TRANSGLOBE ENERGY   Q4 and YEAR END 2018 RESULTS

March 13, 2019AIM & TSX:TGL NASDAQ:TGA

CAUTIONARY STATEMENT

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This presentation may include certain statements that may be deemed to be “forward‐looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements relate to possible future events. All statements other than statements of historical fact may be forward‐looking statements. Forward‐looking statements are often, but not always, identified by the use of words such as “seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”,“predict”, “potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materiallyfrom those anticipated in such forward‐looking statements. Although TransGlobe’s forward‐looking statements are based on the beliefs, expectations, opinions and assumptions of the Company’s management on the date the statements are made, such statements are inherently uncertain and provide no guarantee of future performance. In particular, this presentation containsforward‐looking statements regarding the Company's ability to achieve future operational and financial targets.  Actual results may differ materially from TransGlobe’s expectations as reflected in such forward‐looking statements as a result of various factors, many of which are beyond the control of the Company. These factors include, but are not limited to, unforeseen changes in the rate of production from TransGlobe’s oil and gas properties, changes in price of crude oil and natural gas, adverse technical factors associated with exploration, development, production or transportation of TransGlobe’s crude oil and natural gas reserves, changes or disruptions in the political or fiscal regimes in TransGlobe’s areas of activity, changes in tax, energy or other laws or regulations, changes in significant capital expenditures, delays or disruptions in production due to shortages of skilled manpower, equipment or materials, economic fluctuations, and other factors beyond the Company’s control. With respect to forward‐looking statements contained in this presentation, assumptions have been made regarding, among other things: the Company’s ability to obtain qualified staff and equipment in a timely and cost‐efficient manner; the regulatory framework governing royalties, taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct its business; future capital expenditures to be made by the Company; future sources of funding for the Company’s capital programs; geological and engineering estimates in respect of the Company’s reserves and resources; and the geography of the areas in which the Company is conducting exploration and development activities. TransGlobe does not assume any obligation to update forward‐looking statements if circumstances or management’s beliefs, expectations or opinions should change, other than as required by law, and investors should not attribute undue certainty to, or place undue reliance on, any forward‐looking statements. Please consult TransGlobe’s public filings at www.sedar.com and www.sec.gov/edgar.shtml for further, more detailed information concerning these matters, including additional risks related to TransGlobe's business.

2018 FINANCIAL HIGHLIGHTS

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• Funds flow from operations of $63.3 MM ($0.87/share) vs. funds flow of $55.6 MM ($0.77/share) in 2017

• Operating expenses averaged ~$9.81/bbl in in Egypt and ~$9.26/boe* in Canada

• G&A costs averaged $3.55/boe* on a produced barrel basis

• Spent $40.7 MM on capital expenditures in 2018 

• Ended year with $51.7 MM in cash and cash equivalents and $51.0 MM in working capital (excludes fair market value of crude held in inventory)

• Reduced inventoried entitlement crude oil in Egypt year over year to ~0.57 mmbbls from ~0.78 mmbbls, which made a positive contribution to funds flow from operations during the year

2018 2017 Change %Production and SalesEgypt Oil Sold bbls/d 12,724 14,165 (10)Egypt Oil Produced bbls/d 12,150 12,822 (5)Canada Oil bbls/d 558 589 (5)Natural Gas mcf/d 5,707 6,644 (14)NGLs bbls/d 780 988  (21)

RevenueEgypt Oil $/bbl $59.88 $44.55 34Canada Oil $/bbl $52.37 $48.67 8Natural Gas $/mcf $1.26 $1.70 (26)NGLs $/bbl $27.17 $21.31 27

Production and Operating ExpensesEgypt  $/bbl $9.81 $8.65 13Canada $/boe (1) $9.26 $6.43 44

G&A ExpensesGross $MM $16.3 $16.0 2Sold Boe $/boe $3.42 $2.48 38Produced Boe $/boe $3.55 $2.69 32

Egypt Crude Oil InventoryEnding Balance mmbbls 0.57 0.78 (27)Equivalent Months (2) Months 3.5 5.1  (31)

Funds Flow from Operations $MM $63.3 $55.6 14Net earnings (loss) $MM $15.7 ($78.7) 120

* 6 Mcf to 1 Boe

1. Mcf converted at a ratio of 6:1 for purposes of calculating boe2. Months production is calculated based on last month in period.

2019  PLAN

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• Prepared the 2019 Plan to maximize free cash flow, to direct at future value growth opportunities in Egypt and outside of Egypt

• Production guidance of 14.0 to 15.0 Mboepd (mid‐point 14.5 Mboepd)• Egypt 11.6 to 12.4 Mbopd in 2019 • Canada 2.4 to 2.6 Mboepd in 2019 • YTD production ~ 15.4 MBoped

• $34 million capital plan• Egypt $24 MM• Canada $10 MM

1. See Cautionary Statements – "Forward‐Looking Information and Statements" and "Oil and Gas Information".

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2019 CAPITAL PROGRAM

EGYPT• Maintain Eastern Desert production with 4 development wells (3 in WB, 1 in NWG), multiple 

recompletions/well optimizations (10 in WB), facility expansion in WB and two exploration wells (1 WB and 1 NWG)

• In the Western Desert, appraise/develop the SG 6X  light oil discovery in South Ghazalat and resolve access/contract extension issues at South Alamein 

CANADA• Maintain/grow Canadian light oil production with 4 horizontal Cardium wells planned (3 

development and 1 outpost well to evaluate newly acquired Harmattan South acreage) 

Wells Other Wells Other Total Dev Expl TotalWest Gharib           ‐          2.7            ‐             ‐   2.7          ‐             ‐             ‐   West Bakr        3.4         9.8         1.1            ‐   14.3           3            1            4 NW Gharib        1.0         0.3         1.0            ‐   2.3           1            1            2 South Alamein           ‐             ‐             ‐          1.3  1.3          ‐             ‐             ‐   South Ghazalat           ‐             ‐          1.2         2.3  3.5          ‐              1            1 NW Sitra           ‐             ‐             ‐             ‐              ‐            ‐             ‐             ‐   Egypt        4.4       12.8         3.3         3.6  24.1           4            3            7 Canada        6.3         0.5         3.2            ‐   10.0           3            1            4 2019 Operations Total $10.7  $13.3  $6.5  $3.6  $34.1            7            4          11 

ExplorationDevelopmentConcessionTransGlobe Net Operational Capital ($MM) WI Well Count

(Wells)

Total proved plus probable (“2P”) gross reserves of 44.1 MMboe at year‐end 2018:• 2P Reserves 4% lower YOY primarily due to 

production of ~5.3MMboe during 2018 (~4.5 MMbbls Egypt and ~ 0.9 MMboe Canada)

• 2P Positive Adds/Revisions of  3.5MMboe of gross 2P Reserves primarily attributed to discover/extensions and improved recoveries in Egypt

• Replaced 89% and 68% of 2018 production (~5.3 MMboe) on a respective 1P and 2P gross reserve basis

2018 Reserves Summary  1P 2P 3P

2017 Year End Reserves (MMboe) 27.5 45.9 62.9

2018 Adds/Revisions 4.7 3.5 4.2

2018 Production ‐5.3

2018 Year End Reserves (MMboe) 26.9 44.1 61.8

Change vs Year End 2017 (%) ‐2.0% ‐4.0% ‐1.0%Production Replacement Ratio (%) – (ex A&D, economic factors) 89% 68% 88%

1. Based on GLJ evaluations effective 12/31/17 and 12/31/18. See Cautionary Statements – "Oil and Gas Information“ 4.  NPV’s GLJ evaluation effective 12/31/2018 forecast pricing2. Reserves are gross working interest reserves before royalties.  *           6 Mcf = 1 Boe3. Tables may not total due to rounding 

Year‐end Reserves Summary1,2,3,4 *

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NPV 10% Before tax $MM  Dec 31/18 $230 $339 $446

NPV 10% After tax $MM Dec 31/18 $227 $323 $421

DAILY PRODUCTION1

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2018 2019 GUIDANCE JANUARY 2019 FEBRUARY 2018

Egypt 12.1  Mbopd 11.6 ‐ 12.4 Mbopd ~13.0 Mbopd ~13.2 Mbopd

Canada 2.3  Mboepd* 2.4 ‐ 2.6 Mboepd* ~2.4 Mboepd* ~1.8 Mboepd*

Total Company 14.4 Mboepd* 14.0 ‐ 15.0 Mboepd* ~15.4 Mboepd* ~15.0 Mboepd*

1. See Cautionary Statements – "Forward‐Looking Information and Statements" and "Oil and Gas Information“

*         6 Mcf = 1 Boe.

Two Week TreaterRepair

Egypt Concessions

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• Five 100% WI Concessions• Three development/production concessions in the Eastern Desert (W. Bakr, W. Gharib and NW Gharib)

• Negotiating to amend, extend and consolidate the three Eastern Desert concessions in single new concession in 2019*

• Subject to approval of Egyptian authorities• Two exploration concessions in Western Desert

• 2018 Discovery in South Ghazalat – to move into development in 2019*• S. Alamein lease extension negotiations – access restrictions

CAIRO

West Gharib (100%)Development

West Bakr (100%)Development

South Ghazalat  (100%)Exploration

NW Gharib (100%)Appraisal/Development

South Alamein (100%)Exploration

SG‐6X discovery

*   See Cautionary Statements – "Forward‐Looking Information and Statements"

2018 Activity:• S. Ghazalat: drilled two exploration wells (one P&A)• SGZ‐6X discovery: tested 3,840 Bopd¹ 

combined from Upper  (~1,400 Bopd) and Lower (~2,400 Bopd) Bahariyareservoirs

• Declaration of commerciality submitted to EGPC

• Targeting production in H2, dependent on timing of development lease approval

Egypt Assets – Western Desert (S. Ghazalat)*

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S. GhazalatSGZ‐6X

Discovery

2019 Plan:• S. Ghazalat: appraise/develop SGZ‐6X discovery• Negotiating development lease with 

EGPC; anticipated in Q2• Seismic re‐processing for merging of data 

and better imaging• Several additional leads identified for 

follow‐up:• Potential Appraisal location• Potential additional lead

S.Ghazalat Lease Boundary

Top Bahariya Depth Structure (ft)

C.I.=20ft

SGZ‐06X Discovery

Potential Development Lease

1.  References in this presentation to production test rates are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commence production and declinethereafter and are not indicative of long term performance or of ultimate recovery. 

*   See Cautionary Statements – "Forward‐Looking Information and Statements“ and “Oil and Gas Information”

Eastern Desert: 3 PSCs all 100% WI* 

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1. Based on GLJ evaluations effective 12/31/18*See Cautionary Statements – "Forward‐Looking Information and Statements“ and “Oil and Gas Information**Subject to government approval

Exploration Well

Exploration Well

NWG‐38A pool appraisal

Infill drilling and workovers/optimization

Production:• 2019 guidance 11.6 to 12.4 Mbopd(12.0 Mbopd mid point)*

Reserves:• 1P – 15.9 MMbbl¹ at Dec 31, 2018• 2P – 25.7 MMbbl¹ at Dec 31, 2018

2019 Plan**• Merge eastern desert concessions into a single concession to optimize and extend

• Post consolidation, advance primary, secondary and tertiary development programs to increase recoveries and production*

M‐North

M‐South

M‐10 Twin

M‐19

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Existing Producers

2018 Drilling

2019 Drilling

West Bakr Concession – K/M/H‐Field*

H BlockK/M Block

Fields discovered and producing since early 1980s

• Acquired in 2011, producing ~3,500 Bopd

• Currently producing >7,000 Bopd

2019 Plan:Development:• Infill drilling (~3 locations; H/K/M Fields)• M 10 Twin drilled, producing ~495 Bopd in March

• Recompletions (~10 wells; H/K Fields)• Workovers (~7 wells; K Field)

Optimization:• Artificial lift upgrades• K station Phase 3 CPF upgrade• Flow line replacement

Exploration:• Test new structure in the H block• On trend with nearby discovery in 2018 (Rabul)

*   See Cautionary Statements – "Forward‐Looking Information and Statements“ and “Oil and Gas Information”

NW Gharib Concession – DL #1*

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2018 Plan• Drilled two  wells (38A‐3 and 38‐

7) down structure as potential injectors

• Extended the oil pool, both wells  producing oil 

2019 Plan:• Drilled NWG‐38A 8 as a potential injector well in Q1• Extended the pool• Cased as potential oil well• Completion/test this month

• Drill additional appraisal well or exploration well on the NW Gharib DL‐1 block ~Q2 – location to be finalized post Q1 injector results

NW GharibDevelopment 

Lease‐4

NW GharibDevelopment 

Lease‐1

NWG‐38ANWG‐3X

NWG‐16X

NWG‐26AST‐1

NWG‐27A

NWG‐27A‐1ST‐1

NWG‐38A‐1

NWG‐38A‐2 NWG‐38A‐3

2019 Drill

East Arta Lease

NWG‐38A‐7‐INJ

2019 Drill

Legend

Develop. Loc.

Oil Well

P&A

2019 Drill.

*   See Cautionary Statements – "Forward‐Looking Information and Statements“ and “Oil and Gas Information”

Canadian Assets – Window to NA Technology 

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2018 Program• Drilled 6 Hz Cardium oil wells (5 one mile, 1 two mile)• On production in Jan 20192019 Plan*• 4 HZ  Cardium well drill program (3 development in Harmattan and 1 outpost in Harmattan South)

Production• 2019 Guidance of 2.4 to 2.6 Mboed*

Canadian Lands – Harmattan 

• Land Position:  77,673 net acres           (86,918 gross acres) 

Crown RightsFreehold Rights

P+P LocationsOther Locations2018 drilling Locations   

Calgary

2018 Drilling

Reserves:• 1P – 11.0 Mmboe¹ at Dec 31, 2018• 2P – 18.4 Mmboe¹ at Dec 31, 2018• ~ 65% light oil and liquids

*   See Cautionary Statements – "Forward‐Looking Information and Statements“ and “Oil and Gas Information”1.   All reserves and net present value estimates based on GLJ evaluation effective 12/31/18, 6 Mcf = 1 Boe

SUMMARY

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Well Positioned to Grow• 2019 Plan designed to maximize free cash 

flow, for future value growth opportunities in and outside of Egypt

• 2019 production guidance of 14.0 – 15.0 Mboepd* (95% oil & liquids) 

• Inventory of low‐risk development growth in Egypt and Canada

• Potential new development in Western Desert (SGZ 6 discovery)

• High working interest in largely operated assets

• 82% of production referenced to Brent• Listed on the AIM June 29, 2018• Actively seeking acquisitions in Egypt and 

region and land acquisition in Canada• Strong balance sheet*      6 Mcf = 1 Boe

Q & A

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CAUTIONARY STATEMENTSForward‐Looking Information and Statements

• Certain statements included in this presentation constitute forward‐looking statements or forward‐looking information under applicable securities legislation. Such forward‐looking statements or information areprovided for the purpose of providing information about management's current expectations and plans relating to the future. Readers are cautioned that reliance on such information may not be appropriate forother purposes. Forward‐looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "may", "will", "would" or similar wordssuggesting future outcomes or statements regarding an outlook. In particular, forward‐looking information and statements contained in this document include, but are not limited to, anticipated drilling,completion and testing plans, including, the anticipated timing thereof, prospects being targeted by the Company, formations expected to be encountered during drilling, and rig mobilization plans; estimated netoil pay; expectation that current production rates will be optimized upon completion of a water injection scheme and stabilized reservoir pressures; the Company's anticipation that completion of the Phase 2 and3 of the K‐field facility expansion will double/triple the current fluid handling capacity respectively; expected future production from certain of the Company's drilling locations; TransGlobe's plans to drilladditional wells, including the types of wells, anticipated number of locations and the timing of drilling thereof; the timing of rig movement and mobilization and drilling activity; anticipated production andultimate recoveries from wells; the Company’s planned drilling program in each of Egypt and Canada; TransGlobe's plans to continue exploration, development and completion programs in respect of variousdiscoveries; future requirements necessary to determine well performance and estimated recoveries; the Company's beliefs related to the AIM market; and other matters.

• Forward‐looking statements or information are based on a number of factors and assumptions which have been used to develop such statements and information but which may prove to be incorrect. Althoughthe Company believes that the expectations reflected in such forward‐looking statements or information are reasonable, undue reliance should not be placed on forward‐looking statements because theCompany can give no assurance that such expectations will prove to be correct. Many factors could cause TransGlobe's actual results to differ materially from those expressed or implied in any forward‐lookingstatements made by, or on behalf of, TransGlobe.

• In addition to other factors and assumptions which may be identified in this news release, assumptions have been made regarding, among other things, anticipated production volumes; the timing of drilling wellsand mobilizing drilling rigs; the number of wells to be drilled; the Company's ability to obtain qualified staff and equipment in a timely and cost‐efficient manner; the regulatory framework governing royalties,taxes and environmental matters in the jurisdictions in which the Company conducts and will conduct its business; future capital expenditures to be made by the Company; future sources of funding for theCompany's capital programs; geological and engineering estimates in respect of the Company's reserves and resources; the geography of the areas in which the Company is conducting exploration anddevelopment activities; current commodity prices and royalty regimes; availability of skilled labour; future exchange rates; the price of oil; the impact of increasing competition; conditions in general economicand financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; future operating costs; uninterrupted access to areas of TransGlobe's operations andinfrastructure; recoverability of reserves and future production rates; that TransGlobe will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operatingexpenditures and requirements as needed; that TransGlobe's conduct and results of operations will be consistent with its expectations; that TransGlobe will have the ability to develop its properties in themanner currently contemplated; current or, where applicable, proposed industry conditions, laws and regulations will continue in effect or as anticipated as described herein; that the estimates of TransGlobe'sreserves and resource volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; the AIM market’s access to investors; the AIMmarket’s improvement to TransGlobe's corporate profile; the perceived benefits of the AIM market; and other matters.

• Forward‐looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially fromthose anticipated by the Company and described in the forward‐looking statements or information. These risks and uncertainties which may cause actual results to differ materially from the forward‐lookingstatements or information include, among other things, operating and/or drilling costs are higher than anticipated; unforeseen changes in the rate of production from TransGlobe's oil and gas properties; changesin price of crude oil and natural gas; adverse technical factors associated with exploration, development, production or transportation of TransGlobe's crude oil reserves; changes or disruptions in the political orfiscal regimes in TransGlobe's areas of activity; changes in tax, energy or other laws or regulations; changes in significant capital expenditures; delays or disruptions in production due to shortages of skilledmanpower, equipment or materials; economic fluctuations; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining requiredapprovals of regulatory authorities; fluctuations in foreign exchange or interest rates; environmental risks; ability to access sufficient capital from internal and external sources; failure to negotiate the terms ofcontracts with counterparties; failure of counterparties to perform under the terms of their contracts; failure to achieve the perceived benefits of the AIM market; general economic and financial conditions ofthe AIM market; and other factors beyond the Company's control. Readers are cautioned that the foregoing list of factors is not exhaustive. Please consult TransGlobe’s public filings at www.sedar.com andwww.sec.gov/edgar.shtml for further, more detailed information concerning these matters, including additional risks related to TransGlobe's business.

• The forward‐looking statements or information contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward‐lookingstatements or information, whether as a result of new information, future events or otherwise unless required by applicable securities laws. The forward‐looking statements or information contained in this newsrelease are expressly qualified by this cautionary statement.

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CAUTIONARY STATEMENTS

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FOFI and Other Financial Matters• This document also contains future oriented financial information ("FOFI") within the meaning of applicable securities laws, including but not limited to

the information regarding future capital expenditures, estimated working capital, internal rates of return, net present value, payout, recycle ratio, andfinding and development costs set forth on slides "2019 Plan, “2019 Capital Program” and “2018 Financial Highlights". The FOFI has been prepared byTransGlobe’s management to provide an outlook of the Company's activities and results. The FOFI has been prepared based on a number ofassumptions including those set forth in the presentation, the assumptions discussed above and assumptions with respect to the costs andexpenditures to be incurred by the Company, capital equipment and operating costs, foreign exchange rates, taxation rates for the Company, generaland administrative expenses and the prices to be paid for the Company's production. Management does not have firm commitments for all of the costs,expenditures, prices or other financial assumptions used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly,the complete financial effects of all of those costs, expenditures, prices and operating results are not objectively determinable. The actual results ofoperations of the Company and the resulting financial results will likely vary from the amounts set forth in the analysis presented in this presentation,and such variation may be material. The Company and its management believe that the FOFI has been prepared on a reasonable basis, reflecting thebest estimates and judgments, and represent, to the best of management's knowledge and opinion, TransGlobe's expected expenditures and results ofoperations. However, because this information is highly subjective and subject to numerous risks including the risks discussed above, it should not berelied on as necessarily indicative of future results. Except as required by applicable securities laws, TransGlobe undertakes no obligation to update suchFOFI and forward‐looking statements and information.

CAUTIONARY STATEMENTS

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Oil and Gas Information• The estimates of TransGlobe's December 31, 2018 reserves set forth in this presentation have been prepared by GLJ Petroleum Consultants (“GLJ"), an independent qualified reserves evaluator, as of

December 31, 2018 in accordance with National Instrument 51‐101 – Standards of Disclosure for Oil and Gas Activities ("NI 51‐101") and the Canadian Oil and Gas Evaluations Handbook (the "COGEHandbook" or "COGEH") and using GLJ's forecast prices and costs as at December 31, 2017. The estimates of TransGlobe's December 31, 2017 reserves were prepared by GLJ in accordance with NI 51‐101and COGEH and using GLJ's forecast prices and costs as at December 31, 2017. All of TransGlobe's reserves disclosed herein are heavy crude oil/medium crude oil/light crude oil, conventional natural gasor natural gas liquids. Light crude oil is crude oil with a relative density greater than 31.1 degrees API gravity, medium crude oil is crude oil with a relative density greater than 22.3 degrees API gravity andless than or equal to 31.1 degrees API gravity, and heavy crude oil is crude oil with a relative density greater than 10 degrees API gravity and less than or equal to 22.3 degrees API gravity.

• "Proved" or "1P" reserves are those reserves that can be estimated with a high degree of certainty to be recoverable. It is likely that the actual remaining quantities recovered will exceed the estimatedproved reserves. "Probable" or "2P" reserves are those additional reserves that are less certain to be recovered than proved reserves. It is equally likely that the actual remaining quantities recovered willbe greater or less than the sum of the estimated proved plus probable reserves.

• Estimates of the net present value of the future net revenue from TransGlobe's reserves do not represent the fair market value of such reserves. The estimates of reserves and future net revenue fromindividual properties or wells may not reflect the same confidence level as estimates of reserves and future net revenue for all properties and wells, due to the effects of aggregation. In this presentationNPV10 represents the net present value of net income discounted at 10%. The NPV estimates are net estimates and are prepared after the deduction of royalties and abandonment and reclamation costs.

• This presentation contains certain oil and gas metrics, including F&D, net pay, recycle ratios, production replacement ratio, reserve life index and internal rates of return ("IRR"), which do not havestandardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies and should not be used to makecomparisons. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of thefuture performance and future performance may not compare to the performance in previous periods and therefore such metrics should not be unduly relied upon. A summary of the calculations of suchmetrics are as follows:

• F&D is calculated as exploration and development costs incurred in the year adjusted for the change in estimated future development costs. The aggregate of the exploration and developmentcosts incurred in the most recent financial year and the change during that year in estimated future development costs generally will not reflect total finding and development costs related toreserves additions for that year.

• Recycle ratio is calculated by dividing the netback by the proved and proved plus probable finding and development cost on a per Bbl basis• IRR is calculated as the discount factor applied to future cash flows at which the NPV is calculated to be zero• Netback, for the purposes of calculating the recycle ratio, is defined as net sales less operating, exploration, selling, G&A (excluding non‐cash items), foreign exchange (gain) loss, interest and

current income tax expense per Bbl of production• "BOEs" may be misleading, particularly if used in isolation. A BOE conversion ratio of six thousand cubic feet of natural gas to one barrel of oil equivalent (6 mcf: 1 bbl) is based on an energy equivalency

conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared tonatural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

• The recovery and reserve estimates of reserves provided in this document are estimates only, and there is no guarantee that the estimated reserves will be recovered. Actual reserves may eventuallyprove to be greater than, or less than, the estimates provided herein. All evaluations and reviews of future net revenue are stated prior to any provision for interest costs or general and administrativecosts and after the deduction of royalties, development costs, production costs, well abandonment costs and estimated future capital expenditures for wells to which reserves have been assigned.

• Certain information in this document may constitute "analogous information" as defined in NI 51‐101. Such information includes production estimates, drilling results, test rates, reserves estimates andother information retrieved from the continuous disclosure record of certain industry participants from www.sedar.com, AccuMap or other publically available sources. Management of TransGlobebelieves the information is relevant as it may help to define the reservoir characteristics and production profile of lands in which TransGlobe may hold an interest. TransGlobe is unable to confirm that theanalogous information was prepared by a qualified reserves evaluator or auditor and is unable to confirm that the analogous information was prepared in accordance with NI 51‐101. Such information isnot an estimate of the production, reserves or resources attributable to lands held or to be held by TransGlobe and there is no certainty that the production, reserves or resources data and economicinformation for the lands held or to be held by TransGlobe will be similar to the information presented herein. The reader is cautioned that the data relied upon by TransGlobe may be in error and/or maynot be analogous to such lands held or to be held by TransGlobe.

• References in this presentation to production test rates, are useful in confirming the presence of hydrocarbons, however such rates are not determinative of the rates at which such wells will commenceproduction and decline thereafter and are not indicative of long term performance or of ultimate recovery. While encouraging, readers are cautioned not to place reliance on such rates in calculating theaggregate production for TransGlobe. A pressure transient analysis or well‐test interpretation has not been carried out in respect of all wells. Accordingly, TransGlobe cautions that the production testresults should be considered to be preliminary.

CAUTIONARY STATEMENTS

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• This presentation includes estimates of net pay which are considered to be anticipated results or information that indicate the potential value or quantities of resources under National Instrument 51‐101. Such estimates have been prepared by management of TransGlobe and have not been prepared or reviewed by an independent qualified reserves evaluator or auditor. The risks associated withthese estimates include, but are not limited to, the risk that TransGlobe's exploration and development drilling and related activities may provide different results; the risk that TransGlobe may encounterunexpected drilling results; the occurrence of unexpected events involved in the exploration for, and the operation and development of, oil and gas; delays in anticipated timing of drilling and completionof wells; geological, technical, drilling and processing problems and other difficulties in producing petroleum reserves; and the risk that if any resources are discovered that it will not be commerciallyviable to produce any portion thereof. There is no certainty that TransGlobe will achieve the estimated.

• Certain other information contained in this presentation has been prepared by third‐party sources, which information has not been independently audited or verified by TransGlobe. No representation orwarranty, express or implied, is made by TransGlobe as to the accuracy or completeness of the information contained in this document, and nothing contained in this presentation is, or shall be reliedupon as, a promise or representation by TransGlobe.

• This presentation discloses drilling locations that have associated proved and/or probable reserves based on GLJ’s 12/31/2018 evaluation prepared in accordance with NI 51‐101 and the COGE Handbookand using GLJ pricing forecasts as at 12/31/2018. Unbooked locations are internal estimates based on prospective acreage and an assumption as to the number of wells that can be drilled per sectionbased on industry practice and internal review. Unbooked locations do not have attributed reserves or resources. Unbooked locations have been identified by management as an estimation of theCompany’s multi‐year drilling activities based on evaluation of applicable geologic, seismic, engineering, production and reserves information. There is no certainty that the Company will drill allunbooked drilling locations and if drilled there is no certainty that such locations will result in additional oil and gas reserves, resources or production. The drilling locations on which the Company willactually drill wells is ultimately dependent upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoirinformation that is obtained and other factors. While certain of the unbooked drilling locations have been derisked by drilling existing wells in relative close proximity to such unbooked drilling locations,the majority of other unbooked drilling locations are farther away from existing wells where management has less information about the characteristics of the reservoir and therefore there is moreuncertainty whether wells will be drilled in such locations and if drilled there is more uncertainty that such wells will result in additional oil and gas reserves, resources or production.

• Mr. Darrin Drall, B.Sc., Mechanical Engineering – Engineering Manager for Technical Services for TransGlobe Energy Corporation, and a qualified person as defined in the Guidance Note for Mining, Oil and GasCompanies, June 2009, of the London Stock Exchange, has reviewed and approved the technical information contained in this presentation. Mr. Drall obtained a Bachelor’s of Science Degree in Mechanical Engineeringfrom the University of Manitoba. He is a member of APEGA, APEGS and SPE and has over 30 years’ experience in oil and gas.

• Certain type curves referred to in this document represent estimates of the production decline and ultimate volumes expected to be recovered from wells over the life of the well. The type curvesdisclosed herein are management (or 3rd party) generated type curves based on a combination of historical performance of older wells and management (or 3rd party’s) expectation of what might beachieved from future wells. The type curves represent what management (or 3rd party) thinks an average well will achieve. Individual wells may be higher or lower but over a larger number of wellsmanagement (or 3rd party) expects the average to come out to the type curve. Over time type curves can and will change based on achieving more production history on older wells or more recentcompletion information on newer wells.

Defined Terms

MM  millions of dollars PSCs  production sharing contracts. WI  working interest Bbl  barrels Bopd or bopd barrels of oil per day MMBbl million barrels Mcf thousand cubic feet MMcf million cubic feet MMBoe million barrels of oil equivalent Boepd barrels of oil equivalent per day 1P  proved reserves PDP  proved developed producing reserves PU  proved undeveloped reserves 2P  proved plus probable reserves 

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TRANSGLOBE ENERGY   Q4 and YEAR END 2018 RESULTS

March 13, 2019AIM & TSX:TGL NASDAQ:TGA