Q2 2015 RESULTS CONFERENCE CALL AUGUST 13, 2015

Q2 2015 RESULTS CONFERENCE CALL AUGUST 13, 2015

CAUTIONARY STATEMENT This presentation 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 presentation contains forward-looking statements regarding the Company's ability to achieve future operational and financial targets. 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. These factors 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 presentation, 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. 2

Q2 FINANCIAL HIGHLIGHTS Production volumes averaged 15,064 Bopd and sales volumes averaged 14,251 Bopd in Q2 2015 Positive funds flow of $7.0MM ($0.09/share-diluted) Achieved operating expense reductions of $1.3MM, an 8% decrease over Q1 2015 Net Loss of $12.6MM ($0.17/share-diluted) $22.3MM spent on Exploration and Development $123.0MM in cash and cash equivalents $178.7MM positive working capital $18.2MM collected from EGPC Dividend of $0.05 per share was paid on June 30 th, 2015. Dividend of $0.05 per share declared for payment on September 30 th, 2015 3

Q2 NETBACKS ACTUAL SALES PRODUCTION - AS IF SOLD EGYPT $MM $/Bbl % $MM $/Bbl % Sales $62.9 $48.48 $66.5 $48.48 Royalties 28.7 22.13 46% 28.7 20.93 43% Current taxes 7.6 5.83 12% 7.6 5.52 11% Production and operating expenses 12.8 9.85 20% 13.7 9.98 21% Selling costs 0.8 0.62 1% 0.9 0.62 1% Netback $13.0 $10.05 21% $15.7 $11.43 24% Company held 253,771 bbls of West Gharib crude oil in inventory at June 30 th, 2015 4

OIL MARKETING Marketing has improved liquidity, decreased credit risk and resulted in West Bakr production being sold at market price TransGlobe marketed and sold 544,752 barrels in April Proceeds of $25.8 million were collected in May $250,000 $200,000 $150,000 $100,000 $50,000 $0 AR outstanding and Months outstanding Next cargo scheduled for late September In discussions with EGPC regarding liftings for Q4 and 2016 A/R balance of $72.8MM as of June 30 th, 2015 15 10 5 0 5

CURRENT DAILY PRODUCTION 20,000 TRANSGLOBE TOTAL DAILY Production (bopd) 15,000 10,000 5,000 Block 32 Block S-1 East Ghazalat West Bakr West Gharib 0 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Q1 14, 866 BOPD Q2 15,064 BOPD 6 Q3 GUIDANCE ~13,800 BOPD

EXPLORATION UPDATE BUILDING INVENTORY FOR 2016 Central Graben N Horst NW Gharib is most advanced for prospect generation W Graben Clamshell N E Horst S Horst S Graben 5 play types identified, and 25 leads mapped on NWG; 2 play types and 3 leads identified in SW Gharib Volumetrics and risking is ongoing, and is expected to be completed in early Q4 Military permits have begun for NWG, and are expected to be in hand Q1 2016 Clamshell mid Clamshell S SW Arta NWG-5 Pre-rift A,B & C S Hoshia NWG-4 K Field S 1,2 & 3 S Had Had Pre-rift Far N Hana N Hana W Bakr-1 SE Hana Naiem W NWG-10X N Farha S NW Darb Darb Pre-rift SE Gharib trend Mapping Western Desert South Ghazalat 3D will begin in Q4 2015 7

Q & A 8

Q2 2015 RESULTS CONFERENCE CALL AUGUST 13, 2015