Canadian Operations and 2020 Budget WebcastTransGlobe Energy | Canadian Operations and 2020 Budget Webcast | February 6 2020 Slide 4 In 2020 we are focused on • Building on our 2019

www.trans-globe.com

AIM & TSX:TGL NASDAQ:TGA

Canadian Operations and 2020 Budget Webcast

February 6 2020

CAUTIONARY STATEMENT

TransGlobe Energy | Canadian Operations and 2020 Budget Webcast | February 6 2020 Slide 2

The information provided in this presentation is provided as of February 6, 2020 for informational purposes only, is not complete, is based (in part) on information prepared forinternal evaluation purposes and may not contain certain material information about TransGlobe Energy Corporation ("TransGlobe", "TGL", "TGA" or the "Company"), includingimportant disclosures and risk factors associated with the information disclosed in this presentation. This presentation does not constitute an offer to sell or a solicitation of anoffer to buy any security in Canada, the United States, the United Kingdom or any other jurisdiction. The content of this presentation has not been reviewed or approved by anysecurities commission or regulatory authority in Canada, the United States, the United Kingdom or any other jurisdiction. TransGlobe expressly disclaims any duty to makedisclosure or any filings with any securities commission or regulatory authority, except as required by applicable securities laws. See "Cautionary Statements" beginning on slide14 for other important disclosures regarding forward looking information, financial outlook and other financial matters, oil and gas information and other important information.

All dollar values are expressed in US dollars unless otherwise stated.

All production and reserves are company gross working interest share of volumes before deduction of royalty unless otherwise stated.

Please see the table entitled “Production Disclosure” at the end of this presentation for the detailed constituent product types and their respective quantities measured atthe first point of sale for all production amounts disclosed in this presentation on a Bopd and Boepd basis.

INTRODUCTION

Slide 3

• 2019 was a great year operationally – ultimately exceeded our mid-point guidance by over 10% and added 7 MMboe to 2P reserves

• 2020 budget was designed to be a building block for expansion in both Egypt and Canada in 2021 and beyond

• Success in South Harmattan has elevated the Canadian asset portfolio

• Egypt PSC consolidation negotiations are prolonged but we continue to have high confidence in a successful resolution

• Learnings in Canada will be directly applicable to growth aspirations in Egypt

TransGlobe Energy | Canadian Operations and 2020 Budget Webcast | February 6 2020

2020 PRODUCTION AND CAPITAL GUIDANCE


In 2020 we are focused on

• Building on our 2019 success at South Harmattan with 4 development wells to further grow production and cash flow, and reduce uncertainty

• Replacing Egypt production and positioning for growth post conclusion of negotiations

• Expanding our portfolio in both the Eastern and Western Desert of Egypt through targeted exploration

-

5,000

10,000

15,000

20,000

Q1 Q2 Q3 Q4

Working Interest 2020E Production (Boepd)

0

2

4

6

8

10

12

14

Q1 Q2 Q3 Q4

2020E Capital Spend, US$MM

Egypt Canada

TransGlobe Net Capital (US$MM) Gross Well Count

ConcessionDevelopment Exploration Total New Drills Total

WellsWells Other1 Wells Capex Devt Expln

West Gharib 4.9 0.7 - 5.6 4 - 4

West Bakr 6.2 1.8 1.2 9.2 4 1 5

NW Gharib 3.1 0.1 2.4 5.6 3 2 5

South Ghazalat 1.5 0.1 1.8 3.3 1 1 2

Egypt 15.7 2.7 5.4 23.7 12 4 16

Canada 11.4 2 - 13.4 4 - 4

Total 27.1 4.7 5.4 37.1 16 4 20

1. Other includes workovers, recompletions and maintenance. Also seismic within exploration categories.

SOUTH HARMATTAN RESOURCE FAIRWAY

Slide 5

HARMATTAN

TGL Cardium Rights

• TransGlobe has accumulated 18.5 sections of Cardium mineral rights

― Each block or section is equivalent to 1 square mile (640 acres or 256 hectares) and may accommodate up to four 1-mile horizontal wells

• Lands, or mineral rights, are principally leased from the provincial government

― Horizontal drilling royalty incentives reduce royalties to 5% until well costs are recovered

• Company’s 2-20 well targeted a concept developed by TransGlobe’s technical team in area previously considered to be in a hydrocarbon transition zone

― 2-20 well estimated IP30 of 417 Boepd, IP60 of 341 Boepd

― Well de-risks South Harmattan Cardium resource fairway

• Highly developed area, with access roads, gas pipeline capacity and oil takeaway facilities

• TransGlobe 2020 program includes three 2-mile horizontal wells offsetting 2-20 plus one 1-mile horizontal step out

― 40% increase in reservoir footage over 2019 program

• Up to 72, 1-mile horizontal locations at South Harmattan that may be optimized with additional 2-mile and 1½-mile horizontals

• A further 30, 1-mile horizontal locations available in its core Harmattan asset

HARMATTAN

LOCHEND

LOCHEND

~30 km NW of Calgary

2-20 2-mile horizontal well

SOUTHHARMATTAN

FAIRWAY


SOUTH HARMATTAN TYPE WELLS AND 2-20 FORECAST

Slide 6

• De-risked South Harmattan resource fairway offers material returns and capital efficiencies

• Rapid redeployment of capital to South Harmattan in 2020 as first step to growing cash flow and reducing uncertainty

• South Harmattan 2-20 well production and cash flow forecast compares favourably with Company type well estimates for 1-mile and 2-mile horizontals in the core Harmattan acreage

• Scope to materially grow self-funded Canadian free cash flow


Capital F&D Netback *Recycle

Ratio Payout IRR NPV10

(MMUSD) ($/boe) ($/boe) X (yrs) (%) (MMUSD)

1 Mile Type Well 2.0 9.58 35.24 3.7 3.7 24 1.0

2 Mile Type Well 3.1 7.33 34.78 4.7 2.7 31 2.1

2-20 3.0 6.85 34.35 5.0 1.9 49 2.9

* Netback in the first year

NOTE: Price forecast is 55 $/bbl WTI and 1.13 $/MMbtu AECO

• Based on an average Canadian peer group valuation, and TransGlobe’s Canadian 2020 production guidance of 2,700 Boepd(midpoint), the Canadian assets have an implied value of US$49 million

‒ Relative to TransGlobe’s current trading value of ~US$5,900/Boepd, there is implied upside of approximately US$33 million to reach the peer average

• Based on TransGlobe’s current valuation metric and 2020 Egyptian production guidance of 12,300 bbl/d (midpoint), the market assigns a value to the Egyptian assets of US$73 million

• TransGlobe continues to develop its acreage positions in both Egypt and Canada, effectively allocating capital across its portfolio

‒ Success at South Harmattan has allowed the Company to design its 2020 drilling program to further de-risk its land position maximizing shareholder value

$5,926

$29,863

$23,479

$20,625

$14,653 $14,642

$12,737

$10,823

TransGlobe Peer 1 Peer 2 Peer 3 Peer 4 Peer 5 Peer 6 Peer 7

EV

/bo

e/d

(US$

20

20

E)

Source: Canaccord Genuity, Canadian Energy Weekly, February 3, 2020, converted to US$. TransGlobe metrics are based on the mid-point of 2020 guidance.Peers are Canadian small- and mid-cap oil-weighted energy companies

COMPARISON TO CANADIAN PEERS

Slide 7

Mean: US$18,117

TransGlobe’s Canadian oil-weighted peers trade at a significant premium in terms of EV/Boepd


YEAR-END RESERVES SUMMARY 1,2,3,4,*

Total proved plus probable (“2P”) gross reserves of 45.3 MMboe at year-end 2019:

• 2019 production of ~5.8 MMboe (~5.0 MMbbls Egypt and ~0.8 MMboe Canada)

• 2P Reserves are 3% higher YOY

• PDP Reserves are 6% higher YOY following the conversion of 1P undeveloped reserves‒ This results in 1P being 5% lower YOY

• 2P Positive Adds/Revisions of 7.0 MMboeof gross 2P reserves‒ drilling additions in both Egypt and Canada

‒ improved performance from production optimization in Egypt

• Replaced 119%, 82% and 135% of 2019 production on a PDP, 1P and 2P gross reserves basis, respectively

2019 Reserves Summary PDP 1P 2P 3P

2018 Year End Reserves (MMboe) 17.5 26.9 44.1 61.8

2019 Adds/Revisions 6.8 4.3 7.0 7.3

2019 Production -5.8

2019 Year End Reserves (MMboe) 18.5 25.4 45.3 63.3

Change vs Year End 2018 (%) 6.0% -5.0% 3.0% 2.0%

Production Replacement Ratio (%) – (ex A&D, economic factors)

119% 82% 135% 158%

NPV 10% Before tax $MM Dec 31/19 $161 $200 $298 $393

NPV 10% After tax $MM Dec 31/19 $161 $198 $288 $376

1. Based on GLJ evaluations effective 12/31/18 and 12/31/19. See Cautionary Statements – "Oil and Gas Information“ 4. NPV’s GLJ evaluation effective 12/31/2019 forecast pricing2. Reserves are Gross working interest reserves before royalties. * 6 Mcf = 1 boe3. Tables may not total due to rounding


CALL TAKEAWAYS

Slide 9

• 2019 exceeded expectations‒ Egyptian well performance was better than expected, resulting in 3 upward revisions to production guidance

‒ South Harmattan 2-20 well surprised to the upside

• 2020 production guidance is cautious given short production history of new wells and Egyptian drilling activity weighted to the second half of the year

• South Harmattan is potentially significant to the Company‒ Provided ability to shift capital to Canada and create near-term value to shareholders that will help maintain or

increase real returns to our shareholders

• Decreasing uncertainty in Canada to maximize shareholder value‒ Canadian production guidance of 2,700 Boepd has potential value of US$49MM, based on Canadian peer group

average trading metrics

• Tangible progress toward signing concession agreements in Egypt‒ Scheduled to ramp-up capital program in the second half of 2020


APPENDIX

APPENDIX – ARECONCILIATION OF CHANGES IN RESERVES

Slide 11

• The following tables detail reconciliation of the changes in TransGlobe’s gross light and medium crude oil, heavy oil, associated and non-associated (combined) conventional natural gas and NGL reserves as at December 31, 2019 compared to such reserves as at December 31, 2018.


APPENDIX – ARECONCILIATION OF CHANGES IN RESERVES

Slide 12TransGlobe Energy | Canadian Operations and 2020 Budget Webcast | February 6 2020

APPENDIX – BPRODUCTION DISCLOSURE

Slide 13TransGlobe Energy | Canadian Operations and 2020 Budget Webcast | February 6 2020

CAUTIONARY STATEMENTS


Slide 15

Forward-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 are provided 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 for other purposes. Forward-looking statements or information typically contain statements with words such as "anticipate", "believe", "expect", "plan", "intend", "estimate", "may", "will", "would" or similar words suggesting future outcomes or statements regarding an outlook. In particular, forward-looking information and statements contained in presentation include, but are not limited to, statements relating to "reserves" which are, by their nature, forward-looking statements, as they involve the implied assessment, based on certain estimates and assumptions that the reserves or resources, as applicable, described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future; expected production amounts and decline rates in the future; the expected product types and quantities of such product types; the plans for the Company's 2020 Canadian drilling program and the details thereof; the Company's expectation relating to the performance of the South Harmattan Cardium prospect; and other matters. The recovery and reserve estimates of TransGlobe's reserves provided in this presentation are estimates only and there is no guarantee that the estimated reserves will be recovered.

• 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. Although the 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 the Company 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-looking statements made by, or on behalf of, TransGlobe.

• In addition to other factors and assumptions which may be identified in this presentation, assumptions have been made regarding, among other things, anticipated production results, volumes and decline rates; the timing of drilling wells and 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 the Company'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 and development 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 economic and 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 and infrastructure; 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 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 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 in this presentation; that the estimates of TransGlobe's reserves and resource volumes and the assumptions related thereto (including commodity prices and development costs) are accurate in all material respects; 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 from those 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-looking statements 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; changes in 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 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; competition; lack of availability of qualified personnel; the results of exploration and development drilling and related activities; obtaining required approvals 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 of contracts with counterparties; failure of counterparties to perform under the terms of their contracts; 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 and www.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 presentation are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements 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 presentation are expressly qualified by this cautionary statement.



Slide 16

Financial Outlook

• This document also contains financial outlook within the meaning of applicable securities laws, including but not limited to the information regarding future capital expenditures, estimated finding and development costs, netbacks, recycle ratio, payout, internal rates of return, and net present value. The financial outlook has been prepared by TransGlobe's management to provide an outlook of the Company's activities and results. The financial outlook has been prepared based on a number of assumptions including those set forth below in this 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 financial outlook 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 financial outlook 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 financial outlook and forward-looking statements and information. See "Economic Assumptions" below for a description of the key assumptions underlying the calculation of certain financial outlook disclosed in this presentation.

• On slide 7, the implied value attributed to the Canadian assets is calculated as the product of 2,700 Boepd multiplied by the mean trading multiple of ~US$18,117 for the selected peer group. Also on slide 7, the implied upside of approximately US$33 million is calculated as the product of 2,700 Boepd multiplied by the difference between the mean trading multiple of ~US$18,117 for the selected peer group and the disclosed TransGlobe trading multiple of ~US$5,900. Such values do not represent the fair market value of TransGlobe's Canadian assets. The disclosed values are estimates only; the fair market values of such assets may prove to be greater than, or less than, the estimates disclosed.



Slide 17

Oil and Gas Information

• 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 Gas Companies, 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 Engineering from the University of Manitoba. He is a member of APEGA, APEGS and SPE and has over 30 years' experience in oil and gas.

• Reserves. The estimates of TransGlobe's December 31, 2019 reserves set forth in this presentation have been prepared by GLJ Petroleum Consultants ("GLJ"), an independent qualified reserves evaluator, as of December 31, 2019 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 GLJ's forecast prices and costs as at December 31, 2018. See TransGlobe's news release dated February 5, 2020 entitled "TransGlobe Energy Corporation Announces its 2020 Capital Budget and 2019 Year-End Reserves" available at www.trans-globe.com/news for more details concerning the reserves set forth in this presentation.

• 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 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.

• The recovery and reserve estimates of reserves provided in presentation 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 in this presentation.

• Oil and gas metrics. This presentation contains certain oil and gas metrics, including F&D, netback, recycle ratio, payout, and internal rates of return ("IRR"), which do not have standardized meanings or standard methods of calculation. 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 calculated by the Company and included in this presentation 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. The following describes the method used to determine the metric and explains the meaning of the metric:

• "Finding and development costs" or "F&D costs" are calculated by dividing the sum of the capital expenditures for the year (in dollars) by the additions to reserves within the applicable reserves category.

• Netback is a measure of operating results and is calculated as sales net of royalties, operating expenses, current taxes and selling costs. Management believes that netback is a useful supplemental measure to analyze operating performance and provide an indication of the results generated by the Company’s principal business activities prior to the consideration of other income and expenses.

• Recycle ratio is calculated by dividing the netback by the proved and proved plus probable finding and development costs on a per bbl basis.

• Payout is calculated as the period of time by which all costs of drilling, completions, and tie-in for a well or wells have been recovered from the sale of production (net of operating costs and royalties) from a well or wells.

• IRR is calculated as the discount factor applied to future cash flows at which the NPV is calculated to be zero.

• See "Economic Assumptions" below for a description of the key assumptions underlying the calculation of certain oil and gas metrics disclosed in this presentation.


http://www.trans-globe.com/news


Slide 18

• Analogous information. Certain information in presentation 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 publically available information relating to certain industry participants, including AccuMap and 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 in this presentation. 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.

• Production results. References in this presentation to production results over a 30 and 60 day period 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 decline thereafter and are not indicative of long term performance or of ultimate recovery. Readers are cautioned not to place reliance on such rates in calculating the aggregate production for TransGlobe or any of its wells. A pressure transient analysis or well-test interpretation has not been carried out in respect of the highlighted well. Accordingly, TransGlobe cautions that the production results for the highlighted well should be considered to be preliminary.

• Third party sources. Certain other information contained in this presentation has been prepared by third-party sources, including the Canadian Energy Weekly published by Canaccord Genuity on February 3, 2020. Such 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 that publication, and nothing contained in this presentation is, or shall be relied upon as, a promise or representation by TransGlobe as to the accuracy or completeness of that information.

• Drilling locations. This presentation discloses drilling locations that have associated proved and/or probable reserves based on GLJ's 12/31/2019 evaluation prepared in accordance with NI 51-101 and the COGE Handbook and using GLJ pricing forecasts as at 12/31/2019. Nineteen (one-mile equivalents) of the drilling locations have been assigned proved reserves and 8.5 (one-mile equivalents) of the drilling locations have been assigned probable reserves by GLJ in the evaluation. The remainder of the drilling locations disclosed in this presentation are unbooked locations located on the Company's leases which are internal estimates based on an assumption as to the number of wells that potentially could 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 potential future drilling activities based on an 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. The unbooked drilling location disclosure contained in this presentation was prepared in accordance with COGEH by a non-independent qualified reserves evaluator as defined in NI 51-101.



Slide 19

• Type curves. TransGlobe has presented certain type curves and well economics for the Harmattan area type wells and the Company's South Harmattan 2-20 well. The type curves are TransGlobe's internally prepared estimates of theproduction decline and ultimate volumes expected to be recovered from wells over the life of the well. The type curves presented are based on production history from analogous Cardium developments located in close proximity to theHarmattan area and the Company's South Harmattan 2-20 well. Individual wells may be higher or lower but over a larger number of wells, TransGlobe expects the average to come out to the type curve. Over time type curves can and willchange based on achieving more production history on older wells or more recent completion information on newer wells. The type curve disclosure contained in this presentation was prepared in accordance with COGEH by a non-independent qualified reserves evaluator as defined in NI 51-101. The following sets out the key inputs underlying the type curves and well economics on slide 6:


Type Curve Inputs1-Mile Type Well 2-Mile Type Well

Drill, complete, equip, and tie-in capital (US$MM) 2.0 3.1EUR (Raw gas) (Bcf) 0.4 0.8EUR (MMBoe) 0.2 0.4

5.35 5.24Hz length (m) 1,500 3,100Frac intensity (T/m) 0.4 0.4

• Economic assumptions. The following sets out the key assumptions underlying the calculation of certain financial outlook and oil and gas metrics disclosed in this presentation:

‒ Oil Price - $55 USD/bbl WTI with a $5 USD/bbl differential to Edmonton Light, flat for 8 years then escalating 2%/year

‒ Gas Price - $1.13 USD/MMbtu flat for 8 years then escalating 2%/year

‒ Royalties as per the Alberta Modernized Royalty Framework (5% until revenue reaches C*)

‒ Operating costs of $968 USD/well*month, $5.58 USD/bbl oil, $0.76 USD/Mcf gas


Slide 20

bbls barrelsMbbl thousand barrelsMMbbl million barrelsMbbl/d thousand barrels per dayboe barrels of oil equivalent of natural gas, on the basis of one barrel of oil or NGLs for six thousand cubic feet of natural gasMboepd thousand barrels of oil equivalent per dayMMboe million barrels of oil equivalentBopd barrels of oil per dayMbopd thousand barrels of oil per dayMcf/d thousand cubic feet per dayMMcf/d million cubic feet per dayBcf billion cubic feetNGL Natural Gas LiquidsMM million


Certain Defined Terms

• Product types. All of TransGlobe's reserves disclosed in this presentation 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. Conventional natural gas means natural gas that has been generated elsewhere and has migrated as a result of hydrodynamic forces and is trapped in discrete accumulations by seals that may be formed by localized structural, depositional or erosional geological features. Natural gas liquids means those hydrocarbon components that can be recovered from natural gas as a liquid, including ethane, propane, butanes, pentanes plus, and condensates.

• "Proved" 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" 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. • "Possible" reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the actual remaining quantities recovered will equal or exceed the sum of the estimated

proved + probable + possible reserves. • "Gross Reserves" are the Company's working interest (operating and non-operating) share before deduction of royalties and without including any royalty interests of the Company. • "Developed" reserves are those reserves that are expected to be recovered from existing wells and installed facilities or, if facilities have not been installed, that would involve a low expenditure (e.g. when compared to the cost of

drilling a well) to put the reserves on production. • "Developed Producing" reserves are those reserves that are expected to be recovered from completion intervals open at the time of the estimate. These reserves may be currently producing or, if shut-in, they must have previously

been on production, and the date of resumption or production must be known with reasonable certainty. • "Developed Non-Producing" reserves are those reserves that either have not been on production, or have previously been on production, but are shut-in, and the date of resumption is unknown. • "Undeveloped" reserves are those reserves expected to be recovered from known accumulations where a significant expenditure (for example, when compared to the cost of drilling a well) is required to render them capable of

production. They must fully meet the requirements of the reserves classifications (proved, probable, possible) to which they are assigned. • The following abbreviations used in this presentation have the meanings set forth below:

"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.

For additional information contact us at:Phone: +1 (403) 264 9888

Email: [email protected]

www.trans-globe.com

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Canadian Operations and 2020 Budget WebcastTransGlobe Energy | Canadian Operations and 2020 Budget Webcast | February 6 2020 Slide 4 In 2020 we are focused on • Building on our 2019