TransGlobe to Buy GHP Exploration's 30%  Interest in Egypt

01-11-2008

TransGlobe Energy Corp announced that it has entered into a deal to buy privately held GHP Exploration for US$40.2 million. The deal is expected to close February 2008, effectively expands TransGlobe's presence in Egypt.

Under terms of the deal, TransGlobe Energy will pay US$40.2 million for a 30% interest in eight development leases and associated infrastructure in Egypt.

TransGlobe Energy expects acquisition of GHP Exploration to be accretive immediately on a net income and cash flow per share basis.