GlobeNewswire Inc | Feb 19, 2021 02:00AM EST

February 19, 2021

AIM & TSX: TGL & NASDAQ: TGA

CALGARY, Alberta, Feb. 19, 2021 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation ("TransGlobe" or the Company) understands that as of December 31, 2020, Invesco Ltd., through various funds, individuals and/or institutional clients of the foregoing, beneficially own an aggregate interest in 6,502,037 common shares of the Company, which represents approximately 9.0% of the issued and outstanding common shares of the Company.

The above information is based on the Companys understanding of Invesco Ltd.s most recent 13G Securities and Exchange Commission filing, dated 12 February 2021.

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevantissuer)

1a. Identity of the issuer or the underlyingissuer of existing shares to which voting rights TransGlobe Energy Corporationare attached:1b. Please indicate if the issuer is a non-UK issuer (please mark with an ?X?if appropriate)Non-UK issuer x2. Reason for the notification (please mark the appropriate box or boxes withan ?X?)An acquisition or disposal of voting rights xAn acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify): Total number of voting rights of issuer changed as a result of completion of tender offer.3. Details of person subject to the notification obligationName Invesco Ltd.City and country of registered office (if Bermudaapplicable)4. Full name of shareholder(s) (if different from 3.)Name City and country of registered office (if applicable)5. Date on which the threshold was crossed or 31 December 2020reached:6. Date on which issuer notified (DD/MM/YYYY): 17 February 20217. Total positions of person(s) subject to the notification obligation % of voting % of voting rights Total of Total rights through financial both in number of attached to instruments (total % (8.A + voting shares (total of 8.B 1 + 8.B 2) 8.B) rights of of 8. A) issuerResulting situation onthe date on which 9.0 % 0 % 9.0 % 72,542,071threshold was crossed orreachedPosition of previousnotification (if 8.8 % 8.8 % applicable)

8. Notified details of the resulting situation on the date on which thethreshold was crossed or reachedA: Voting rights attached to shares Number of voting rights % of voting rightsClass/type of Direct Indirect Directshares (Art 9 of (Art 10 of (Art 9 of IndirectISIN code (if Directive Directive Directive (Art 10 of Directivepossible) 2004/109/EC) 2004/109/ 2004/109/EC) 2004/109/EC) (DTR5.2.1) (DTR5.1) EC) (DTR5.1) (DTR5.2.1)CA8936621066 - 6,502,037 - 9.0 % SUBTOTAL 8. A 6,502,037 9.0%

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC(DTR5.3.1.1 (a)) Number of voting Exercise/ rights that may be % ofType of financial instrument Expiration Conversion acquired if the voting date Period instrument is rights exercised/ converted. SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))Type of Expiration Exercise/ Physical or Number of % offinancial date Conversion cash voting rights votinginstrument Period settlement rights SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation(please mark theapplicable box with an ?X?)Person subject to the notification obligation is not controlled by anynatural person or legal entity and does not control any other undertaking (s) holding directly or indirectly an interest in the (underlying) issuerFull chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate Xcontrolling natural person or legal entity (please add additional rows asnecessary) % of voting Total of both if rights if it % of voting rights through it equals or isName equals or is financial instruments if it equals higher than the higher than the or is higher than the notifiable notifiable notifiable threshold threshold thresholdInvesco 9.0 % 9.0 %Ltd.

10. In case of proxy voting, please identify: Name of the proxy holder The number and % of voting rights held The date until which the voting rights will be held

11. Additional information

Place of 1555 Peachtree Street NE, Suite 1800, Atlanta, GA, USAcompletionDate of 12 February 2021completion

The Company understands that as of December 31, 2020, BLR Partners LP, through various funds, individuals and/or institutional clients of the foregoing, beneficially own an aggregate interest in 750,002 common shares of the Company, which represents approximately 1.0% of the issued and outstanding common shares of the Company.

The above information is based on the Companys understanding of BLR Partners LPs most recent 13F Securities and Exchange Commission filing, dated 16 February 2021.

TR-1: Standard form for notification of major holdings

NOTIFICATION OF MAJOR HOLDINGS (to be sent to the relevantissuer)

1a. Identity of the issuer or the underlying TransGlobe Energyissuer of existing shares to which voting rights Corporationare attached:1b. Please indicate if the issuer is a non-UK issuer (please mark with an ?X?if appropriate)Non-UK issuer x2. Reason for the notification (please mark the appropriate box or boxes withan ?X?)An acquisition or disposal of voting rights xAn acquisition or disposal of financial instruments An event changing the breakdown of voting rights Other (please specify): Total number of voting rights of issuer changed as a result of completion of tender offer.3. Details of person subject to the notification obligationName BLR Partners LPCity and country of registered office (if Houston, Texas, USAapplicable)4. Full name of shareholder(s) (if different from 3.)Name City and country of registered office (if applicable)5. Date on which the threshold was crossed or 31 December 2020reached:6. Date on which issuer notified (DD/MM/YYYY): 17 February 20217. Total positions of person(s) subject to the notification obligation % of voting % of voting rights Total of Total rights attached through both in % number of to shares (total financial (8.A + voting of 8. A) instruments 8.B) rights of (total of 8.B issuer 1 + 8.B 2)Resulting situation on thedate on which threshold 1.0 % 1.0 % 72,542,071was crossed or reachedPosition of previousnotification (if 5.0 % 5.0 % applicable)

8. Notified details of the resulting situation on the date on which thethreshold was crossed or reachedA: Voting rights attached to shares Number of voting rights % of voting rightsClass/type of Direct Indirect Indirectshares (Art 9 of (Art 10 of Direct (Art 10 ofISIN code (if Directive Directive (Art 9 of Directive Directivepossible) 2004/109/EC) 2004/109/EC) 2004/109/EC) (DTR5.1) 2004/109/EC) (DTR5.1) (DTR5.2.1) (DTR5.2.1)CA8936621066 750,002 1.0 %SUBTOTAL 8. A

B 1: Financial Instruments according to Art. 13(1)(a) of Directive 2004/109/EC(DTR5.3.1.1 (a)) Number of voting Expiration Exercise/ rights that may be % ofType of financial instrument date Conversion acquired if the voting Period instrument is rights exercised/converted SUBTOTAL 8. B 1

B 2: Financial Instruments with similar economic effect according to Art. 13(1)(b) of Directive 2004/109/EC (DTR5.3.1.1 (b))Type of financial Expiration Exercise/ Physical Number of % of votinginstrument date Conversion or cash voting rights rights Period settlement SUBTOTAL 8.B.2

9. Information in relation to the person subject to the notification obligation(please mark the applicable box with an ?X?)Person subject to the notification obligation is not controlled by anynatural person or legal entity and does not control any other undertaking (s) holding directly or indirectly an interest in the (underlying) issuerFull chain of controlled undertakings through which the voting rights and/or thefinancial instruments are effectively held starting with the ultimate Xcontrolling natural person or legal entity (please add additional rows asnecessary) % of voting Total of both if rights if it % of voting rights through it equals or isName equals or is financial instruments if it higher than the higher than the equals or is higher than the notifiable notifiable notifiable threshold threshold thresholdBradley L. 1.0 % 1.0 %RadoffBLR Partners LPBLRPart, LP BLRGP Inc. FondrenManagement, LPFMLP Inc. The RadoffFamily Foundation

10. In case of proxy voting, please identify:Name of the proxy holder The number and % of voting rights held The date until which the voting rights will be held

11. Additional information

Place of Houston, Texas, USAcompletionDate of 16 February 2021completion

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 Exchange under the symbol TGA.

For further information, please contact:

+1 403 264 9888TransGlobe 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