Go to the Globe and Mail homepage

Jump to main navigationJump to main content

TransGlobe buys rival, turns away from Canada Add to ...

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.

Report on Business Company Snapshot is available for:
TRANSGLOBE ENERGY CORPORATION
 

In the know

Most popular video »

Highlights

More from The Globe and Mail

Most Popular Stories