UPDATE: TransGlobe Energy Corp Falls 10% as Announces Second Quarter Financial and Operating Results
TransGlobe Energy Corporation (TGL.TO) announced its financial and operating results for the three months ended June 30, 2011. Highlights included "rapid" production growth in West Gharib, 2nd quarter production of 11,356 Bopd, up 30% from Q1-2011. Record Q2 average production of 11,826 Bopd, (Egypt 11,356 Bopd, Yemen 470 Bopd). July production averaged 13,313 Bopd, (Egypt 11,685 Bopd, Yemen 1,628 Bopd) with Block S-1 back on production starting July 16th. Record production since July 17th, averaging approximately 14,080 Bopd, (Egypt 11,260 Bopd, Yemen 2,820 Bopd). Record Q2 funds flow of US$29.3 million ($0.39/share), a 21% increase over Q1-2011. Second quarter net earnings of US$21.9 million ($0.29/share).
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