Stonegate Capital Partners Updates Coverage on TransGlobe Energy Corporation
DALLAS, TX / ACCESSWIRE / January 16, 2019 / TransGlobe Energy Corporation (TGA)
Company Description
TransGlobe Energy Corporation ("Company") ("TGA") is an independent oil and gas exploration and production company, with current operations in Alberta, Canada, and the Arab Republic of Egypt. TGA also operated in Yemen for 19 years, before selling those interests in 2015. The Company has operated in Egypt since 2004 and holds interests in production sharing concessions in the Eastern Desert and the Western Desert regions. TransGlobe operated in Canada from 1999 to 2008 and re-entered Canada in December 2016. The Company's Canadian holdings include production and working interests in Cardium light oil and Mannville liquid-rich gas assets in the Harmattan area, located in west central Alberta. TransGlobe Energy is headquartered in Calgary, Alberta, and has approximately 70+ employees.
Summary
TransGlobe has been in the international oil and gas industry for over 20 years and has drilled more than 400 gross wells in varying geological formations, political climates and economic environments. Through the execution of a disciplined business plan involving cost-cutting measures, a strategic acquisition, and key contracts with the Egyptian government and third-party marketers, TGA's management has steered the Company through a difficult period involving low oil prices and political turmoil, and, as a result, TransGlobe is well-positioned to return to profitability in the near-term.
On a comparable company basis for FY18 estimates, TGA currently trades at an EV/S multiple of 0.7x while its peers trade at an average multiple of 2.3x, and at an EV/EBITDA of 1.3x vs. the average of its peers at 4.7x. On a P/CFPS basis, TGA trades at 2.1x based on 2018E vs. the average of its peers at 3.2x. See page 9 for details.
The full report can be accessed by clicking on the following link:
http://www.stonegateinc.com/reports/TGA%20UPDATE%20JAN%202019.pdf
About Stonegate Capital Partners
Stonegate Capital Partners is a Dallas-based corporate advisory firm dedicated to serving the specialized needs of small-cap public companies. Since our inception, our mission has been to find innovative, undervalued public companies for our network of leading institutional investors who seek high quality investment opportunities.
CONTACT:
Laura Engel, (214) 987-4121
laura@stonegateinc.com
SOURCE: Stonegate Capital Partners