Announces Closing of Canadian Asset Acquisition and Mid-Quarter Egypt Update for Q4 2016

CALGARY, ALBERTA–(Marketwired – Dec 20, 2016) – TransGlobe Energy Corporation (TSX:TGL)(NASDAQ:TGA) (“TransGlobe” or the “Company”) announces the closing of the Canadian acquisition in the Harmattan area of west central Alberta and a mid-quarter Egypt update for the fourth quarter of 2016. All dollar values are expressed in Canadian dollars unless otherwise stated.
Acquisition Highlights- Canada

Current production ~3,100 barrels of oil equivalent (“boe”) per day (57% liquids weighted)1Operatorship and high working interest in the majority of assets (~88% of current production)
Total Proved reserves ~11.8 million boe2, 5Total Proved plus Probable reserves ~21.3 million boe2, 5Proved plus Probable NPV10 of $110 million5Total Proved plus Probable Reserve Life Index of 18.9 years3Total 145 net drilling locations: 45 Proved plus Probable locations2, 5 and 100+ additional unbooked drilling locations4Total acreage ~110,000 acres (~95,000 net acres)
Total consideration of $80 million (~US$59 million) comprised of $65 million (~US$48 million) cash and a vendor take back note of $15 million5Effective date is December 1st, 2016