Tanganyika Oil Company Ltd.
TSX VENTURE : TYK

Tanganyika Oil Company Ltd.

February 26, 2007 16:50 ET

Tanganyika Files its Reserves Information Disclosure

CALGARY, ALBERTA--(CCNMatthews - Feb. 26, 2007) - Tanganyika Oil Company Ltd. (the "Company") (TSX VENTURE:TYK)(FIRST NORTH:TYKS) announced today that it has filed with Canadian securities authorities the Company's Statement of Reserves Data and Other Oil and Gas Information pursuant to National Instrument 51-101, including Forms 51-101F1, 51-101F2 and 51-101F3. Copies of these documents may be obtained through SEDAR at www.sedar.com or on the Company's website at www.tanganyikaoil.com.

DeGolyer and McNaughton have independently evaluated the crude oil reserves attributable to Tanganyika's participating interests in its Syrian and Egyptian properties with an effective date of December 31, 2006. The full report will be available on SEDAR and the Company's website.

The most significant result was in Syria where proven plus probable reserves, net to the Company, increased from 41 to 416 million barrels (using constant prices and costs(i)). This significant increase is from a combination of activities conducted by the Company including:

1. 3D seismic coverage across all major fields

2. Appraisal drilling success

a. Extending the field limits of recoverable reserves

b. Demonstrating economic production in a new reservoir at Tishrine (Chilou A)

c. Demonstrating EOR potential from downspacing

3. Conducted thermal (steam) EOR pilot tests at the Oudeh and Tishrine fields

4. Significant reduction in capital development costs

The success of these programs has been encouraging and the Company plans to accelerate the activities during 2007 to further enhance both rate and ultimate oil recovery from all of the operated fields in Syria.

In Egypt, proven and probable reserves, net to the Company, increased from 0.8 to 5.6 million barrels as a result of 4 new discoveries and appraisal drilling.

Total proved and probable net to the Company is now 421.5 million barrels. Total proved plus probable plus possible net to the Company is now 602 million barrels.

Net Present Value of Future Net Revenues (10% discount) of the Company's share of proven plus probable reserves is estimated at US $2.1 billion.

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 and Swedish Depository Receipts trade on the Stockholm Stock Exchange.

(i) Oil Benchmark Brent North $58.50, Oil at Sales point for Egypt $40.00 and Syria $34.04.

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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