TransGlobe Energy Corporation provided production guidance for the year 2015 and funds flow and capital expenditure guidance for the first quarter of 2015. For the quarter, the company's 2015 capital program is significantly lower than the previous year, reflecting the dramatic drop in oil prices over the past six months. The company expects to spend $37.5 million on exploration and development projects in 2015. The company expects exploration $19 million (51%) and development $18 million (49%). The company will fund these expenditures through cash generated from operating activities and working capital. The focus for 2015 will be on building the exploration prospect inventory from the recently acquired seismic in the Eastern Desert region of Egypt, completing the planned 400 km2 3-D seismic program on the South Ghazalat concession in the Western Desert and preparing the three new North West Gharib oil discoveries for production. The initial drilling campaign on the North West Gharib block will be completed in February. The break in drilling operations will allow the company to complete interpretation of the 1,000 km2 of 3-D seismic and build a ranked prospect inventory for the Eastern Desert lands.

For the first quarter of 2015, the production is estimated to average 14,000 barrels of oil per day, Egypt production of 13,800 Bopd (includes West Gharib, West Bakr and East Ghazalat). Yemen production of 200 Bopd (includes Block 32 only). Funds flow from operations is forecast to be $1.0 million ($0.01 per share) based on an average Brent oil price of $50/Bbl using production guidance of 14,000 Bopd.