Gulf Oil and Gas accountACCOUNT

TransGlobe Financial and Operating Results in Yemen

Source: www.gulfoilandgas.com 3/8/2012, Location: Middle East

Yemen East- Masila Basin
Block 32, Republic of Yemen (13.81% working interest)
Production
Production from Block 32 averaged 3,276 Bopd (452 Bopd to TransGlobe) during the quarter. Production averaged approximately 2,970 Bopd (410 Bopd to TransGlobe) during January and 2,278 Bopd (315 Bopd to TransGlobe) during February. Production was shut-in from February 14th to the 17th due to a labour strike at the Petro Masila operated export pipeline system.

Block 72, Republic of Yemen (20% working interest)
Operations and Exploration
The Operator received a nine month extension to September 11, 2012 for the second exploration period.

Yemen West- Marib Basin
Block S-1, Republic of Yemen (25% working interest)
Production
Production from Block S-1 averaged 736 Bopd (184 Bopd to TransGlobe) during the fourth quarter. Production from TransGlobe's An Nagyah field on Block S-1 has remained shut-in since the export pipeline from Marib to the Ras Eisa port on the Red Sea was damaged October 8, 2011.

The pipeline has not been repaired due to local tribal groups preventing access to the pipeline. Typically the pipeline can be repaired within 24 to 48 hours once access to the pipeline has been obtained. TransGlobe's working interest share of production was approximately 2,250 Bopd prior to being shut-in on October 8, 2011.

Block 75, Republic of Yemen (25% working interest)
Operations and Exploration
The PSA for Block 75 was ratified and signed into law effective March 8, 2008. The first, three-year exploration phase has a work commitment of 3-D seismic and one exploration well. The 3-D seismic was acquired in 2009. One exploration well was planned as part of the 2011 Block S-1/75 drilling program however the drilling program was cancelled in the first quarter of 2011 due to logistics and security concerns.

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