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TransGlobe Energy Up Nearly 1% As Sees Improved Production in 2012; Announces Capital Budget

TransGlobe Energy Corporation (TGL.TO) is now trading nearly 1% higher at $7.44 than Friday's $7.40 close, moving further away from year low $7.04, after announcing that for 2012, it is estimating base production to be at 16,000 to 20,000 barrels of oil per day (Bopd), where the 18,000 Bopd mid-point represents a 50% increase over the estimated 2011 production of 12,000 Bopd.

The Calgary-based, growth-oriented oil and gas exploration and development company also said it has estimated its initial 2012 Capital Budget to be between $70 and $90 million (firm plus contingent) excluding acquisitions.

Companies: TransGlobe Energy Corporation

Price: US$7.20. Price Change: +0.10. Percent Change: +1.4.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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