NEWS
RELEASE
SEPTEMBER 15, 2008
TANGANYIKA
TO COMMENCE TRADING ON TORONTO STOCK EXCHANGE ON SEPTEMBER 16, 2008
CALGARY, ALBERTA ? Tanganyika
Oil Company Ltd. ("Tanganyika" or the ?Company?) (TYK - TSX Venture,
TYKS - OMX Nordic Exchange) is pleased to announce that its common shares
will commence trading on the Toronto Stock Exchange as of the market opening on
September 16, 2008. The Company?s trading symbol ?TYK? will remain the
same. Tanganyika?s shares will be delisted from the TSX Venture Exchange
at the close of market on September 16, 2008.
Gary Guidry, President and CEO commented,
"Tanganyika?s graduation to the Toronto Stock Exchange is a reflection of
the Company's growth and its accomplishments to date. We?ve continued to set
new oil production records during August, with average gross field production
of over 21,700 bopd (Company net production of over 9,000 bopd) during the
month.?
The Tishrine drilling program continues to appraise
the West Tishrine extensions that were first reported during the third quarter
of 2007. The southwest extension of the West Tishrine field added a significant
new area now recognized in the Company?s reserve base. A second new
appraisal area is the northern down-dip extensions in the Chilou A, Chilou B
and Jaddala reservoirs of the West Tishrine field. Both West Tishrine extension
areas continue to positively impact production, reserves and validate the
trapping model making further appraisal on the Tishrine anticline very exciting
for the Company. The Company has commenced drilling additional appraisal wells
in the area between West and East Tishrine. Results of these wells are expected
during the remainder of the year.
Six drilling rigs are now drilling and ten steam generators
are in operation in Syria, providing the Company with a strong platform from
which it may continue to expand its drilling and enhanced oil recovery
programs.
As expected, 2008 is proving to be a pivotal year for
the Company as we demonstrate our ability to grow and convert our world class
reserve base into proven producing assets capable of generating strong earnings
and operating cash flow.
Tanganyika Oil Company Ltd. is a Canadian oil and gas
company with production and exploration assets in Syria. Its shares are
traded on the TSX Venture Exchange under the symbol TYK and its Swedish
Depository Receipts trade on the OMX Nordic Exchange under the symbol ?TYKS?.
For further information, please contact:
Gary Guidry ? President and CEO
Tel:
+1 403 716 4051
Fax: +1
403 261 1007
E-mail: gary.guidry@tykoil.com
|
Ian Gibbs ? Chief Financial Officer
Tel:
+1 604 689 7842
Fax:
+ 1 604 689 4250
E-mail:
ian.gibbs@tykoil.com
|
Sophia Shane ? Corporate
Development
Tel: +1 604 689
7842
Fax:
+1 604 689
4250
E-mail:
sophias@namdo.com
The TSX Venture Exchange has not reviewed and does not
accept responsibility for the adequacy or accuracy of this release.