TANGANYIKA CLOSES SALE OF EGYPTIAN ASSETS
CALGARY, ALBERTA – Tanganyika Oil Company Ltd. (“Tanganyika” or the
“Company”) (TYK – TSX Venture, TYKS – OMX Nordic
Exchange) is pleased to report that it has completed the previously
announced sale of its interests in the West Gharib concession area in Egypt to
TransGlobe Energy Corporation (“TransGlobe”).
TransGlobe is a publicly traded oil and gas company listed on the TSX
(“TGL”) and AMEX (“TGA”).
Pursuant to the purchase and
sale agreement, TransGlobe has acquired all of the shares of Tanganyika subsidiaries holding the West Gharib interests in consideration for US $59 million
plus working capital adjustments effective July 1, 2007 of approximately US
$11.0 million bringing the total consideration to approximately US $70.0
million. Tanganyika,
through its subsidiaries, held a 70% interest in one Development Lease and a
45% working interest in seven additional Development Leases comprising the West
Gharib Production Sharing Concession.
Tanganyika Oil
Company Ltd. is a Canadian oil and gas company with
production and exploration assets in Egypt
and Syria.
Its shares are traded on the TSX Venture Exchange under the symbol TYK and its
Swedish Depository Receipts trade on OMX Nordic Exchange under the symbol
"TYKS".
For further information,
please contact:
Gary Guidry - President and
Chief Executive Officer
Tel:
(403) 716-4051
Fax:
(403) 261-1007
E-mail:
gary.guidry@tykoil.com
Ian Gibbs – Chief
Financial Officer
Tel:
(604) 689-7842
Fax:
(604) 689-4250
E-mail:
ian.gibbs@tykoil.com
Sophia Shane – Corporate
Development
Tel:
(604) 689-7842
Fax:
(604) 689-4250
E-mail:
sophias@namdo.com
Forward-looking statements: This press release contains
statements about expected or anticipated future events and financial results
that are forward-looking in nature and, as a result, are subject to certain
risks and uncertainties, such as general economic, market and business
conditions, the regulatory process and actions, technical issues, new
legislation, competitive and general economic factors and conditions, the
uncertainties resulting from potential delays or changes in plans, the
occurrence of unexpected events and management’s capability to execute
and implement its future plans. Actual results may differ materially from those
projected by management.
The TSX
Venture Exchange has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.