TransGlobe Energy Corporation Reports Voting Results

CALGARY, ALBERTA -- (Marketwired) -- 05/08/15 -- TransGlobe Energy Corporation ("TransGlobe") (TSX: TGL)(NASDAQ: TGA) announced the voting results from its annual general and special meeting of shareholders held on May 7, 2015. The results of each matter voted upon at the meeting are as follows:

                                                                       Votes
                                             Outcome of    Votes  Against or
Description of Matter                              Vote      For    Withheld
-------------------------------------------- ---------- -------- -----------
1. Fixing the number of directors of           Approved  Show of     Show of
   TransGlobe to be elected at the meeting                 hands       hands
   at eight (8).

2. Election of directors:                      Approved

   Robert G. Jennings                                     94.20%       5.80%
   Ross G. Clarkson                                       97.69%       2.31%
   Geoffrey C. Chase                                      97.84%       2.16%
   David B. Cook                                          97.57%       2.43%
   Fred J. Dyment                                         94.99%       5.01%
   Lloyd W. Herrick                                       97.57%       2.43%
   Bob (G.R.) MacDougall                                  99.49%       0.51%
   Susan M. MacKenzie                                     99.48%       0.52%

3. Appointment of Deloitte & Touche LLP,       Approved  Show of     Show of
   Chartered Accountants, as auditors of                   hands       hands
   TransGlobe.

4. Acceptance of the Company's approach to     Approved   91.25%       8.75%
   executive compensation.

5. Confirmation of certain amendments to By-   Approved   67.50%      32.50%
   law Number 2 of the Company relating to
   the advance notice of nomination of
   directors.

6. Shareholder Proposal #1 in respect of the        Not   28.90%      71.10%
   adoption of a policy stating that           approved
   shareholders will be given the
   opportunity to ratify any issuance in any
   given fiscal year where common equity is
   being diluted by more than 25%.

7. Shareholder Proposal #2 in respect of the        Not   30.37%      69.63%
   Company obtaining shareholder approval      approved
   prior to making any investment in any
   country that ranks in the lower 10th
   percentile of the most recent Rule of Law
   indicator, as published in the World
   Governance Indicators of the World Bank
   Group.

TransGlobe Energy Corporation is a Calgary-based, growth-oriented oil and gas exploration and development company focused on the Middle East/North Africa region with production operations in the Arab Republic of Egypt. TransGlobe's common shares trade on the Toronto Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA. TransGlobe's convertible debentures trade on the Toronto Stock Exchange under the symbol TGL.DB.

Cautionary Statement to Investors:

This news release 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 press release contains forward-looking statements regarding the Company's plans to issue a quarterly and a special dividend to shareholders. 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, including obtaining bank lender and regulatory approval for the payment of the proposed dividends. The ability of the Company to declare and pay dividends in the future are subject to factors which 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 press release regarding the Company's ability to pay dividends in the future, 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.

Contacts:
TransGlobe Energy Corporation
Investor Relations
Steve Langmaid
(403) 444-4787
[email protected]
www.trans-globe.com

Source: TransGlobe Energy Corporation

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