BRIEF-Transglobe Energy says suspends quarterly dividend program

Wed Mar 9, 2016 6:44am EST
 
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March 9 (Reuters) - Transglobe Energy Corp :

* Transglobe Energy Corporation announces fourth quarter and year end 2015 financial and operating results

* Says 2015 production averaged 14,511 barrels of oil per day in 2015

* Says qtrly oil revenue $21.5 million versus $92.5 million

* Sees 2016 capital program of $41.0 million

* Says funds flow and inventory levels in 2016 are expected to fluctuate significantly from quarter to quarter

* By suspending dividend, company will free up approximately $1.8 million of cash each quarter, or $7.2 million annually

* Says January production of 12,474 bopd; February production of 12,245 bopd

* Suspended quarterly dividend program on March 8, 2016   Continued...