TransGlobe Energy Corporation reported revenue results for the year ended December 2015 and production results for the month, fourth quarter and full year ended December 2015. Production averaged approximately 13,400 Bopd during the fourth quarter of 2015.

Production averaged approximately 12,800 Bopd in December 2015.

At year-end 2015, the company had approximately 923,000 barrels of entitlement oil in inventory.

The company expects to mobilize a second drilling rig later in 2016, dependent on the status of the extension request. It is expected that drilling costs will be 20+% lower than the 2014 program due to re-tendering and well planning conducted in 2015.

For year end 2015, the company reported after tax future net revenues of $195 million.

It is expected production will be in the 12,000 Bopd range during the first quarter of 2016. The forecast 10% reduction in production is principally due to natural declines, shut in/curtailed high cost (high water cut) producers and delayed recompletion/workover investments in response to significantly lower oil prices in December/January.