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TransGlobe buys rival, turns away from Canada

TransGlobe Energy Corp., a Calgary-based international oil operator, says it has struck a deal to acquire privately held GHP Exploration for $40.2-million (U.S.) and plans to divest its Canadian properties this year. The transaction expands TransGlobe's interests in Egypt, a core area for the company. Under the deal, TransGlobe will pay $40.2-million for GHP, which holds a 30-per-cent interest in eight development leases and associated infrastructure in Egypt's West Gharib area, a project operated by a TransGlobe subsidiary. Meanwhile, president and CEO Ross Clarkson revealed the company plans to sell its Canadian energy properties to focus on the Middle East.

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TRANSGLOBE ENERGY CORPORATION
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