Transglobe Energy Corp. said Monday that its oil reserves and expected future revenue rose in 2021.

The oil exploration-and-production company said that proved developed producing gross reserves rose 30% to 19.9 million barrels of oil equivalent, while total proved gross reserves increased around 23% to 28.0 million barrels of oil equivalent across its Canadian and Egyptian sites.

The net present value of future net revenue--which takes into account forecasted energy prices and tax among other factors--increased to $423 million, more-than-doubling from $198 million in 2020.

The company said reserves largely increased due to amended commercial terms in Egypt, allowing it to merge, amend and extend its three existing Eastern Desert concessions, and technical work carried out in both Egypt and Canada.

"With this chapter behind us, the next step will be to establish an appropriate balance between maintaining [and] growing our business, while providing a meaningful return to our shareholders," President & Chief Executive Randy Neely said, adding that the company intends to address its distribution policy in the coming weeks.