Tanganyika Oil Company Ltd.

Tanganyika Oil Company Ltd.

January 08, 2008 02:30 ET

Tanganyika Production Increases 37% From Third Quarter

CALGARY, ALBERTA--(Marketwire - Jan. 8, 2008) - Tanganyika Oil Company Ltd. (the "Company") (TSX VENTURE:TYK)(OMX:TYKS) is pleased to provide an update on Fourth Quarter ("Q4") production and the December exit rates. Gross field production was boosted by over 3,300 bopd or 37% during Q4 with continued development drilling, especially in the northern and southwestern extensions of the West Tishrine Field as well as the Company's ongoing cyclic steam stimulation program.

Gross Oil Shipments Company Net Oil Shipments
(bopd - average) (bopd - average)
------------------------- -------------------------
Syria Syria
Total Tishrine Oudeh Total Tishrine Oudeh
Q3 2007 8,894 6,454 2,440 1,447 366 1,081

October 2007 9,198 6,675 2,523 1,700 550 1,150
November 2007 10,017 7,306 2,711 2,070 808 1,262
December 2007 10,997 7,946 3,051 2,800 1,281 1,519
------------------------- -------------------------
Q4 2007 10,070 7,309 2,761 2,190 880 1,310

Last Two Weeks
of December
2007 12,220 9,082 3,138 3,491 1,912 1,579

The first of three new drilling rigs is on a commercial ship and expected to spud mid February. The second rig is expected to depart China this week and expected to spud the first well by the end of February. The third rig is expected to ship in early February and spud before the end of March.

Tanganyika Oil Company Ltd. is a Canadian oil and gas company with production and exploration assets in Syria. Its shares are traded on the TSX Venture Exchange under the symbol TYK and its Swedish Depository Receipts trade on the OMX Nordic 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.

Contact Information

  • Tanganyika Oil Company Ltd.
    Gary Guidry
    President and Chief Executive Officer
    (403) 716-4051
    (403) 261-1007 (FAX)
    Email: gary.guidry@tykoil.com
    Tanganyika Oil Company Ltd.
    Ian Gibbs
    Chief Financial Officer
    (604) 689-7842
    (604) 689-4250 (FAX)
    Email: ian.gibbs@tykoil.com
    Tanganyika Oil Company Ltd.
    Sophia Shane
    Corporate Development
    (604) 689-7842
    (604) 689-4250 (FAX)
    Email: sophias@namdo.com
    Website: www.tanganyikaoil.com