Conference Call

Q1 2013 Results May 7, 2013

Cautionary Statement

2

This presentation includes certain information deemed to be "forward-looking information" or "forward-looking statements" within the meaning of applicable Canadian and United States securities laws. All information other than information of historical fact is forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as "seek", "may", "will", "should", "expect", "plan", "anticipate", "continue", "believe", "estimate", "predict", "project", "potential", "targeting", "intend", "could", "might", "continue", "should" or the negative of these terms or other comparable terminology. This information relates to predictions of future events or the Company's future performance and involves known and unknown risks, uncertainties, assumptions and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including, without limitation: exposure to third-party credit risk; unforeseen changes in the rate of production from the Company's oil fields; changes or disruptions in the political or fiscal regimes in the Company's areas of activity; changes in the price of crude oil; adverse technical factors associated with exploration, development, production or transportation of the Company's crude oil reserves; realization of the anticipated benefits of acquisitions and dispositions and incorrect assessments of the values thereof; changes in Egypt or Yemen tax, energy or other laws or regulations and other geopolitical risks associated with the countries in which the Company operates; changes in significant capital expenditures; delays in production starting up due to an industry shortage of skilled manpower, equipment or materials; the cost of inflation; the performance characteristics of the Company's oil properties; the quantity of oil reserves; capital expenditure programs; supply and demand for oil and commodity prices; drilling plans; expectations regarding the Company's ability to raise capital and to continually add to reserves through acquisitions, exploration and development; stock market volatility and market valuations. As such, such information should not be unduly relied upon. Such forward-looking information speaks only as of the date of this presentation. The Company does not intend, and does not assume any obligation, to update this forward-looking information, except as required by applicable Canadian and United States securities laws. Please consult the Company's documents available at www.sedar.com and www.sec.gov for further, more detailed information concerning these matters. All dollar values are expressed in U.S. dollars unless otherwise stated.

Conference Call

Q1 2013 Results May 7, 2013

Q1 2013 Financial Highlights

4

Q1 funds flow of $36.0 MM ($0.44/share)

Q1 net earnings of $24.9 MM ($0.26/share)

Strong balance sheet with $278 MM of working capital

A/R balance of $204.6 million

Q1 2013 Balance Sheet

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$MM

Long-term debt (17)

Convertible debenture (94)

(111)

Working capital (cash $112.2) 278

Positive working capital (net of long-term debt and convertible debentures) 167

Q1 2013 Operating Highlights

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Production (Bopd) Q1 April

West Gharib 12,970 13,798

West Bakr 4,359 4,692

East Ghazalat 338 423

Egypt Total 17,667 18,913

Yemen* 323 310

Production Total 17,990 19,222

* Block S-1 shut in

Recent Daily Production

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January 17,144 Bopd

February

18,085 Bopd

March 18,787 Bopd

April 19,222 Bopd

0

5,000

10,000

15,000

20,000

25,000

May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13

Oil

Sa

les

(bo

pd

)

Block 32

Block S-1

East Ghazalat

West Bakr

West Gharib

Egypt Land Holdings

8

Egypt

Cairo

Gulf of Suez

South Alamein

East Ghazalat

South Ghazalat

South Mariut

West Gharib/

West Bakr

South Alamein

East Ghazalat

South Ghazalat

South Mariut

NW,SW,SE Gharib

GROSS ACRES (expressed in thousands)

Total Gross Land 2,126

828

40

465

356

102

335

West Gharib 100% Working Interest, Operated

9

2013 plan (18 wells)

Drilled 8 wells YTD

7 Oilwells, 1 D&A

2 New pools (lower Nukhul)

Commissioned new multi-well battery in the NW corner of East Arta

Trucking Hana/Hana West oil to West Bakr K Station

Production steadily increasing to 14,000+ Bopd level

Production in April 2013 13,798 Bopd

West Gharib 100% Working Interest, Operated

10

East Arta

Arta West

East Arta lower Nukhul discovery

90+ feet sand/conglomerate

Extends onto NW Gharib block

20 new appraisal/development locations

10-40 MMBbl PIIP*

Arta West upper & lower Nukhul discovery

40+ feet upper Nukhul

20 feet lower Nukhul

10 appraisal/development locations

2-10 MMBbl PIIP* * Internally estimated petroleum initially in place (P90 to P10 respectively)

West Bakr 100% Working Interest, Operated

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2013 plan (15 wells)

Drilled 5 wells YTD

5 Oilwells (2K, 2H and 1M) Drilling K Field well targeting

the main Asl A pool 148 feet of Asl “A” net pay

on logs Will be cased and completed

as an Asl A producer Continued pump, waterflood

and facility optimization projects

Production in April 2013 4,692 Bopd

New Concessions 100% Working Interest, Operated

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NW Gharib

655 square kilometers

(162,000 acres)

79 exploration and appraisal locations identified

SW Gharib

195 square kilometers

(48,000 acres)

SE Gharib

508 square kilometers

(125,000 acres)

Company to acquire extensive 3D seismic over Southern areas prior to drilling exploration wells

South Alamein 100% Working Interest, Operated

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2013 eight well drilling program

2 Appraisal

6 Exploration Prospects

Awaiting Military approval for surface access

Contingent Resources at December 31, 2012

(millions of barrels “MMbbl") Low Best High

Boraq 0.5 1.4 2.8

*Numbers based on D&M Prospective Resource Report and Contingent Resource Report using Forecast Pricing at Dec 31, 2012

Mean Estimate Prospective Resources Gross Pg Gross WI Pg

Gross Mean Adjusted

Mean TransGlobe Adjusted

Mean

Number of Gross Mean Prospective Geological Prospective Working Prospective

Exploration Prospects UPIIP Resources Risk Resources Interest Resources

Concession Evaluated (MMbbl) (MMbbl) (%) (MMbbl) (%) (MMbbl)

South Alamein 20 669 133.8 15% 20.2 100% 20.2

East Ghazalat 50% Working Interest, Non-Operated

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2013 plan 5 wells (4 firm, 1 contingent)

2 development (Safwa 3, Sabbar 2)

Safwa 3 oil, moving to Sabbar

2 exploration (Safwa South, North Dabaa)

Drilling Safwa South

April production 846 Bopd (423 Bopd to TransGlobe)

Safwa South 1X

Safwa 3

New Concession 100% Working Interest, Operated

15

S Ghazalat - 1,883 square kilometers (465,000 acres) Company to acquire extensive 3D seismic over area prior to drilling exploration wells

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Q & A

Conference Call

Q1 2013 Results May 7, 2013