Tanganyika Signs Agreement to Sell Egyptian Assets

Tanganyika Oil Company Ltd. ("Tanganyika" or the "Company") (TSX
VENTURE:TYK)(OMX:TYKS) is pleased to announce that it has entered into an
agreement to sell its interests in the West Gharib concession area in Egypt to
TransGlobe Energy Corporation ("TransGlobe"). TransGlobe is a publicly traded
oil and gas company listed on the TSX ("TGL") and AMEX ("TGA").


Pursuant to a binding purchase and sale agreement, TransGlobe will acquire all
of the shares of Tanganyika subsidiaries holding the West Gharib interests in
consideration for US $59 million plus working capital adjustments effective July
1, 2007 of approximately US $11.0 million which will bring the total
consideration to approximately US $70.0 million. Tanganyika, through its
subsidiaries, holds a 70% interest in one Development Lease and a 45% working
interest in seven additional Development Leases comprising the West Gharib
Production Sharing Concession. It is expected that closing of the transaction
will occur before the end of September, 2007.


Gary Guidry, President of Tanganyika, commented, "With our full time focus on
our world-class oil development project in Syria it was timely to divest our
interests in the West Gharib block in Egypt which had gradually become non-core
assets to the Company. All attention is focused on our work in Syria towards
increasing production through accelerated drilling, mobilization of additional
workover rigs and steam generators and the modification and expansion of oil,
gas, water and electrical facilities. Four new steam generators have arrived on
site and are expected to positively impact production in the coming weeks."


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 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.