TRANSGLOBE ENERGY Q4 & YEAR-END 2017 RESULTS MARCH 7, 2018 TSX:TGL NASDAQ:TGA

TRANSGLOBE ENERGY Q4 & YEAR-END 2017 RESULTS MARCH 7, 2018 TSX:TGL NASDAQ:TGA

CAUTIONARY STATEMENT 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 materially from 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 contains forward-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. 2

2017 FINANCIAL HIGHLIGHTS Positive funds flow from operations of $55.6 MM ($0.77/share) vs. negative funds flow of $8.4 MM (negative $0.12/share) in 2016 Operating expense averaged ~$8.65/Bbl in in Egypt and ~$5.62/Boe* in Canada G&A costs averaged $2.69/Boe* on a produced barrel basis Spent $38.2 MM on capital expenditures in 2017 Ended year with $47.4 MM in cash and cash equivalents and $50.6 MM in working capital (excludes fair market value of crude held in inventory) Inventoried entitlement oil of ~0.8 MM Bbls at year end, a decrease of ~0.5 MM Bbls from 2016 2017 2016 4 % Change Production and Sales Egypt Oil Sold Bpd 14,165 11,075 28% Egypt Oil Produced Bpd 12,822 12,015 7% Canada Oil Bpd 589 18 nmf Natural Gas Mcfd 6,644 230 nmf NGLs Bpd 988 34 nmf Revenue Egypt Oil $/Bbl $44.55 $30.03 48% Canada Oil $/Bbl $48.67 $40.38 21% Natural Gas $/Mcf $1.70 $1.81-6% NGLs $/Bbl $21.31 $17.20 24% Operating Expenses Egypt $/Bbl $8.65 $9.88-12% Canada (1) $/Boe (2) $5.62 $8.50-24% G&A Expenses Gross $MM $16.0 $18.7-14% Sold Boe $/Boe $2.48 $4.29-42% Produced Boe $/Boe $2.69 $3.96-32% Egypt Crude Oil Inventory Ending Balance MMBbls 0.80 1.3-37% Equivalent Months (3) Months 5.1 7.1-28% Funds Flow from Operations $MM $55.6 -$8.4 nmf Net Income $MM -$78.7 -$87.7 10% 1. Includes transportation costs 2. Mcf converted at a ratio of 6:1 for purposes of calculating Boe 3. Months production is calculated based on last month in period. 4. The Q4-2016 information includes the results of the operations of the Harmattan assets in Alberta, Canada from December 20, 2016 to December 31, 2016 (12 days). The Harmattan assets were acquired in a transaction that closed on December 20, 2016 * 6 Mcf to 1 Boe 3

2018 KEY FINANCIAL FOCUS AREAS AND GUIDANCE 2018 production guidance of 14.2 to 15.6 Mboepd 1 Egypt 12.0 to 13.0 Mbopd in 2018 (12.8 Mbopd in 2017) Canada 2.2 to 2.6 Mboepd in 2018 (2.7 Mboepd 1 in 2017) Continued focus on increasing frequency of selling our entitlement barrels in Egypt Goal to further reduce inventoried crude oil from year-end level of ~800,000 Bbls 1 Reduced crude inventory by ~500,000 Bbls in 2017, a >35% reduction from 2016 Capital plan funded from cash flow budgeting run at $55 Brent 1 2018 capital budget of $41.3 MM (before capitalized G&A) Egypt $29.1 MM Canada $12.2 MM (C$15.3 MM) Heavy crude oil differentials improved in 2017 over 2015-2016. Differentials for Gharib Blend to Brent were <$10 for the last last half of 2017 Repaid $15.0 MM of the amount outstanding under the $75 MM prepayment agreement $60 MM remained outstanding at 12/31/17 Intend to further reduce debt in 2018 1. See Cautionary Statements "Forward-Looking Information and Statements" and "Oil and Gas Information". 4

2018 OPERATIONAL PLAN 1 TransGlobe 2018 Capital ($MM) EGYPT 8 well development program 5 in West Bakr, 2 in NW Gharib and 1 in West Gharib Steady Eastern Desert production Test independent structure at South Alamein to prove up additional oil reserves Test 4 independent structures on South Ghazalat and NW Sitra CANADA Execute 2018 Cardium oil drilling program consisting of 6 horizontal (multi-stage frac) wells Develop multi-year development plans representing stable and predictable production growth 1. See Cautionary Statements "Forward Looking Information and Statements" and "FOFI and Other Financial Measures". 5 Gross Well Count Development Exploration (Drilling) Total Concession Wells* Other Wells Other Development Exploration Total West Gharib 2.6 1.1 3.7 1 West Bakr 7.3 3.1 10.4 5 5 NW Gharib 2.4 0.9 3.3 2 2 NW Sitra 5.2 0.2 5.4 2 2 South Ghazalat 3.3 0.2 3.5 2 2 South Alamein 2.8 2.8 1 1 Egypt $12.3 $5.1 $11.3 $0.4 $29.1 8 5 13 Canada $11.2 $1.1 $12.2 6 6 2018 Total $23.4 $6.6 $11.3 $0.4 $41.3 14 5 19 Splits (%) 71% 29% 100% 74% 26% 100% * Wells include new wells, completions, workovers, recompletions and equipping.

YEAR-END RESERVES SUMMARY 1,2 2017 Reserves Summary 1P 2P 3P 2016 Year End Reserves (MMBoe) 29.9 50.0 65.9 2017 Adds/Revisions 3.4 1.6 2.4 2017 Production -5.7 2017 Year End Reserves (MMBoe) 27.6 45.9 62.5 Change vs Year End 2016 (%) -8.0% -8.0% -5.0% Production Replacement Ratio (%) (ex A&D, economic factors) 70 60 50 40 30 20 10 0 2016 Year End Reserves (mmbl) 2017 Year End Reserves (mmbl) 62% 30% 45% 1P 2P 3P Reserve Category Total proved plus probable ( 2P ) gross reserves of 45.9 Mmboe at year end 2017: 2P Reserves 8% lower YOY primarily due to production of ~5.7 MMboe during 2017 (~4.7 MMbbls Egypt & ~ 1.0 MMboe Canada) 2P Positive Adds/Revisions of 1.6 MMBoes of gross 2P reserves primarily attributed to; Egypt of +1.2 MMBbls due to improved performance Egypt of + 1.0 MMbbls attributed to NW Gharib discoveries Canada of +2.6 MMBoes attributed to undeveloped Cardium oil and extensions Offset by -3.1 MMBoes attributed to undeveloped Mannville gas which was deemed uneconomic at current natural gas price forecasts Replaced 62% and 30% of 2017 production (~5.7 MMboe) on a respective 1P and 2P gross reserve basis 1. Based on D&M evaluation effective 12/31/16 and GLJ evaluation 12/31/17. See Cautionary Statements "Oil and Gas Information 2. Reserves are Gross working interest reserves before royalties. 6 3. 6:1 BOE MCF.

Production (boepd)* DAILY PRODUCTION 1 20,000 TRANSGLOBE TOTAL DAILY 15,000 10,000 Canada 5,000 NWG West Bakr West Gharib 0 Feb-17 Apr-17 Jun-17 Aug-17 Oct-17 Dec-17 Feb-18 Q4 2017 2018 GUIDANCE JANUARY 2018 FEBRUARY 2018 Egypt 11.3 MBopd ~12.0-13.0 MBopd 11.6 MBopd 12.0 MBopd Canada 2.6* MBoepd ~2.2-2.6* MBoepd 2.6* MBoepd 2.5* MBoepd Total Company 13.8* MBoepd 14.2-15.6* MBoepd 14.2* MBoepd 14.5* MBoepd 1. See Cautionary Statements "Forward-Looking Information and Statements" and "Oil and Gas Information". * 6 Mcf to 1 Boe 7

INVESTMENT HIGHLIGHTS - EGYPT 1.075 Million gross acres of land 6 PSCs in Egypt (100% WI) 2017 production 12.8 MBopd Gross 2P reserves of 26.6 Mmbbl (12/31/17) 1 New developments in NWG 2018 Exploration & Development focus In Western Desert, complete 5 exploration wells (2 wells in SG, 2 wells in NWS & 1 well in SA) In Eastern Desert, sustain/develop producing concessions South Alamein (100%) Exploration & Development NW Sitra (100%) Exploration South Ghazalat (100%) Exploration CAIRO West Bakr (100%) NW Gharib (100%) Appraisal Development Growth Underway West Gharib (100%) 1. See Cautionary Statements Oil and Gas Information ; Based on GLJ evaluation effective 12/21/17. 8

WEST GHARIB/WEST BAKR/NWG: 100% WI - OPERATED Eastern Desert Production 2017 average rate 12.8 Mbopd 2018 production guidance of 12.0 to 13.0 Mbopd 2018 Plan 1 Drill 8 development wells (5 WB, 2 NWG & 1 WG) WB development/optimization includes 5 dev wells, 8 recompletions and pump optimization NWG development/appraisal, implement water flood in NWG 38 pool WG development/optimization including 1 dev well, recompletions and pump optimization 1. See Cautionary Statements "Forward-Looking Information and Statements" 9

EASTERN DESERT DEVELOPMENT K-SOUTH PLAN K-31 K-45 Existing Wells 2018 Drilling Future Locations Negotiated access from the military in late 2015 Drilled K-47, K-48 and K-51 during 2016/17 Completed in Upper ASL AI sands Initiated central production facility upgrades at K & H Stations Phase 1 complete in Sept/2017 to upgrade process Phase 2 to double fluid capacity target March 2018 Phase 3 to add a 3 rd train (triple capacity) summer 2018 Early 2018 K-46 drilled and cased with 111 ft of total net oil pay in ASL A (1, 2 & 3) and ASL B K-46 Completion March 2018 K-45 scheduled for Q2-2018 10

M-MESEDA ASL A TOP STRUCTURE & WELL LOCATIONS Existing Wells 2018 Drilling Agreement in principle with GPC to drill 2 wells each, inside the 250m boundary M-North & M-South Waiting on approvals Drill late Q2-2018 Possible twin/recomplete M-19 in ASL A Currently an ASL D oil well producing 350 Bopd GPC TG West Bakr 11

EGYPT ASSETS: WESTERN DESERT Three operated 100% WI concessions (1.03 million acres) Acquired 1000 km 2 of seismic over South Ghazalat and NW Sitra (2015-2017) Prospect inventory completed and 4 locations identified for drilling in 2018 A newly identified Jurassic prospect in South Alamein to be drilled in 2018 12

NWS: CRETACEOUS PROSPECTS Proposed Drill Locations Locations De-Risked W/ Success NWS-12X Cretaceous/Jurassic Structure Map: Top Bahariya CI: 50ft 5KM 13 13 NWS-09X - Cretaceous

CANADIAN ASSET PORTFOLIO (AVG WI ~88%) Canadian Lands Land Position: 74,924 net acres (85,193 gross acres) Production: 2.7 MBoepd 1 (Q4/17) (62% liquids-weighted) 2P Reserves: 19.3 MMBoe 2,3 (65% liquids-weighted) Producing Gross Locations 4 Wells Boepd 1 2P Cardium 40 1,036 30 Ellerslie/Mannville 61 1,149 17 Other 22 529 0 *Of Total which 85 are HZ wells 120* 2,714 40 1. Average production for January 2017. 2. See Cautionary Statements Oil and Gas Information ; All reserves and net present value estimates in respect of the Canadian acquisition based on GLJ evaluation effective 12/31/17. 3. See Cautionary Statements "Forward-Looking Information and Statements". 4. Booked drilling locations based on GLJ evaluation effective 12/31/17 14 3 Cardium HZ wells drilled July/August 2017 and completed September/October with 40 stage (15 t/stage) on 1 mile HZ s New wells placed into production mid-october Acquired 1,600 acres of Cardium rights at Crown Land sales - ~10 locations 6 HZ well drill program planned for 2018 Production can be increased materially through development of existing locations 3

CANADA: ONE YEAR IN REVIEW Acquired December 2016 for $60MM (C$80MM) Closed December 20 th, 2016 Took over field operations Feb 1 st, 2017 ATB Facility in place Q2 2017, paid out VTB loan Production averaged 2.7 Mboepd* in 2017 Drilled 3 Cardium Hz multi-stage frac oil wells in Q3-2017 to evaluate the development model Under budget at $2.0 MM/well (C$2.5MM), lower FDC/well Increased well performance (more frac s) vs. historical wells (2012-2014) Reduced operating costs 31% from $8.41/Boe* in 2016 to $5.60/Boe* in 2017 Negotiated reduced FH royalties on nine undrilled spacing units Acquired additional Crown land in Harmattan Area Year End 2017 Increase in NPV10, despite removing 3.1MM Boe (2P) of undeveloped Mannville Gas, primarily due to low gas prices Proved NPV 10% of $94 MM up 81% from 2016 ($52 MM) Proved plus Probable (2P) NPV 10% of $134 MM up 57% from 2016 ($85 MM) * 6 Mcf to 1 Boe 15

SUMMARY Well Positioned to Grow 2018 production guidance of 14.2 15.6 Mboepd* (95% oil & liq) 1 Inventory of low-risk development growth in Egypt and Canada, plus high-impact exploration in Egypt High working interest in largely operated assets Scalable growth in a rising commodity price environment (torque to oil) Actively seeking acquisitions in Egypt and region and land acquisition in Canada Strong balance sheet Share price has lagged oil price recovery * 6 Mcf to 1 Boe 1. See Cautionary Statements Oil and Gas Information ; Based on D&M evaluation effective 12/21/16. 16

Q & A 17

CAUTIONARY STATEMENTS Forward-Looking Information and Statements Certain information regarding TransGlobe set forth in this document contains forward-looking information or statements (collectively, "forward-looking statements") that involve substantial known and unknown risks and uncertainties. The use of any of the words "plan", "expect", prospective, "project", "intend", "believe", "should", "anticipate", "estimate" or other similar words, or statements that certain events or conditions "may" or "will" occur are intended to identify forward-looking statements. Such statements represent TransGlobe's internal projections, estimates or beliefs concerning, among other things, future growth, commodity price forecasts, diversification, results of operations, reserves (including estimated recoveries), plans for and results of drilling activites, production, future capital and other expenditures, business prospects and opportunities and other matters. These statements are only predictions and actual events or results may differ materially. Although the Company s management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause TransGlobe's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, TransGlobe. In particular, forward-looking statements contained in this document include, but are not limited to plans for and results of the prepayment agreement and repayment of the convertible debentures; terms of the prepayment agreement and marketing agreement; anticipated drilling and completion plans; exploration and development activities and estimated costs of the foregoing; 2017 production; TransGlobe's plans for future acquisitions; potential results and production from future developments; capital expenditure estimates; reserves estimates (including estimated recoveries); the anticipated benefits of third party processing arrangements; anticipated trends in drilling and completion costs and related savings; expected reduction of geological risk exposure; anticipated decline rates and the resulting benefits; and realization of the anticipated benefits of diversification. Statements relating to "reserves" and "resources" are forward-looking statements, as they involve the implied assessment, based on estimates and assumptions that the reserves and resources described exist in the quantities predicted or estimated and can be profitably produced in the future. These forward-looking statements are subject to numerous risks and uncertainties, including but not limited to, risks associated with oil and gas exploration, development, exploitation, production, marketing and transportation; loss of markets; economic and political instability, volatility of commodity prices, currency and interest rate fluctuations, imprecision of reserve and resource estimates; environmental risks; competition from other producers; inability to retain drilling rigs and other services; the impact of general economic conditions; industry conditions including changes in laws and regulations including adoption of new environmental laws and regulations, and changes in how they are interpreted and enforced; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; risks related to obtaining required approvals of regulatory authorities; risks associated with negotiating with governments; changes in income tax laws, tax rates and/or incentive programs relating to the oil industry; changes to pipeline capacity; ability to access sufficient capital from internal and external sources; failure of counterparties to perform under the terms of their contracts; incorrect assessment of the value of acquisitions; and other factors, many of which are beyond the control of the Company. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could effect TransGlobe's operations and financial results are included in reports on file with Canadian and United States securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com) or the EDGAR website at and www.sec.gov/edgar.shtml. Although the forward-looking statements contained in this document are based upon assumptions which management believes to be reasonable, the Company cannot guarantee that actual results will be consistent with these forward-looking statements. With respect to forward-looking statements contained in this document, TransGlobe has made assumptions regarding, among other things: current commodity prices and royalty regimes; availability of skilled labour; future growth; timing and amount of capital expenditures; future currency, exchange and interest rates; future commodity prices; the impact of increasing competition; conditions in general economic and financial markets; availability of drilling and related equipment; effects of regulation by governmental agencies; receipt of partner, regulatory and community approvals; royalty rates; future operating costs; effects of regulation by governmental agencies; uninterrupted access to areas of TransGlobe's operations and infrastructure; recoverability of reserves and future production rates; timing of drilling and completion of wells; drilling results; the ability of the operator of the projects which the Company has an interest in to operate the field in a safe, efficient and effective manner; the ability of the Company and Mercuria to successfully market and receive payment for its oil and natural gas product; field production rates and decline rates; the ability to replace and expand oil and natural gas reserves through acquisition, development and exploration; on-stream timing of production from successful exploration wells; operational performance of non-operated producing fields; pipeline capacity; that TransGlobe will benefit from diversification; that TransGlobe will have sufficient cash flow, debt or equity sources or other financial resources required to fund its capital and operating expenditures 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 oil and gas properties in the manner 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 reserves volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; that TransGlobe will be able to fulfill the contractual obligations required to retain its rights to explore, develop and exploit any of its undeveloped properties; and other matters. Management has included the above summary of assumptions and risks related to forward-looking information provided in this document in order to provide investors with a more complete perspective on TransGlobe's current and future operations and such information may not be appropriate for other purposes. TransGlobe's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do, what benefits TransGlobe will derive. These forward-looking statements are made as of the date of this document and TransGlobe disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws. The forward-looking statements contained in this presentation are expressly qualified by this cautionary statement. 18

CAUTIONARY STATEMENTS 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, and finding and development costs set forth on slides "2017 Operational Plan", "Canada Type Curve Economics C$" and "Balance Sheet Summary". The FOFI has been prepared by TransGlobe s management to provide an outlook of the Company's activities and results. The FOFI has been prepared based on a number of assumptions including those set forth in the presentation, the assumptions discussed above and assumptions with respect to the costs and expenditures to be incurred by the Company, capital equipment and operating costs, foreign exchange rates, taxation rates for the Company, general and 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 of operations 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 the best estimates and judgments, and represent, to the best of management's knowledge and opinion, TransGlobe's expected expenditures and results of operations. However, because this information is highly subjective and subject to numerous risks including the risks discussed above, it should not be relied on as necessarily indicative of future results. Except as required by applicable securities laws, TransGlobe undertakes no obligation to update such FOFI and forward-looking statements and information. 19

CAUTIONARY STATEMENTS Oil and Gas Information The estimates of TransGlobe's December 31, 2016 reserves set forth in this presentation have been prepared by DeGolyer and MacNaughton Canada Limited ("D&M"), an independent qualified reserves evaluator, as of December 31, 2016 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 "COGE Handbook" or "COGEH") and using D&M's forecast prices and costs as at December 31, 2016. The estimates of TransGlobe's December 31, 2015 reserves set forth in this presentation have been prepared by D&M as of December 31, 2015 in accordance with NI 51-101 and COGEH and using D&M's forecast prices and costs as at December 21, 2015. All of TransGlobe's reserves disclosed herein are heavy crude oil/medium crude oil/light crude oil, conventional natural gas or 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 and less 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 estimated proved 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 will be 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 from individual 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 presentation NPV10 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, recycle ratios, production replacement ratio, reserve life index and internal rates of return ("IRR"), which do not have standardized 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 make comparisons. 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 the future 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 such metrics 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 development costs 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 to reserves 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 Reserve life index is calculated as 2P reserves divided by production at 3,100 Boepd, Sept 2016 Production replacement ratio is calculated as reserve additions (excluding the Canadian acquisition) during the year divided by the annual production. 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 to natural 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 eventually prove 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 administrative costs 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 and other information retrieved from the continuous disclosure record of certain industry participants from www.sedar.com, AccuMap or other publically available sources. Management of TransGlobe believes 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 the analogous 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 is not 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 economic information 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 may not be analogous to such lands held or to be held by TransGlobe. 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 or warranty, 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 relied upon as, a promise or representation by TransGlobe. 20

CAUTIONARY STATEMENTS This presentation discloses drilling locations that have associated proved and/or probable reserves based on D&M 12/31/2016 evaluation prepared in accordance with NI 51-101 and the COGE Handbook and using D&M pricing forecasts as at 12/31/2016. Unbooked locations are internal estimates based on prospective acreage and an assumption as to the number of wells that can be drilled per section based 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 the Company 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 all unbooked 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 will actually drill wells is ultimately dependent upon the availability of capital, regulatory approvals, seasonal restrictions, oil and natural gas prices, costs, actual drilling results, additional reservoir information 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 more uncertainty 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. 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 curves disclosed herein are management-generated type curves based on a combination of historical performance of older wells and management's expectation of what might be achieved from future wells. The type curves represent what management thinks an average well will achieve. Individual wells may be higher or lower but over a larger number of wells management 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 recent completion information on newer wells. Defined Terms MM PSCs WI Bbl Bopd or bopd MMBbl Mcf MMcf MMBoe Boepd 1P PDP PU 2P millions of dollars production sharing contracts. working interest barrels barrels of oil per day million barrels thousand cubic feet million cubic feet million barrels of oil equivalent barrels of oil equivalent per day proved reserves proved developed producing reserves proved undeveloped reserves proved plus probable reserves 21

TRANSGLOBE ENERGY Q4 & YEAR-END 2017 RESULTS MARCH 7, 2018 TSX:TGL NASDAQ:TGA 22