Tanganyika Oil Company Ltd.
TSX VENTURE : TYK

Tanganyika Oil Company Ltd.

January 26, 2007 02:30 ET

Tanganyika Management Update, Steam Pilot Test Update, Incentive Stock Options Granted

CALGARY, ALBERTA--(CCNMatthews - Jan. 26, 2007) - Tanganyika Oil Company Ltd. ("Tanganyika" or the "Company") (TSX VENTURE:TYK)(FIRST NORTH:TYKS) reports a management change in respect of President Gary Guidry's managerial duties outside of the Company. Effective as of February 1, 2007 Mr. Guidry will resign as President and CEO of Pearl Exploration and Production Ltd. ("Pearl"), remaining a Director, and becoming Chairman of the Board.

"The relinquishment of my position as President and CEO of Pearl is to facilitate full time focus on my role as President and CEO of Tanganyika. Tanganyika is well on its way to becoming a major player in the oil industry and development of our world-class oil fields in Syria is progressing very well. Our expectations for these projects, both in terms of resources and production, have increased significantly and we are very pleased with the results from our enhanced oil recovery program to date. A new independent reserve estimate is expected to be completed by the end of February, 2007 and will reflect the results from all our steam pilot tests up to year-end, 2006 including the recently completed successful tests on well WT208 and OD147. Five wells (WT207, WT208 at Tishrine and OD146, OD147 and OD148 at Oudeh) have been successfully steamed so far showing significant production rate increases over cold rates and we look forward to continued success."

In addition, over the next several months Ms. Arlene Weatherdon will transition out of her role as Chief Financial Officer of Tanganyika. This will facilitate election of a new CFO whose primary duties will focus on Tanganyika as Ms. Weatherdon, in addition to her duties as CFO of Tanganyika, is also currently CFO of Pearl.

The Company also reports the granting of incentive stock options to an officer of the Company. The options entitle the holder to purchase up to an aggregate of 50,000 common shares of Tanganyika at a price of Cdn $16.43 per share over a period of two years. The option grant is subject to regulatory approval.

Tanganyika Oil Company Ltd. is a Canadian oil and gas company with production and exploration assets in Egypt and Syria. Its shares are traded on the TSX Venture Exchange under the symbol TYK and its Swedish Depository Receipts trade on First North, Stockholm (previously Nya Marknaden of the Stockholm Stock Exchange) under the symbol "TYKS".

Forward-looking statements: This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capability to execute and implement its future plans. Actual results may differ materially from those projected by management.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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