TRANSGLOBE ENERGY CORPORATION ANNOUNCES
PDMR SHAREHOLDINGS
AIM & TSX: "TGL" & NASDAQ: "TGA"
Calgary, Alberta, March 30, 2022 - TransGlobe Energy Corporation ("TransGlobe" or the "Company") announces that on March 25, 2022 the Company issued Performance Share Units ("PSUs") to the President and Chief Executive Officer, the Vice President Finance, Chief Financial Officer and Corporate Secretary and the Vice President and Chief Operating Officer (collectively referred to as the "PDMR") in accordance with the Performance Share Unit Plan of the Company.
The Company also issued Restricted Share Units ("RSUs") on March 25, 2022 to the PDMR in accordance with the Restricted Share Unit Plan of the Company. No shares will be issued upon exercise or vesting of any of the share units as the instruments are settled in cash.
On March 16, 2022, the Board determined to allow the Company's stock option plan (the "Option Plan") to lapse and will not be seeking the requisite three year approval under TSX policies for unallocated Options under the Option Plan at the Company's forthcoming Annual General Meeting. Accordingly, no further grants can be made under the Option Plan after May 10, 2022. Previously allocated Options will be unaffected and will continue in accordance with their terms. Going forward, the Company's LTIP will be issued in the form of RSUs and PSUs under the RSU Plan and PSU Plan, respectively, to ensure continued alignment with Shareholder interests.
| PDMR | Position | Type | Quantity Awarded | Price of Grant ($Cdn) | Number Held Following Grant |
| Randy Neely | President and Chief Executive Officer | PSU | 109,756 | $4.51 | 721,056 |
| RSU | 36,585 | $4.51 | 36,585 | ||
| Edward Ok | Vice President Finance, Chief Financial Officer and Corporate Secretary | PSU | 57,871 | $4.51 | 362,380 |
| RSU | 19,290 | $4.51 | 19,290 | ||
| Geoffrey Probert | Vice President and Chief Operating Officer | PSU | 63,532 | $4.51 | 432,548 |
| RSU | 21,177 | $4.51 | 21,117 |
The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
| 1) Details of PDMR a. Name | Randy Neely | Edward Ok | Geoffrey Probert |
| 2) Reason for the notification a. Position / status | President and Chief Executive Officer | Vice President Finance, Chief Financial Officer and Corporate Secretary | Vice President and Chief Operating Officer |
| b. Initial notification / amendment | Initial notification | Initial notification | Initial notification |
| 3) Details of the issuer a. Name | TransGlobe Energy Corporation | TransGlobe Energy Corporation | TransGlobe Energy Corporation |
| b. Legal Entity Identifier | 549300QMNS6BDY8UUB03 | 549300QMNS6BDY8UUB03 | 549300QMNS6BDY8UUB03 |
| 4) Details of transaction a. Description of financial instrument | PSU | PSU | PSU |
| b. Identification code | ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066 | ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066 | ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066 |
| c. Nature of the transaction | Grant of PSUs | Grant of PSUs | Grant of PSUs |
| d. Price(s) and volume(s) | Price: Cdn $4.51 Volume: 109,756 | Price: Cdn $4.51 Volume: 57,871 | Price: Cdn $4.51 Volume: 63,532 |
| e. Aggregated information: i. Price ii. Volume | Price: $4.51 per PSU Volume: 109,756 PSUs | Price: $4.51 per PSU Volume: 57,871 PSUs | Price: $4.51 per PSU Volume: 63,532 PSUs |
| f. Date of the transaction | March 25, 2022 | March 25, 2022 | March25, 2022 |
| g. Place of Transaction | Outside a trading venue | Outside a trading venue | Outside a trading venue |
Notification of a Transaction pursuant to Article 19(3) of Regulation (EU) No. 596/2014
| 1) Details of PDMR a) Name | Randy Neely | Edward Ok | Geoffrey Probert |
| 2) Reason for the notification a) Position / status | President and Chief Executive Officer | Vice President Finance, Chief Financial Officer and Corporate Secretary | Vice President and Chief Operating Officer |
| b) Initial notification / amendment | Initial notification | Initial notification | Initial notification |
| 3) Details of the issuer a) Name | TransGlobe Energy Corporation | TransGlobe Energy Corporation | TransGlobe Energy Corporation |
| b) Legal Entity Identifier | 549300QMNS6BDY8UUB03 | 549300QMNS6BDY8UUB03 | 549300QMNS6BDY8UUB03 |
| 4) Details of transaction a) Description of financial instrument | Restricted Share Units | Restricted Share Units | Restricted Share Units |
| b) Identification code | ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066 | ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066 | ISIN for TransGlobe Energy Corporation Ordinary Shares: CA8936621066 |
| c) Nature of the transaction | Grant of RSUs | Grant of RSUs | Grant of RSUs |
| d) Price(s) and volume(s) | Price: Cdn $4.51 Volume: 36,585 | Price: Cdn $4.51 Volume: 19,290 | Price: Cdn $4.51 Volume: 21,177 |
| e) Aggregated information: i) Price ii) Volume |
Price: $4.51 Cdn per RSU Volume: 36,585 RSUs |
Price: $4.51 Cdn per RSU Volume: 19,290 RSUs |
Price: $4.51 Cdn per RSU Volume: 21,177 RSUs |
| f) Date of the transaction | March 25, 2022 | March 25, 2022 | March 25, 2022 |
| g) Place of Transaction | Outside a trading venue | Outside a trading venue | Outside a trading venue |
About TransGlobe
TransGlobe Energy Corporation is a cashflow focused oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe's 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:
| TransGlobe Energy Corporation Randy Neely, President and CEO Eddie Ok, CFO | +1 403 264 9888 investor.relations@trans-globe.com http://www.trans-globe.com or via Tailwind Associates |
| Tailwind Associates (Investor Relations) Darren Engels | +1 403 618 8035 darren@tailwindassociates.ca |
| Canaccord Genuity (Nomad & Joint-Broker) Henry Fitzgerald-O'Connor James Asensio | +44(0) 20 7523 8000 |
| Shore Capital (Joint Broker) Toby Gibbs John More | +44(0) 20 7408 4090 |
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