Tanganyika Oil Company Ltd.

Tanganyika Oil Company Ltd.

April 23, 2007 17:00 ET

Tanganyika Management Update

CALGARY, ALBERTA--(CCNMatthews - April 23, 2007) - Tanganyika Oil Company Ltd. ("Tanganyika" or the "Company") (TSX VENTURE:TYK)(OMX:TYKS) is pleased to announce that Ian Gibbs has been appointed Chief Financial Officer of the Company effective April 20, 2007. Mr. Gibbs has over ten years of experience in senior financial roles in international oil and gas companies. Mr. Gibbs is a Canadian Chartered Accountant and was previously Chief Financial Officer of Valkyries Petroleum Corp.

As previously reported, this transition will allow former CFO, Arlene Weatherdon, who is also CFO of Pearl Exploration and Production Ltd., to fully focus on Pearl. Ms. Weatherdon will continue to act as a senior advisor to Tanganyika to assist with any additional transitional requirements.

Gary Guidry, President and CEO of Tanganyika, said, "Tanganyika would like to thank Ms. Weatherdon for her invaluable contributions to the Company's growth."

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 Stockholmsborsen under the symbol "TYKS".

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) 806-3584
    (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