Tanganyika Oil Company Ltd.

Tanganyika Oil Company Ltd.

September 22, 2008 02:30 ET

Tanganyika Oil Company Ltd. in Negotiations

CALGARY, ALBERTA--(Marketwire - Sept. 22, 2008) - Tanganyika Oil Company Ltd. ("Tanganyika Oil" or "the Company") (TSX:TYK)(OMX:TYKS) advises that the Company is in exclusive discussions with a third party relating to the acquisition of all of the issued and outstanding shares of the Company.

Tanganyika is issuing this press release in response to recent speculation regarding a potential sale of the Company.

No assurance can be given that these discussions will lead to a binding agreement.

Tanganyika will make no further announcements or communications regarding these negotiations until a binding agreement has been reached or discussions are terminated without such an agreement being reached.

Company Profile

Tanganyika is a Canada-based international oil and gas company focused on its properties in Syria. The Company holds operating interests in two Syrian production sharing agreements covering the Oudeh Block and the Tishrine/Sheikh Mansour Block. During the first half of 2008, the average gross field production was 16,670 barrels of oil per day ("bopd") (Company net production: 6,025 bopd).

Forward-looking Statements

This news release includes statements about expected future events that are forward looking in nature and subject to risks and uncertainties. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. By their nature, forward-looking statements involve numerous assumptions, known and unknown risks and uncertainties, both general and specific, that contribute to the possibility that circumstances, events or outcomes anticipated or implied by forward-looking statements will not occur. These risks and uncertainties include, among other things: risks associated with the ability to obtain any necessary approvals, waivers, consents, court orders and other requirements necessary or desirable to permit or facilitate the proposed transaction (including, regulatory and securityholder approvals); the risk that any applicable conditions of any of the proposed transactions may not be satisfied; volatility of and assumptions regarding oil and gas prices; assumptions contained in or relevant to the company's current corporate guidance; fluctuations in currency and interest rates; product supply and demand; market competition; risks inherent in marketing operations (including credit risks); imprecision of reserves estimates and estimates of recoverable quantities of natural gas and liquids from the Company's properties; the ability to access external sources of debt and equity capital; the timing and the costs of well and pipeline construction; the ability to secure adequate product transportation; changes in laws or regulations or the interpretations of such laws or regulations; applicable political and economic conditions; the risk of war, hostilities, civil insurrection, political instability and terrorist threats; risks associated with existing and potential future lawsuits and regulatory actions; and other risks and uncertainties described from time to time in the reports and filings made with securities regulatory authorities by the Company. Although the Company believes that the expectations represented by such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned that the foregoing list of important factors is not exhaustive.

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