Penn State men’s basketball coach Pat Chambers resigned on Wednesday following an investigation into “new allegations of inappropriate conduct,” the school announced.
Penn State men’s basketball coach Pat Chambers resigned on Wednesday following an investigation into “new allegations of inappropriate conduct,” the school announced.
The Mobile Ticketing Market in the Transportation Sector will grow by USD 5.61 bn during 2020-2024
The "Worldwide Adhesives in the Wind Energy Industry Competitive Analysis and Leadership Study" report has been added to ResearchAndMarkets.com's offering.
With Azure Purview, Microsoft is launching a new data governance service into public preview today that brings together all of these capabilities in a new data catalog with discovery and data governance features. As Rohan Kumar, Microsoft’s corporate VP for Azure Data told me, this has become a major paint point for enterprises.
The U.S. is seeing unbridled cases and hospitalizations in a short period of time, setting the tone for a grim winter that many health experts warned about.
Spurs sit second in Group J having won three and lost one of their opening four matches
Jeff Snider will become Red River's new Chief Growth Officer (CGO), effective immediately.
The "Micro-Grid Market Report: Trends, Forecast and Competitive Analysis" report has been added to ResearchAndMarkets.com's offering.
December 3 PR Blood Orange Fragrance Tauri-Gum™ Branded Bath Bomb The Company has Launched its Bath Bomb Product Line in 3 Distinct Fragrances: Blood Orange, Mint, and PomegranateNEW YORK, NY, Dec. 03, 2020 (GLOBE NEWSWIRE) -- via NewMediaWire \-- Tauriga Sciences, Inc. (OTCQB: TAUG) (“Tauriga” or the “Company”), a revenue generating, diversified life sciences company, with a proprietary line of functional “supplement” chewing gums (Flavors: Pomegranate, Blood Orange, Peach-Lemon, Pear Bellini, Mint, Black Currant) as well as two ongoing Biotechnology initiatives, today introduced its newest product line: CBD Infused Bath Bombs (Spherical Shape), under the Tauri-Gum™ brand. Over the past few weeks, the Company performed a Pilot Test – offering Blood Orange fragrance Bath Bombs – on its Shopify E-Commerce Platform (www.taurigum.com). All of the “Pilot Test” inventory was sold out and the customers reported positive reviews.This Bath Bomb product line is being launched with 3 distinct fragrances: Blood Orange, Mint, and Pomegranate. Each Bath Bomb is infused with 100mg of CBD isolate and will be sold for $13.99 per unit. This Bath Bomb product line is categorized as: CBD Infused Cosmetics. Link to Purchase Tauri-Gum™ Branded Bath Bombs:Link: https://taurigum.com/products/cbd-infused-bath-bombABOUT TAURIGA SCIENCES INC.Tauriga Sciences, Inc. (TAUG) is a revenue generating, diversified life sciences company, engaged in several major business activities and initiatives. The company manufactures and distributes several proprietary retail products and product lines, mainly focused on the Cannabidiol (“CBD”) and Cannabigerol (“CBG”) Edibles market segment. The main product line, branded as Tauri-Gum™, consists of a proprietary supplement chewing gum that is Kosher certified, Halal certified, and Vegan Formulated (CBD Infused Tauri-Gum™ Flavors: Mint, Blood Orange, Pomegranate), (CBG Infused Tauri-Gum™ Flavors: Peach-Lemon, Black Currant) & (Vitamin C + Zinc “Immune Booster” Tauri-Gum™ Flavor: Pear Bellini). The Company’s commercialization strategy consists of a broad array of retail customers, distributors, and a fast-growing E-Commerce business segment (E-Commerce website: www.taurigum.com). Please visit our corporate website, for additional information, as well as inquiries, at http://www.tauriga.comComplementary to the Company’s retail business, are its two ongoing biotechnology initiatives. The first one relates to the development of a Pharmaceutical grade version of Tauri-Gum™, for nausea regulation (specifically designed to help patients that are subjected to ongoing chemotherapy treatment). On March 18, 2020, the Company announced that it filed a provisional U.S. patent application covering its pharmaceutical grade version of Tauri-Gum™. The Patent, filed with the U.S.P.T.O. is Titled “MEDICATED CBD COMPOSITIONS, METHODS OF MANUFACTURING, AND METHODS OF TREATMENT”. The second one relates to a collaboration agreement with Aegea Biotechnologies Inc. for the co-development of a rapid, multiplexed, Novel Coronavirus (COVID-19) test with superior sensitivity and selectivity. On October 6, 2020, the Company announced that it has been approved to operate as a U.S. Government Vendor (CAGE CODE 8QXV4)On October 7, 2020 the Company disclosed a Strategic Alliance with Think BIG, LLC, Social Impact Startup Founded by CJ Wallace, Son of Christopher “The Notorious B.I.G.” Wallace.The Company is headquartered in New York City and operates a regional office in Barcelona, Spain. In addition, the Company operates a full time E-Commerce fulfillment center located in LaGrangeville, New York.DISCLAIMER -- Forward-Looking StatementsThis press release contains certain “forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995 which represent management’s beliefs and assumptions concerning future events. These forward-looking statements are often indicated by using words such as “may,” “will,” “expects,” “anticipates,” believes, “hopes,” “believes,” or plans, and may include statements regarding corporate objectives as well as the attainment of certain corporate goals and milestones. Forward-looking statements are based on present circumstances and on management’s present beliefs with respect to events that have not occurred, that may not occur, or that may occur with different consequences or timing than those now assumed or anticipated. Actual results may differ materially from those expressed in forward looking statements due to known and unknown risks and uncertainties, such as are not guarantees of general economic and business conditions, the ability to successfully develop and market products, consumer and business consumption habits, the ability to consummate successful acquisition and licensing transactions, fluctuations in exchange rates, and other factors over which Tauriga has little or no control. Many of these risks and uncertainties are discussed in greater detail in the “Risk Factors” section of Tauriga’s Form 10-K and other filings made from time to time with the Securities and Exchange Commission. Such forward-looking statements are made only as of the date of this release, and Tauriga assumes no obligation to update forward-looking statements to reflect subsequent events or circumstances. You should not place undue reliance on these forward-looking statements.Contact:Tauriga Sciences, Inc.555 Madison Avenue, 5th FloorNew York, NY 10022Chief Executive OfficerMr. Seth M. ShawEmail: firstname.lastname@example.org (917) 796 9926Instagram: @taurigumTwitter: @SethMShawCorp. Website: www.tauriga.comE-Commerce Website: www.taurigum.comAttachment * December 3 PR
eSentire named in 2021 Waterloo Area’s Top Employers list for fourth consecutive year
NEW YORK, Dec. 03, 2020 (GLOBE NEWSWIRE) -- Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at: 1life Healthcare (NASDAQ: ONEM), Skylight Health Group (CSE: SHG) (OTC: CBIIF), Teladoc Health (NYSE: TDOC), and Oak Street Health (NYSE: OSH). The US healthcare market is estimated at $2.8 trillion - and the largest in the world. Fast moving innovators are now driving a transformation wave - and creating new opportunities for investors. Wall Street Reporter highlights the latest comments from industry thought leaders:Oak Street Health (NYSE: OSH) CEO, Mike Pykosz: “Leading the Way in Primary Care for Older Adults”“...Our third quarter performance demonstrated the financial and operational strength of Oak Street's business model. We generated record revenue of $217.9 million, exceeding the top end of the guidance range we have communicated to investors. This represents an increase of 57% from third quarter 2019...We cared for roughly 59,500 at-risk patients, up 38% from third quarter 2019. We generated this patient growth despite essentially putting a halt on our community outreach and marketing efforts from early spring through midsummer due to uncertainties around COVID.“...We continue to look to scale our network of de novo centers...in addition to the 16 we opened in the first 9 months of 2020, we expect to open additional 6 to 8 stand-alone centers in the fourth quarter, bringing us to 22 to 24 openings for the year excluding our Walmart centers...We are also squarely focused on driving growth within our existing infrastructure. As a reminder, a typical Oak Street center can serve approximately 3,500 patients at full capacity, implying that our quarter-ending portfolio of 67 stand-alone centers has the capacity to care for approximately 235,000 patients, which is over 3.5x the actual patients on our platform in Q3. We are constantly refining, expanding and improving our outreach processes, embedding lessons learned throughout our history…”Oak Street Health (NYSE: OSH) Q3 2020 Earnings Highlights: https://bit.ly/35SQcRPSkylight Health Group (CSE: SHG) (OTC: CBIIF) CEO, Prad Sekar: “Now At Inflection Point - Positioned for 10X Upside Revenue Growth Potential”Skylight Health Group (CSE: SHG) (OTC: CBIIF) was recently a featured presenter at Wall Street Reporter’s NEXT SUPER STOCK livestream investor conference. CEO Prad Sekar outlined his vision for building Skylight into a multi-billion dollar business focused on the highly fragmented US healthcare market. Skylight already operates 30 clinics, in 14 states, with virtual telehealth overlay, serving over 120,000 patients - and is one of the fastest growing multi-disciplinary health systems in the United States.Watch Skylight (OTC: CBIIF) Next Super Stock livestream video: https://bit.ly/37x1evpSkylight is now at an inflection point with a $20 million run rate, positive EBITDA reached in Q2 2020 - a profitable base of operations, no long-term debt and cash balance of $10 million. In his presentation, Skylight CEO Prad Sekar explains how the company can increase revenues organically by about 10X, as it optimizes clinics for profitability by expansion of services to the existing patient base, with its proven business model. Significantly, Skylight has over $50 million of acquisitions in the pipeline - and growing.December 3 - Skylight (OTC: CBIIF) announces it has entered into a Letter of Intent to purchase the assets of Healthcare Resources Management LLC which operates Perimeter Pain and Primary Clinic in Cookeville, Tennessee. In 2019, the clinic generated C$2.2 million in revenues and C$400,000 in net income. The planned acquisition of HRM expands Skylight’s bricks and mortar and telemedicine services to 15 States and will add 12,000 new patients to its current roster of 120,000.Watch Skylight (OTC: CBIIF) Next Super Stock livestream video: https://bit.ly/37x1evp1life Healthcare (NASDAQ: ONEM) Chairman & CEO, Amir Rubin: ”New Market Expansions Provides Long Runway For Growth” “...Our membership count in the quarter surpassed the half a million mark. Q3 membership growth accelerated to 29% year-over-year with momentum across both consumer and enterprise channels, allowing us to reach our year-end membership guidance a quarter early...We also surpassed $100 million in net revenue for the first time in a single quarter, delivering $102 million in total net revenue in Q3, which grew 46% year-over-year. We delivered a care margin of $42.9 million or 42% of net revenue and positive adjusted EBITDA of $3.5 million or 3% of net revenue. These margin results demonstrate the strong leverage components of our model.”“...In addition to seeing continued strong members satisfaction with One Medical, employers have also continued to recognize the power of our model to support the well-being and productivity of their employees, reduced health benefits spending, and facilitate workplace reentry during COVID-19. ...During Q3, we began relationships with enterprise clients across education, financial services, entertainment, commerce, media, real estate, biotech, hospitality, and the nonprofit sector among others.”“...We are now operating in 12 markets across the United States up 50% over the last 18 months. Throughout 2020, we have expanded into new markets in partnership with both new and existing health network partners. ...by the end of 2021, we plan to have established physical presence in 17 markets, a 40% increase from our 12 markets today, and more than double the markets from where we were 18 months ago. Our partnerships and market expansions provide long runways for growth impact and returns as we increase our reach and value proposition to companies and consumers, while leveraging our technology and operating infrastructure.”1life Healthcare (NASDAQ: ONEM) Q3 2020 Earnings Highlights: https://bit.ly/35PBxGETeladoc Health (NYSE: TDOC) CEO Jason Gorevic: “Virtual Care Trend is Only Accelerating - and Here to Stay (Beyond Pandemic)”“...We reported another quarter of significant outperformance across all key financial and operational metrics driven by broad-based momentum across the entire business. The ongoing pandemic has highlighted the critical role of virtual care within the overall health care system, and we continue to see increasing adoption by consumers, clients and providers...This broad-based strength drove record revenue of $289 million in the third quarter, an increase of 109% from the prior year period, including organic revenue growth of approximately 90%. The strength demonstrated across our diverse channels, products and geographies, combined with a robust pipeline of new opportunities, continues to give us tremendous confidence in the forward outlook for the business.“We continue to see strong evidence of sustained utilization increases for virtual care... One clear driver of this strength has been a steady and broad-based acceleration in our noninfectious disease-related visits. Visits for conditions such as hypertension, back pain, anxiety and depression represent over half of our general medical visit volume, up from approximately 1/3 a year ago, as our comprehensive portfolio of services enables us to meet the increasing consumer demand for virtual care.”“...Momentum in specialty visit growth, combined with the broadening diversity of diagnoses and robust overall registration growth, continues to give us a high degree of confidence in the sustainability of our volume growth. It also reinforces our strategy of consistently expanding the clinical scope of our services, which will take a quantum leap forward when we incorporate the Livongo capabilities focused on helping people who live with chronic conditions.”Teladoc Health (NYSE: TDOC) Q3 2020 Earnings Highlights: https://bit.ly/3fg9jItWALL STREET REPORTERWall Street Reporter (Est. 1843) is the leading financial news provider, focused on giving investors direct access to CEO's of promising, publicly-traded companies, and market experts. www.WallStreetReporter.comAbout Wall Street Reporter’s Next Super Stock conference:Wall Street Reporter's NEXT SUPER STOCK Live! conference is dedicated to featuring select companies that have near-term catalysts in place which can drive transformational growth (and stock appreciation) in the months ahead. Click here to join next livestream event: https://www.wallstreetreporter.com/next-superstock-online-investor-conference/CONTACT:WALL STREET REPORTER(212) 871-2057 ext 7www.WallStreetReporter.com
Virtual Benefits Administrator (VBA), a pro-active, leading edge healthcare software company, is proud to announce its designation as a Preferred Vendor by the Association for Community Affiliated Plans (ACAP), a national trade association representing 78 health plans that provide medical coverage to more than 20 million people.
Milton emerged as a star back in 2017 when the Knights went undefeated but suffered an extremely serious knee injury in 2018.
(Bloomberg) -- OPEC+ was discussing a proposal to gradually ease its oil-output cuts next year, seeking to resolve divisions that emerged at the core of the cartel over several days of fractious negotiations.Talks were focused on a proposal for the cartel to add 500,000 barrels a day to the market in January, potentially to be followed by similar-sized supply hikes in subsequent months, delegates said. That would modify the current deal, which allows supply to jump by 1.9 million barrels a day from Jan. 1.Ministers were inching toward a deal, they said, but there were signs that challenges remained. Thursday’s meeting, which had already been postponed by two days to allow more time for talks, started almost two hours late. Saudi Energy Minister Prince Abdulaziz bin Salman didn’t chair the session as usual, leaving Russian Deputy Prime Minister Alexander Novak to lead the proceedings alone, delegates said.“We understand that all eyes are on us today,” Novak said in his opening speech. “I am more than sure we will take a well-grounded, balanced decision.”A gradual easing of the supply cuts would fall short of what had been widely expected before this week: a full three-month delay to the 1.9 million barrel-a-day output increase scheduled for January. Yet the proposal would also avoid a full breakdown of OPEC+ unity, which had become a growing risk after days of tense talks exposed a rift between core cartel members, the United Arab Emirates and Saudi Arabia.Oil was little changed near $48 a barrel in London.The proposals, if accepted by all of the Organization of Petroleum Exporting Countries and its allies, would tweak the historic cuts agreement that has underpinned the recovery in oil prices this year. A deal would bring an end to a tense round of talks that has tested the unity, and credibility, of OPEC+.“Ministers are inching closer to a compromise that should break the impasse,” Energy Aspects Ltd. co-founder Amrita Sen said in a note before the meeting started. “OPEC+ officials are debating a more limited adjustment to the current deal than the proposed three-month delay.”Russian PositionImportantly, the deal is likely to keep the oil market in deficit throughout the first quarter, allowing OPEC to drain bloated inventories. If the group had gone ahead with the full 1.9 million barrels a day increase on Jan. 1, the cartel’s economists calculated that the market would have flipped into surplus.A gentler tapering of the cuts could offer a potential compromise after days of talks, offering something to members that are concerned about the fragility of the market amid a second wave of the virus, and also to nations that are impatient to raise production.OPEC+ rescued the oil market this year from an unprecedented slump, slashing production as the pandemic crushed demand. While crude has surged in recent weeks, a new wave of virus infections is hitting the global economy.Fractious talks earlier this week raised the specter of the deal falling apart, which would sink prices and batter an industry that spans from tiny nations like Gabon to corporate giants such as Exxon Mobil Corp.The intensity of the fight between Saudi Arabia and the UAE took OPEC-watchers by surprise, as the pair have long been staunch allies. But Abu Dhabi has been pursuing a more independent oil policy and wants to pump more.Over the summer, Abu Dhabi’s impatience led it to casting aside its usual obedience to cartel discipline, and pump more crude than its quota allowed. The Saudis were furious, and summoned UAE Energy Minister Suhail Al-Mazrouei to Riyadh for a public dressing down.While the UAE subsequently atoned, people familiar with its oil policy say Abu Dhabi believes the current quota is unfair, and is keen to make the most of massive investments in production capacity. It’s also planning a new regional price benchmark based around its Murban crude variety, which needs the kind of volumes that clash with production limits.For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
On November 1, 2020, World Insurance Associates LLC acquires Insurance Solution Network, LLC of Illinois.
Multi-Year Agreement Enables New Visibility Capabilities for 5G Network ProvidersSAN JOSE, Calif., Dec. 03, 2020 (GLOBE NEWSWIRE) -- Nubeva Technologies Ltd. (TSX-V:NBVA), a pioneer of next-generation decryption solutions, today announced a multi-year software licensing agreement with Empirix, a global leader in network and service performance monitoring, assurance and analytics. The agreement allows Empirix to embed Nubeva’s TLS 1.3 decryption technology into their 5G monitoring solutions so that telecommunication providers can continue to have the visibility they need to operate their networks. The multi-year agreement strategically positions Nubeva to capitalize on the expected 40% year-over-year growth of the global 5G services market.“We’re excited about our agreement with Empirix,” said Steve Perkins, Nubeva’s Chief Marketing Officer. “Not only does the partnership facilitate introductions with Tier 1 service providers, but it further validates our breakthrough approach to decryption and the value our solution brings to 5G. Elevating our brand visibility in the 5G market will increase our chances for inclusion in other project areas as well.”“Embedding Nubeva’s TLS 1.3 decryption technology into our 5G service assurance framework, KLERITY, is both critical and strategic for us and our customers who need it,” said Edoardo Rizzi, Senior Vice President, Product Management and Marketing at Empirix. “It enables us to continue delivering the unprecedented levels of visibility that our customers have come to expect. They can continue to operate their network efficiently without sacrificing security standards.”Adoption of Nubeva technology has grown along with the proliferation of TLS 1.3 standards, creating disruption amongst legacy options and driving security and application monitoring software providers to build decryption capabilities into their offerings.Nubeva’s TLS 1.3 decryption solution is available now as a part of their flagship Symmetric Key Intercept technology.About Empirix Empirix is a recognized leader in end-to-end test automation, and network and service performance monitoring, assurance and analytics. The world’s largest Communications Service Providers and Enterprises depend on Empirix solutions every day to optimize business processes, reduce operational costs, maximize customer retention and grow top-line revenue. For more information, visit: www.empirix.comAbout Nubeva Technologies Ltd. Nubeva Technologies Ltd. has changed the decrypted visibility game with pure, symmetric decryption. Nubeva helps enterprises decrypt traffic and gain the visibility needed to fully inspect data in motion -- a fundamental to network security and application monitoring and assurance. The shift to SaaS, the cloud, and stronger encryption practices like perfect forward secrecy and TLS 1.3, create new and unique challenges for in-line and out-of-band decryption and visibility solutions. Nubeva re-imagined TLS visibility and created a new solution for the modern era of strong encryption in dynamic and distributed compute environments. Visit nubeva.com for more information.Forward-Looking Statements This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the Company's business plans and the outlook of the cybersecurity industry. Although the Company believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by applicable securities laws. The Company undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Company, its subsidiaries, their securities, or their respective financial or operating results (as applicable). Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release. For additional information, please contact: Nubeva Technologies Ltd. Steve Perkins, Chief Marketing Officer 1-(844) 538-4638 Chuck Grothaus email@example.com 612-770-0026
The Meat Substitutes Market will grow by USD 3.11 bn during 2020-2024
The "VRF System Market Report: Trends, Forecast and Competitive Analysis" report has been added to ResearchAndMarkets.com's offering.
Infiniti's Experts Announce their Recent Successful Market Monitoring Engagement for a Biopharmaceutical Contract Manufacturing Firm
Luxury Card, a leader in the metal credit card industry, shared its recent partnership with the pet product brand Boo Oh. Founder Jay Sae Jung Oh started the company after welcoming a French bulldog named Boo into her life. As an artist and industrial designer, the first-time dog owner struggled to find quality accessories with a thoughtful aesthetic, so she turned her creative spirit to the task, developing pieces both functional and stylish. Boo Oh’s debut line certainly reflects Jung Oh’s driving passion to make beautiful and practical objects.
This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain.AIM & TSX: “TGL” & NASDAQ: “TGA”CALGARY, Alberta, Dec. 03, 2020 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation (“TransGlobe” or the “Company”) announces it has reached an agreement with the Egyptian General Petroleum Corporation (“EGPC”) to merge the Company’s three existing Eastern Desert concessions (the West Gharib, West Bakr and North West Gharib concessions) into a new modernized concession agreement (the “Merged Concession” or “Agreement”). The Agreement is subject to the usual Egyptian Parliamentary ratification and the satisfaction of other closing conditions. All dollar values are expressed in US dollars unless otherwise stated.KEY ELEMENTS OF THE MERGED CONCESSION * The West Gharib, West Bakr, and North West Gharib concessions, including all existing development leases within these concessions, will be merged into the Merged Concession with a new 15-year development term and a 5-year extension option. * Modernized financial concession terms promote increased investment and implementation of new technology in the mature fields through: - Improved cost recovery terms to support continued investment in higher-cost mature fields. - Production sharing terms scaled to oil prices to support TransGlobe’s returns during lower oil prices and government returns during higher oil prices. - Improved netbacks and increased cash flows are expected to fund new investments in incremental recovery projects. • Near-term operational netbacks (revenue less royalties, taxes and operating expenses) are estimated to improve by the following ranges relative to Brent pricing assuming current production levels, operating costs and historical differentials to Brent:Brent Oil Price ($/bbl)Netback Increase ($/bbl) $40~$5 to $7 $50~$7 to $9 $60~$9 to $11 - Modernized terms are to be applied from the February 2020 effective date of the Merged Concession. * Incremental, internally estimated, Company Gross risked best estimate Economic Contingent Resource volume of 59.1 million barrels oil (Company Contingent Resources are separate from Company reserves; please see Advisory Regarding Oil and Gas Information later in this release). * Subject to final ratification, the Company will pay EGPC a signature bonus and an equalization (or modernization) payment in installments. The Company anticipates that the equalization payment and signature bonus will be funded from existing resources and expected improved cash flows. - The equalization payment compensates EGPC for the improved fiscal terms on the underlying base forecasted production. - An initial equalization payment of $15 million and signature bonus of $1 million are due on ratification, with five further annual equalization payments of $10 million each being made over five years (beginning February 1, 2022 until February 1, 2026). * Minimum financial work commitments of $50 million per each five-year period of the primary development term, commencing on the February 1, 2020 effective date. All investments which exceed the five-year minimum $50 million threshold will carry forward to offset against subsequent five-year commitments. - For context, the Company’s average annual capital expenditures in Egypt over the last five full calendar years has been greater than $30 million per year, and the Company expects to fund these future investments from existing resources and future cash flows. * Merge the existing Joint Venture Operating Companies’ (Dara Petroleum Company, West Bakr Petroleum Company and North West Gharib Petroleum Company) assets, facilities, and infrastructure into a new Joint Venture Operating Company in order to substantially increase operational efficiencies.PRESIDENT AND CEO COMMENTSRandy Neely, President and CEO stated, “After a lengthy and constructive negotiation, I believe we have arrived at an incredible win-win amendment for both TransGlobe and EGPC. The efficiencies gained from the consolidation of our Eastern Desert concessions, along with the improved netbacks and extended term, are expected to provide TransGlobe with the fiscal incentive and time to unlock meaningful additional reserves and production through the application of modern technology and optimization of infrastructure. This will also allow us to move forward with important ESG initiatives to improve our environmental footprint as well as continue to be a major employer in the Ras Gharib region for the foreseeable future.We intend to continue to manage the finances of the Company with a conservative approach and expect that, under a reasonable range of oil prices, the Company will be able to fund the equalization payments and a continuous capital investment program from existing resources and cash flows. In addition, as soon as practicable, direct returns to our shareholders will be prioritized.This Agreement is a critical first step in achieving our stated goal of becoming a leading independent Middle East/North Africa region cashflow-focused energy producer. The Merged Concession will provide the platform to allow us to increase our efforts on completing complementary mergers and acquisitions to further support this objective. We appreciate the commitment and vision of the leadership team at EGPC to extending the life of these mature oil fields and we look forward to working closely with them to realize the significant mutual benefits of this Merged Concession. In the immediate future we will begin to plan for increased activities that should in the near to medium term arrest and reverse recent production declines.”BACKGROUND TO THE AGREEMENTIn 2017, H.E. Eng. Tarek El Molla (Minister of Petroleum & Minerals) announced a Modernization Initiative to try to increase oil production and reserves by 20% from existing oil pools (brownfields). Since that time, TransGlobe and EGPC have been discussing ways in which TransGlobe could increase recoveries and production from its existing producing fields and have worked extensively to evaluate various modernization fiscal structures to provide a framework for continued brownfield investment in TransGlobe’s Eastern Desert concessions.Encouraged by the Ministry’s Modernization Initiative and positive discussions with EGPC, the Company identified a number of enhanced recovery and infrastructure efficiency projects targeting incremental oil recovery from existing pools in the concessions. Concurrently, the Company initiated detailed static and dynamic reservoir modeling of several of the larger pools to evaluate enhanced recovery strategies. Additional detail regarding these and other Contingent Resources disclosed in this news release are available below under “Advisory Regarding Oil and Gas Information”.The existing concessions are comprised of 10 development leases, which include a number of development leases approaching the end of their primary terms in the next few years. All of the existing development leases (each with a 20-year primary term) have a 5-year extension available, however future investment under the existing concessions is challenged due to limited remaining tenure on some of the key development leases, and their fiscal terms. These factors, combined with the prevailing lower oil prices and higher operating costs associated with mature oil fields, made future capital investments very challenging. All 10 existing development leases are included in the Merged Concession.SIGNIFICANT MUTUAL BENEFITSThe modernized fiscal terms and extended investment horizon provide the necessary incentives and fiscal framework to support increased investment to recover additional oil volumes in the mid-term expected Brent oil price environment of $40-$60/bbl.New investable projects will target a Company Gross risked best estimate incremental 59.1 million barrels of Economic (Development Pending/ On Hold and Development Unclarified) Contingent Resources through drilling, increased operating efficiencies and the application of new technologies over the 20 year term (15 year primary + a 5 year option period). These Contingent Resources are separate from our existing Proved plus Probable reserve base in the eastern desert which were estimated at 26.3 million barrels of oil (23.6 MMbbl heavy oil and 2.7 MMbbl light/medium oil) at 12/31/2019.Investable projects are expected to arrest the historical production declines (~22% per year) and provide a stable production and cash flow base for the next five+ years with potential to grow and extend the life of existing fields. To date, of the 59.1 million barrels of risked Contingent Resources noted above, the Company has technically matured a Company Gross risked best estimate incremental 20.5 million barrels of Development Pending/ On Hold Contingent Resources from the Arta Nukhul, K-Field, and H-Field pools based on their respective dynamic modelling, the Merged Concession terms, and an estimated future capital investment of ~$125 million. With this announcement, the Company will prioritize the Arta Nukhul, H-Field, and K-Field pools’ resource maturation projects, which are expected to commence as soon as reasonably practicable. See “Advisory Regarding Oil and Gas Information” below for additional details. Consolidation of the three concessions is expected to generate additional efficiencies through consolidation of the existing joint venture operating companies, optimized utilization of existing infrastructure, and future infrastructure investments.In addition, the merged workforce of the existing joint venture operating companies provides the Company and EGPC with an opportunity to train, develop, and deploy an integrated workforce with enhanced operating capabilities to develop and operate other brownfields in the future.The Merged Concession is expected to provide further incentive for the transfer of technologies, through horizontal drilling with multi-staged completions, routinely employed in our Canadian operations, possible tertiary recovery techniques, and also the opportunity to pursue a number of infrastructure investments to increase operating efficiencies. In accordance with the Company’s ESG initiatives, the Company has identified several infrastructure investment projects such as displacing diesel power generation in the field with reliable power from the national power grid which are expected to increase efficiencies, reduce operating costs, and significantly reduce GHG emissions. The national power grid has been expanded throughout the merged area, including connection to the substantial, new renewable wind power projects in the region.Significant additional benefits are expected to accrue to Egypt, the Red Sea Governorate and the city of Ras Gharib through additional investments, operating costs, and the associated employment of the local workforce necessary to extend the life of the existing fields.TransGlobe Energy has posted a Merged Concession presentation to our website (www.trans-globe.com) and will be hosting a webcast and conference call to discuss the announcement further. Details of the webcast will be provided in a separate announcement. About TransGlobeTransGlobe Energy Corporation is a cashflow-focused oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe’s common shares trade on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA.For Further information, please contact:TransGlobe Energy Corporation Randy Neely, President and CEO Eddie Ok, CFO+1 403 264 9888 firstname.lastname@example.org http://www.trans-globe.com or via Tailwind Associates or FTI Consulting Tailwinds Associates (Investor Relations) Darren Engels+1 403 618 8035 email@example.com http://www.tailwindassociates.ca FTI Consulting (Financial PR) Ben Brewerton Genevieve Ryan +44(0) 20 3727 1000 firstname.lastname@example.org Canaccord Genuity (Nomad & Joint-Broker) Henry Fitzgerald-O’Connor James Asensio +44(0) 20 7523 8000 Shore Capital (Joint Broker) Jerry Keen Toby Gibbs+44(0) 20 7408 409 Advisory Regarding Oil and Gas InformationTransGlobe completed an internal evaluation of the Contingent Resources (the "Contingent Resource Evaluation") attributed to the pools included in the Company's existing 10 development leases based on the new terms and conditions of the Merged Concession (the "Evaluated Areas") which remains subject to ratification and satisfaction of certain other closing conditions. TransGlobe's wholly-owned subsidiaries have a 100% working interest in the existing development leases and related concession agreements covering the Evaluated Areas and would maintain that level of interest upon ratification of the Merged Concession. The Evaluated Areas are located onshore in Egypt's Eastern Desert. The Contingent Resources Evaluation is effective September 30, 2020 and has been prepared by a member of TransGlobe's management who is a qualified reserves evaluator in accordance with the procedures and standards contained in the Canadian Oil and Gas Evaluation (“COGE”) Handbook.Contingent Resources should not be confused with reserves. Readers should review the definitions and notes set forth below. Actual resources may be greater than or less than the estimates provided herein. There is uncertainty that it will be commercially viable to produce any portion of the resources.Gross Contingent Resources are the Company’s working interest share before the deduction of royalties. Net Contingent Resources in Egypt include the Company’s share of future cost recovery and production sharing oil, and Contingent Resources relating to income taxes. Under this method, a portion of the reported Contingent Resources will increase as oil prices decrease and vice versa as the barrels necessary to achieve cost recovery change with prevailing oil prices. Summary of Risked Best Estimate Contingent Resources for the Evaluated Areas as of September 30, 2020 Best Estimate Risked Contingent Resources (1) Project Maturity Sub-Class Heavy crude oil Gross (MMbbl)Net (MMbbl) Development Pending / On Hold20.513.4 Development Unclarified38.622.8 Total Economic Contingent Resources59.136.2 Development Not Viable2.11.3 (1) Refer to “Resource Definitions” below for detailed definitions of Contingent Resources.The estimated cost to bring on commercial production from the Development Pending / On Hold Contingent Resources is approximately $125 million (discounted at 10 percent is approximately $81.2 million), and the expected timeline to bring these resources onto production ranges from one to three years depending on the Evaluated Area. TransGlobe's Development Pending / On Hold Contingent Resources represent development projects within the Evaluated Areas for which specific development plans have been made. These resources are expected to be recovered using the same conventional development technology that TransGlobe has already proven to be effective in the Evaluated Areas, supplemented by some horizontal well drilling and multi-stage stimulation that the Company has successfully deployed in Canada.Contingent Resources Chance of CommercialityThe Evaluated Areas with Contingent Resources were risked for the chance of commerciality (“CoC”), which is defined as follows:CoC = chance of development (“CoDev”) × chance of discovery (“CoD”) wherein CoD for Contingent Resources is equal to one for all Contingent Resources. The chance of development is the estimated probability that, once discovered, a known accumulation will be commercially developed. Five factors have been considered in determining the CoDev as follows:CoDev = Ps (Economic Factor) × Ps (Technology Factor) × Ps (Development Plan Factor) × Ps (Development Timeframe Factor) × Ps (Other Contingency Factor) wherein Ps is the probability of success The five factors were assessed for each of the Evaluated Areas. The following factors were assessed for TransGlobe's Contingent Resources to be sub-classified and considered as Development Pending/ On Hold Contingent Resources, Development Unclarified Contingent Resources or Development Not Viable Contingent Resources: * Economic Factor: For Development Pending/ On Hold the associated development projects had robust economics (i.e., strong rate of returns), and as such were assigned a factor of 0.9 to 1.0. The remaining Contingent Resources sub-classes have factors ranging from 0.6 to 1.00. The Contingent Resource Evaluation is based on the October 1, 2020 forecast pricing and inflation published by GLJ Petroleum Consultants Ltd., independent petroleum consultants, shown in the following table:YearBrent Reference Price ($US/bbl) (1)Inflation Rate (%/yr) (2) 2020 Q444.000.00 202146.751.00 202251.002.00 202356.502.00 202460.002.00 202562.952.00 202664.132.00 202765.332.00 202866.562.00 202967.812.00 2030++2.0%/yr thereafter2.00%/yr thereafter (1) Price forecast is GLJ forecast from Oct 1, 2020 (2) Inflation rates for forecasting expenditure prices and costs * Technology Factor: Much of TransGlobe’s Contingent Resources will be developed utilizing established technology, therefore, a technology factor of 0.8 to 1.0 is utilized for all resource Contingent Resources sub-classes. A lower factor here took into account potential operational risks associated with horizontal, multi-stage stimulated wells. * Development Plan Factor: Development plans and costs were prepared and are in place. This factor ranges from 0.85 to 0.9 for Development Pending/ On Hold Contingent Resources. For the remaining Contingent Resources sub-classes, the Development Plan Factors range from 0.70 to 0.75 based on the level of detail. * Development Timeframe Factor: Several core areas within the Evaluated Areas have portions of the Petroleum Initially-in-Place (“PIIP”) volume developed and producing, with proved and probable reserves assigned. Timing for the Contingent Resources portions of these projects will depend on the pace of continued development (including allocation of funds), available throughput capacity in existing facilities, or construction of additional facilities. Development Pending/ On Hold projects have been assigned Development Timeframe Factors of 1.0 reflecting a high level of certainty in timing estimates and intent by TransGlobe to invest in these projects in the near term. For the remaining Contingent Resources sub-classes, the Timeframe Factors assigned range from 0.70 to 0.90. * Other Contingency Factor: For reserves to be assessed, all contingencies must be eliminated. With respect to Contingent Resources, this factor captures major contingencies, usually beyond the control of TransGlobe, other than those captured by economic status, technology status, project evaluation scenario status and the development timeframe. The Other Contingency Factor has been assessed as 1.0 for all Contingent Resources sub-classes.These factors may be inter-related, and care has been taken to ensure that risks are appropriately accounted for. The following table summarizes the Chance of Commerciality applied to Contingent Resources based on the factors assessed.Summary of Chance of Commerciality of Best Estimate Contingent Resources for the Evaluated Areas as of September 30, 2020:Chance of Commerciality and Best Estimate Contingent Resources [(1)(2)] Chance of CommercialityBest estimate unriskedBest estimate risked Heavy Crude Oil (MMbbl) Development Pending/ On Hold Contingent Resources85%24.020.5 Development Unclarified Contingent Resources60%65.138.6 Total Economic Contingent Resources- 89.159.1 Development Not Viable Contingent Resources26%8.02.1 (1) All volumes listed in the table are Company Gross. (2) Refer to “Resource Definitions” below for detailed definitions of Contingent ResourcesRisks and Significant Positive and Negative FactorsContinuous development through multi-year development programs and significant levels of future capital expenditures are required in order for Contingent Resources to be recovered in the future. The principal risks that would inhibit the recovery of additional resources relate to the potential for variations in the quality of the Evaluated Areas formation where minimal well data currently exists, access to the capital which would be required to develop the resources, low crude oil prices that would curtail the economics of development, the future performance of wells, regulatory approvals, access to the required services at the appropriate cost, access to market and the effectiveness of stimulation technology and applications.Furthermore, it should be understood that Contingent Resources estimates reflect data as of the date of the Contingent Resources Evaluation. Although only best estimates are reported, it should be understood that there is a significant degree of uncertainty in these estimates. Additional data may justify upward or downward revisions to the estimates, which in turn would impact the Contingent Resources estimates.ContingenciesIn the Evaluated Areas, the primary contingencies that prevent the Contingent Resources from being classified as reserves are the development of firm plans, including timing, infrastructure, and the commitment of capital, and, in some cases, the verification of commercial production rates. As continued delineation occurs, and plans are firmed up, some Contingent Resources are expected to be re-classified to reserves.Projects have been defined to develop the resources in the Evaluated Areas for the Development Pending/ On Hold Contingent Resources at the evaluation date. Such projects, in the case of the Evaluated Areas, have historically been developed sequentially over a number of drilling seasons and are subject to annual budget constraints, TransGlobe's policy of orderly development on a staged basis, TransGlobe's short-term and long-term view of crude oil prices, and the results of development activities in the area.Resource DefinitionsThe following are excerpts from the definitions of resources and reserves, contained in Section 5 of the COGE Handbook, which is referenced by the Canadian Securities Administrators in “National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities”.(a) Fundamental Resource DefinitionsContingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political, and regulatory matters, or a lack of markets. It is also appropriate to classify as Contingent Resources the estimated discovered recoverable quantities associated with a project in the early evaluation stage. Contingent Resources are further classified in accordance with the level of certainty associated with the estimates and may be subclassified based on project maturity and/or characterized by their economic status.(b) Uncertainty Categories for Resource EstimatesThe range of uncertainty of estimated recoverable volumes may be represented by either deterministic scenarios or by a probability distribution. Resources should be provided as low, best, and high estimates as follows:Low Estimate: This is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at least a 90 per cent probability (P90) that the quantities actually recovered will equal or exceed the low estimate.Best Estimate: This is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 per cent probability (P50) that the quantities actually recovered will equal or exceed the best estimate.High Estimate: This is considered to be an optimistic estimate of the quantity that will actually be recovered. It is unlikely that the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be at least a 10 per cent probability (P10) that the quantities actually recovered will equal or exceed the high estimate.This approach to describing uncertainty may be applied to reserves, Contingent Resources and prospective resources. There may be significant risk that sub-commercial and undiscovered accumulations will not achieve commercial production. However, it is useful to consider and identify the range of potentially recoverable quantities independently of such risk.(c) Discovered and Commercial Status and Risks Associated with Resource Estimates Discovery StatusTotal petroleum initially-in-place is first subdivided based on the discovery status of a petroleum accumulation. Discovered PIIP, production, reserves, and Contingent Resources are associated with known accumulations. Recognition as a known accumulation requires that the accumulation be penetrated by a well and have evidence of the existence of petroleum. The COGE Handbook Consolidated 3rd Edition, Section 22.214.171.124.1.2, provides additional clarification regarding drilling and testing requirements relating to recognition of known accumulations. On the other hand, Prospective resources is undiscovered PIIP which is associated with accumulations yet to be discovered.Commercial StatusCommercial status differentiates reserves from Contingent Resources. The following outlines the criteria that should be considered in determining commerciality: * economic viability of the related development project; * a reasonable expectation that there will be a market for the expected sales quantities of production required to justify development; * evidence that the necessary production and transportation facilities are available or can be made available; * evidence that legal, contractual, environmental, governmental, and other social and economic concerns will allow for the actual implementation of the recovery project being evaluated; * a reasonable expectation that all required internal and external approvals will be forthcoming. Evidence of this may include items such as signed contracts, budget approvals, and approvals for expenditures, etc.; * evidence to support a reasonable timetable for development. A reasonable time frame for the initiation of development depends on the specific circumstances and varies according to the scope of the project. While five years is recommended as a maximum time frame for classification of a project as commercial, a longer time frame could be applied where, for example, development of economic projects are deferred at the option of the producer for, among other things, market-related reasons or to meet contractual or strategic objectives.Commercial Risk Applicable to Resource EstimatesEstimates of recoverable quantities are stated in terms of the sales products derived from a development program, assuming commercial development. It must be recognized that reserves and Contingent Resources involve different risks associated with achieving commerciality. The likelihood that a project will achieve commerciality is referred to as the “chance of commerciality.” The chance of commerciality varies in different categories of recoverable resources as follows:Reserves: To be classified as reserves, estimated recoverable quantities must be associated with a project(s) that has demonstrated commercial viability. Under the fiscal conditions applied in the estimation of reserves, the chance of commerciality is effectively 100 percent.Contingent Resources: Not all technically feasible development plans will be commercial. The commercial viability of a development project is dependent on the forecast of fiscal conditions over the life of the project. For Contingent Resources the risk component relating to the likelihood that an accumulation will be commercially developed is referred to as the “chance of development.” For Contingent Resources the chance of commerciality is equal to the chance of development.(d) Recovery Technology StatusEstablished Technology: A recovery method that has been proven to be successful in commercial applications in the subject reservoir and is a prerequisite for assigning reserves.Technology under Development: A recovery process that has been determined to be technically viable via field test and is being field tested further to determine its economic viability in the subject reservoir. Contingent Resources may be assigned if the project provides information that is sufficient and of a quality to meet the requirements for this resource class.Experimental Technology: A technology that is being field tested to determine the technical viability of applying a recovery process to unrecoverable discovered PIIP in a subject reservoir. It cannot be used to assign any class of recoverable resources (i.e., reserves and Contingent Resources).(e) Economic Status of Resource EstimatesBy definition, reserves are commercially (and hence economically) recoverable. A portion of Contingent Resources may also be associated with projects that are economically viable but have not yet satisfied all requirements of commerciality. Accordingly, it may be a desirable option to subclassify Contingent Resources by economic status:Economic Contingent Resources are those Contingent Resources that are currently economically recoverable. The Contingent Resources sub-classes included are Development Pending Contingent Resources, Development on Hold Contingent Resources, and Development Unclarified Contingent Resources.Sub-Economic Contingent Resources are those Contingent Resources that are not currently economically recoverable. The Contingent Resources sub-class included is Development Not Viable.Where evaluations are incomplete such that it is premature to identify the economic viability of a project, it is acceptable to note that project economic status is “undetermined” (i.e., “Contingent Resources - economic status undetermined”).In examining economic viability, the same fiscal conditions should be applied as in the estimation of reserves, i.e., specified economic conditions, which are generally accepted as being reasonable (refer to the COGE Handbook Consolidated 3rd Edition, Section 126.96.36.199.1.3).(f) Project Maturity Sub-Classes for Contingent ResourcesDevelopment Pending: Where resolution of the final conditions for development is being actively pursued (high chance of development).Development on Hold: Where there is a reasonable chance of development but there are major non-technical contingencies to be resolved that are usually beyond the control of the operator.Development Unclarified: When the evaluation is incomplete and there is ongoing activity to resolve any risks or uncertainties.Development Not Viable: Contingent Resource that is not viable in the conditions prevailing at the effective date of the evaluation, and where no further data acquisition or evaluation is currently planned and hence there is a low chance of development.Historic Financial Information regarding the AssetsThe three concessions associated with the Merged Concession generated ~$16 million of earnings in 2019 (which excludes allocated finance expenses and losses on financial instruments).Advisory Regarding Forward-Looking Information and Statements Certain statements included in this news release constitute forward-looking statements or forward-looking information under applicable securities legislation. Such forward-looking statements or information are provided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate for other purposes. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "may", "will", "would" or similar words suggesting future outcomes or statements regarding an outlook. In particular, forward-looking information and statements contained in this document include, but are not limited to; the anticipated timing of the final ratification of the Merged Concession and respective closing commitments; anticipated improvements to the Company's near-term operational netbacks; the Agreement's ability to unlock meaningful additional reserves and production; anticipated mid-term oil prices; the availability of future investment opportunities for the Company and their ability to increase production, provide a stable production / revenue base in the future and extend the life of existing fields; estimated capital investments to be made by the Company; the anticipated timing of the Arta Nukhul, H-Field, and K-Field pools' resource maturation projects; and other matters.Forward-looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because the Company can give no assurance that such expectations will prove to be correct. Many factors could cause TransGlobe's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, TransGlobe.In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, that the Merged Concession will be ratified; respective closing commitments will be paid; anticipated production volumes; the Company's ability to obtain qualified staff and equipment in a timely and cost-efficient manner; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct its business; future capital expenditures to be made by the Company; future sources of funding for the Company's capital programs; geological and engineering estimates in respect of the Company's reserves and resources; the geography of the areas in which the Company is conducting exploration and development activities; current commodity prices and royalty regimes; availability of skilled labour; future exchange rates; the price of oil; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; future operating costs; uninterrupted access to areas of TransGlobe's operations and infrastructure; recoverability of reserves and future production rates; that TransGlobe will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures and requirements as needed; that TransGlobe's conduct and results of operations will be consistent with its expectations; that TransGlobe will have the ability to develop its properties in the manner currently contemplated; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of TransGlobe's reserves and resource volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; and other matters.Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Company and described in the forward-looking statements or information. These risks and uncertainties which may cause actual results to differ materially from the forward-looking statements or information include, among other things, the Merged Concession not being ratified by Parliament; respective closing commitments not being paid; operating and/or drilling costs are higher than anticipated; unforeseen changes in the rate of production from TransGlobe's oil and gas properties; changes in price of crude oil and natural gas; adverse technical factors associated with exploration, development, production or transportation of TransGlobe's crude oil reserves; changes or disruptions in the political or fiscal regimes in TransGlobe's areas of activity; changes in tax, energy or other laws or regulations; changes in significant capital expenditures; delays or disruptions in production due to shortages of skilled manpower equipment or materials; economic fluctuations; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals of regulatory authorities; volatility in market prices for oil; fluctuations in foreign exchange or interest rates; environmental risks; ability to access sufficient capital from internal and external sources; failure to negotiate the terms of contracts with counterparties; failure of counterparties to perform under the terms of their contracts; and other factors beyond the Company's control. Readers are cautioned that the foregoing list of factors is not exhaustive. Please consult TransGlobe’s public filings at www.sedar.com and www.sec.goedgar.shtml for further, more detailed information concerning these matters, including additional risks related to TransGlobe's business.The forward-looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise unless required by applicable securities laws. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.Oil and Gas AdvisoriesMr. Ron Hornseth, B.Sc., General Manager – Canada for TransGlobe Energy Corporation, and a qualified person as defined in the Guidance Note for Mining, Oil and Gas Companies, June 2009, of the London Stock Exchange, has reviewed the technical information contained in this report. Mr. Hornseth is a professional engineer who obtained a Bachelor of Science in Mechanical Engineering from the University of Alberta. He is a member of the Association of Professional Engineers and Geoscientists of Alberta and the Society of Petroleum Engineers and has over 20 years’ experience in oil and gas.Abbreviationsbblbarrel of oil bblsbarrels of oil CoCchance of commerciality CoDchance of discovery CoDevchance of development COGE HandbookCanadian Oil and Gas Evaluation Handbook EGPCEgyptian General Petroleum Corporation MMbblmillion barrels of oil PIIPPetroleum Initially-in-Place Proved reservesthose reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimated proved reserves Probable reservesthose additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered will be greater or less than the sum of the estimated proved plus probable reserves. Psprobability of success