March 12, 2009 / 12:35 PM / 9 years ago

UPDATE 1-TransGlobe Energy swings to Q4 profit

* Q4 shr $0.13 vs loss of $0.02 last yr * Total oil and gas sales down 39 pct * West Gharib prodn up 4 pct

* Says Feb prodn avgd 9382 Bopd

* Sees 2009 prodn of 8,500 to 9,000 Bopd

March 12 (Reuters) - Canada’s TransGlobe Energy Corp (TGL.TO) (TGA.O) swung to a quarterly profit, helped in part by a slight rise in production in its West Gharib field.

For the latest fourth quarter, the oil and gas exploration and production company earned 13 cents a share, compared with a net loss of 2 cents a share a year ago.

Oil and gas sales for the quarter were down 39 percent at $29.3 million.

Production from West Gharib was up 4 percent, averaging 3,405 barrels of oil per day (Bopd). Total production for the quarter was up 1 percent at 6,893 barrels of oil equivalent per day (Boepd).

Transglobe, which has properties in the Middle East and North Africa, said production for February averaged 9,382 Bopd. Production for 2009 is expected to average between 8,500 Bopd and 9,000 Bopd.

Average price for a barrel of oil was, however, down nearly 44 percent at $46.03, reflecting the precipitous drop in oil prices.

Prices for crude oil CLc1 have dropped more than $100 a barrel from an all-time high of $147.27 last July, as the economic crisis strangled energy demand in large consuming nations.

Shares of the company closed at C$3.42 Wednesday on the Toronto Stock Exchange.

For the alerts, double click [ID:nWNAB3218] . (Reporting by Adveith Nair in Bangalore; Editing by Jarshad Kakkrakandy)

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