolidated Statements of Income and Deficit
(Unaudited - Expressed in thousands of U.S. Dollars)

Three Months Ended Twelve Months Ended
Dec. 31 Dec. 31
2004 2003 2004 2003
---------------------------------------------------------------------
(Restated) (Restated)

REVENUE
Oil and gas sales,
net of royalties $ 11,756 $ 4,489 $ 31,630 $ 17,162
Other income 4 364 13 374
---------------------------------------------------------------------
11,760 4,853 31,643 17,536
---------------------------------------------------------------------

EXPENSES
Operating 2,814 1,121 7,064 3,706
General and
administrative 680 423 1,664 1,207
Stock-based compensation 452 - 1,310 -
Foreign exchange loss 15 91 289 157
Interest 35 1 56 1
Depletion, depreciation
and accretion 4,197 1,292 10,346 6,253
---------------------------------------------------------------------
8,193 2,928 20,729 11,324
---------------------------------------------------------------------

Income before income
taxes 3,567 1,925 10,914 6,212

Income taxes
- future 874 (2,448) (285) (2,448)
- current 1,925 959 5,280 2,755
---------------------------------------------------------------------
2,799 (1,489) 4,995 307
---------------------------------------------------------------------
NET INCOME 768 3,414 5,919 5,905

Deficit, beginning
of period (1,453) (9,735) (6,393) (12,298)
Retroactive application
of changes in accounting
policies applied with
restatement - - 72 72
---------------------------------------------------------------------
Deficit, beginning of year,
as restated (6,321) (12,226)
---------------------------------------------------------------------
Retroactive application of
changes in accounting
policies applied without
restatement - - (283) -
---------------------------------------------------------------------
Deficit, end of period $ (685) $(6,321) $ (685) $ (6,321)
---------------------------------------------------------------------
---------------------------------------------------------------------

Net income per share
Basic $ 0.01 $ 0.06 $ 0.11 $ 0.11
Diluted $ 0.01 $ 0.06 $ 0.10 $ 0.11
---------------------------------------------------------------------
---------------------------------------------------------------------


Consolidated Balance Sheets
(Unaudited - Expressed in thousands of U.S. Dollars)

December 31, December 31,
2004 2003
---------------------------------------------------------------------
(Restated)
ASSETS
Current
Cash and cash equivalents $ 4,988 $ 4,452
Accounts receivable 6,029 2,383
Oil inventory 389 -
Prepaid expenses 274 161
---------------------------------------------------------------------
11,680 6,996
---------------------------------------------------------------------
Property and equipment
Republic of Yemen 26,054 18,563
Canada 19,111 8,470
Arab Republic of Egypt 992 -
---------------------------------------------------------------------
46,157 27,033
---------------------------------------------------------------------
Future income tax asset 2,299 1,572
Deferred financing costs 386 -
---------------------------------------------------------------------
$ 60,522 $ 35,601
---------------------------------------------------------------------
---------------------------------------------------------------------

LIABILITIES
Current
Accounts payable and accrued liabilities $ 8,841 $ 4,459

Asset retirement obligations 902 467

---------------------------------------------------------------------
9,743 4,926
---------------------------------------------------------------------

SHAREHOLDERS` EQUITY
Share capital 47,296 36,996
Contributed surplus 1,593 -
Cumulative currency translation adjustment 2,575 -
Deficit (685) (6,321)
---------------------------------------------------------------------
50,779 30,675
---------------------------------------------------------------------

$ 60,522 $ 35,601
---------------------------------------------------------------------
---------------------------------------------------------------------


Consolidated Statements of Cash Flows
(Unaudited - Expressed in thousands U.S. Dollars)

Three Months Ended Twelve Months Ended
Dec. 31 Dec. 31
2004 2003 2004 2003
---------------------------------------------------------------------
(Restated) (Restated)
CASH FLOWS RELATED TO THE
FOLLOWING ACTIVITIES:

OPERATING
Net income $ 768 $ 3,414 $ 5,919 $ 5,905
Adjustments for:
Depletion, depreciation
and accretion 4,197 1,292 10,346 6,253
Gain on sale of property
and equipment - (363) - (363)
Amortization of deferred
financing costs 35 - 35 -
Future income taxes 874 (2,448) (285) (2,448)
Stock-based compensation 452 - 1,310 -
---------------------------------------------------------------------
Cash flow from operations 6,326 1,895 17,325 9,347
Changes in non-cash
working capital (2,050) 535 (4,259) 3,117
---------------------------------------------------------------------
4,276 2,430 13,066 12,464
---------------------------------------------------------------------

FINANCING
Issue of share capital 9,919 2,074 10,006 2,270
Repurchase of
share capital - - - (41)
Deferred financing costs (421) - (421) -
Changes in non-cash
working capital 13 - 24 -
---------------------------------------------------------------------
9,511 2,074 9,609 2,229
---------------------------------------------------------------------

INVESTING
Exploration and
development expenditures
Republic of Yemen (7,900) (1,709) (15,275) (9,012)
Canada (2,893) (2,302) (10,100) (5,217)
Arab Republic of Egypt (282) - (992) -
Proceeds on disposal of
property and equipment - 442 - 442
Changes in non-cash
working capital 1,271 (415) 4,678 951
---------------------------------------------------------------------
(9,804) (3,984) (21,689) (12,836)
---------------------------------------------------------------------

Effect of exchange
rate changes on cash
and cash equivalents (450) - (450) -
---------------------------------------------------------------------

NET INCREASE IN CASH AND
CASH EQUIVALENTS 3,533 520 536 1,857

CASH AND CASH EQUIVALENTS,
BEGINNING OF PERIOD 1,455 3,932 4,452 2,595
---------------------------------------------------------------------

CASH AND CASH EQUIVALENTS,
END OF PERIOD $ 4,988 $ 4,452 $ 4,988 $ 4,452
---------------------------------------------------------------------
---------------------------------------------------------------------


Segmented information
Three Months Ended Twelve Months Ended
Dec. 31 Dec. 31
(000`s) 2004 2003 2004 2003
---------------------------------------------------------------------
(Restated) (Restated)
Oil and gas sales,
net of royalties
Republic of Yemen $ 9,358 $ 3,656 $ 24,966 $ 14,625
Canada 2,398 833 6,664 2,537
---------------------------------------------------------------------
11,756 4,489 31,630 17,162
---------------------------------------------------------------------
Operating
Republic of Yemen 2,181 869 5,449 3,012
Canada 633 252 1,615 694
---------------------------------------------------------------------
2,814 1,121 7,064 3,706
---------------------------------------------------------------------
Depletion, depreciation
and accretion
Republic of Yemen 3,391 1,025 8,162 5,516
Canada 806 267 2,184 737
---------------------------------------------------------------------
4,197 1,292 10,346 6,253
---------------------------------------------------------------------
Segmented operations 4,745 2,076 14,220 7,203
Other income, includes
a gain on sale of
property and equipment
in the United States
of $363,000 in 2003 4 364 13 374
---------------------------------------------------------------------
4,749 2,440 14,233 7,577
General and administrative 680 423 1,664 1,207
Stock-based compensation 452 - 1,310 -
Foreign exchange loss 15 91 289 157
Interest 35 1 56 1
Income taxes 2,799 (1,489) 4,995 307
---------------------------------------------------------------------
Net income $ 768 $ 3,414 $ 5,919 $ 5,905
---------------------------------------------------------------------
---------------------------------------------------------------------


The above 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.

TRANSGLOBE ENERGY CORPORATION

s/s Lloyd Herrick

Lloyd W. Herrick

Vice President & C.O.O.

TransGlobe Energy Corporation (TSX:TGL - News; AMEX:TGA - News)



--------------------------------------------------------------------------------
Contact:
TransGlobe Energy Corporation
Ross G. Clarkson
President & C.E.O.
[phone]
OR
TransGlobe Energy Corporation
Lloyd W. Herrick
Vice President & C.O.O.
[phone]
Fax: [phone]
OR
TransGlobe Energy Corporation
Suite 2500, 605 - 5th Avenue, S.W.
Calgary, Alberta T2P 3H5
Email: [e-mail]
Website: www.trans-globe.com



--------------------------------------------------------------------------------
Source: TransGlobe Energy Corporation

[madi2000]

CALGARY, ALBERTA, Mar 29, 2005 (CCNMatthews via COMTEX) -- TransGlobe Energy Corporation (TSX:TGL) (AMEX:TGA) ("TransGlobe" or the "Company") today filed its Renewal Annual Information Form, which includes TransGlobe`s reserves data and other oil and gas information for the period ended December 31, 2004 as required by National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators.

Copies of TransGlobe`s AIF and disclosure documents may be obtained at www.sedar.com.

TransGlobe is a growth oriented international energy company engaged in the exploration, development and production of crude oil and natural gas in the Republic of Yemen, the Arab Republic of Egypt and Alberta, Canada.

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.

vom 04.04.2005
Futures and Commodity Market News

[madi2000]

nachdem alle Rohstoffe ziemlich abgesackt sind also auch transglobe auf heute 5,18 USD

[madi2000]

hat sich inzwischen so bei 5,50 eingependelt..
halte diesen wert nach wie vor für sehr interessant.

Hat jemand anderes davon gelesen oder gehört?

Gruß madi

[madi2000]

wieder über 6 USD und sehr stabil..

[madi2000]

nach einem rücksetzter läuft transglobe wieder seit monaten in eine richtung..

m.e. nachwievor eine interessante story

madi