UPDATE: TransGlobe Posts Surge In Q1 Profit

TransGlobe Energy Corp TGA posted a strong rise in its first-quarter profit. TransGlobe's quarterly profit surged to $11.0 million, or $0.15 per share, versus $2.9 million, or $0.04 per share, in the year-ago period. Oil and gas sales, net of royalties, jumped 46% to $77.2 million. During the first quarter, TransGlobe's total production jumped 49% to 16,720 bopd. TransGlobe shares closed at $13.29 on Friday.