GlobeNewswire Inc | Dec 30, 2020 05:00PM EST

December 30, 2020

AIM & TSX: TGL & NASDAQ: TGA

CALGARY, Alberta, Dec. 30, 2020 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation (TransGlobe or the Company) was notified on December 29, 2020 by the Listing Qualifications Department of The Nasdaq Stock Market (Nasdaq) that the Companys application to transfer its common shares from The Nasdaq Global Select Market to The Nasdaq Capital Market, as allowed under Listing Rule 5810(c)(3)(A), had been approved. The Companys common shares will begin trading on The Nasdaq Capital Market effective at the start of trading on December 31, 2020. The Companys shares will continue to trade on Nasdaq under the symbol TGA.

The Companys stock price has continued to trade below the minimum bid price necessary to maintain its listing on the Nasdaq Global Select Market (and from December 31, 2020, the Nasdaq Capital Market). TransGlobe received notification from Nasdaq on December 29, 2020 that, in connection with the approval of Companys application to transfer the listing of its common shares to The Nasdaq Capital Market, Nasdaq has determined that the Company will be eligible for an additional 180-day compliance period, or until June 28, 2021, to regain compliance with the minimum $1.00 bid price per share requirement of Nasdaqs Listing Rule 5550(a)(2) (the Rule). Nasdaqs decision to approve the Companys application to transfer to The Nasdaq Capital Market was based on the Company meeting the continued listing requirements of The Nasdaq Capital Market with the exception of the minimum bid requirement, and the Company having provided written intent to cure the deficiency during the additional compliance period by effecting a reverse stock split, if necessary. Pursuant to the Nasdaq Listing Rules, if at any time before June 28, 2021 the closing bid price of the Companys common shares is $1.00 per share or more for a minimum of 10 consecutive business days, the Company will regain compliance with the Rule and the matter will be closed.

Should the Company not meet the minimum bid requirement during the additional 180-day compliance period or otherwise comply with the terms of the extension, Nasdaq will provide written notification that the Companys common shares will be delisted. The Company may appeal the delisting determination to a Nasdaq Hearings Panel (Panel). The Company would remain listed pending the Panels decision. There can be no assurance that, if the Company does appeal a subsequent delisting determination by the Staff to the Panel, that such appeal would be successful.

About TransGlobe

TransGlobe Energy Corporation is a cash flow focused oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobes common shares trade on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol TGL and on the Nasdaq under the symbol TGA.

Advisory on Forward-Looking Information and Statements

Certain statements included in this news release 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 this document include, but are not limited to; compliance with the minimum bid requirements of Nasdaq or other listing criteria.

For further information, please contact:

+1 403 264 9888

TransGlobe Energy Corporation investor.relations@trans-globe.comRandy Neely, President and CEO http://www.trans-globe.comEddie Ok, CFO or via Tailwind Associates or FTI Consulting

Tailwind Associates (Investor Relations) +1 403 618 8035Darren Engels darren@tailwindassociates.ca http://www.tailwindassociates.ca FTI Consulting (Financial PR) +44(0) 20 3727 1000Ben Brewerton transglobeenergy@fticonsulting.comGenevieve Ryan Canaccord Genuity (Nomad & Joint-Broker)Henry Fitzgerald-O?Connor +44(0) 20 7523 8000James Asensio Shore Capital (Joint Broker)Jerry Keen +44(0) 20 7408 4090Toby Gibbs