CALGARY, Alberta, Jan. 7, 2008 (PRIME NEWSWIRE) -- TransGlobe Energy Corporation (TSX:TGL) (AMEX:TGA) announced today that its Board of Directors approved the decision to switch the trading of its common stock in the United States from the American Stock Exchange to The NASDAQ Global Select Market, its highest-tiered trading platform. The change is effective with the start of trading on January 17, 2008. The Company will retain its unique trading symbol "TGA."
Ross Clarkson, CEO and President of TransGlobe Energy said: "Directly following our recent acquisition in Egypt, our production increases in the third quarter and our expanding presence in Yemen and Egypt, we made the decision to switch to the NASDAQ Global Select Market. We are confident that the increased visibility generated from the NASDAQ will further strengthen our institutional ownership and provide increased liquidity."
About TransGlobe Energy
TransGlobe Energy 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. TransGlobe holds interests in over 1.34 million gross acres in Yemen (368,000 net acres) and 5.5 million acres in Egypt (2.7 million net acres). Financially strong, TransGlobe has reported seven consecutive years of net income.
About NASDAQ
NASDAQ(r) is the largest U.S. electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, its systems trade more shares per day than any other U.S. market. NASDAQ is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks.
Cautionary Statement to Shareholders
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, well production performance, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.