----

|                                 |
|---------------------------------|
|                                 |  |
| Title of each class             | Name of each exchange on which registered |
| Common Shares Without Par Value | The NASDAQ Stock Market LLC |
|                            | (Global Select Market) |

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----

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|                                                                                                                                                       |
|-------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                       |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|                                                                                                                                                  |   | Payment Due by Period1,2 |
|                                                                                                                                                  |   |   |   | Less Than |   | 1-3 |   | 4-5 |   | More than |
| (Amounts in $000s)                                                                                                                                    |   | Total |   | 1 Year |   | Years |   | Years |   | 5 Years |
| Accounts payable and accrued liabilities                                                                                                              |   | 45,150 |  |   | 45,150 |  |   | — |  |   | — |  |   | — |  |
| Convertible debentures                                                                                                                                |   | 69,093 |  |   | — |  |   | 69,093 |  |   | — |  |   | — |  |
| Office and equipment leases3                                                                                                                          |   | 8,132 |  |   | 2,500 |  |   | 3,010 |  |   | 1,808 |  |   | 814 |  |
| Minimum work commitments4                                                                                                                             |   | 32,366 |  |   | 750 |  |   | 31,616 |  |   | — |  |   | — |  |
| Total (expressed in United States Dollars)                                                                                                            |   | 154,741 |  |   | 48,400 |  |   | 103,719 |  |   | 1,808 |  |   | 814 |  |
| 1 Payments exclude ongoing operating costs, finance costs and payments made to settle derivative contracts.                                      |
| 2 Payments denominated in foreign currencies have been translated at the December 31, 2014 exchange rate.                                        |
| 3 Office and equipment leases includes all drilling rig contracts.                                                                               |
| 4 Minimum work commitments include contracts awarded for capital projects and those commitments related to exploration and drilling obligations. |

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | the performance characteristics of the Company's oil properties; |

|         |                        |
|---------|------------------------|
| • | oil production levels; |

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|         |                               |
|---------|-------------------------------|
| • | the quantity of oil reserves; |

|         |                               |
|---------|-------------------------------|
| • | capital expenditure programs; |

|         |                                                 |
|---------|-------------------------------------------------|
| • | supply and demand for oil and commodity prices; |

|         |                 |
|---------|-----------------|
| • | drilling plans; |

|         |                                                                                                                                                    |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | expectations regarding the Company's ability to raise capital and to continually add to reserves though acquisitions, exploration and development; |

|         |                                           |
|---------|-------------------------------------------|
| • | estimated funds from operations for 2015; |

|         |                                                              |
|---------|--------------------------------------------------------------|
| • | estimated timing of development and of undeveloped reserves; |

|         |                                           |
|---------|-------------------------------------------|
| • | future abandonment and reclamation costs; |

|         |                                          |
|---------|------------------------------------------|
| • | anticipated average production for 2015; |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | expected exploration and development spending and the funding thereof; |

|         |                                                               |
|---------|---------------------------------------------------------------|
| • | treatment under governmental regulatory regimes and tax laws; |

|         |                                                                           |
|---------|---------------------------------------------------------------------------|
| • | realization of the anticipated benefits of acquisitions and dispositions; |

|         |              |
|---------|--------------|
| • | tax horizon; |

|         |                                                                                                                             |
|---------|-----------------------------------------------------------------------------------------------------------------------------|
| • | adverse technical factors associated with exploration, development, production or transportation of crude oil reserves; and |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | changes or disruptions in the political or fiscal regimes in the Company's areas of activity. |

|         |                                                                             |
|---------|-----------------------------------------------------------------------------|
| • | unforeseen changes in the rate of production from the Company's oil fields; |

|         |                                                                                               |
|---------|-----------------------------------------------------------------------------------------------|
| • | changes or disruptions in the political or fiscal regimes in the Company's areas of activity; |

|         |                                    |
|---------|------------------------------------|
| • | changes in the price of crude oil; |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | exposure to third party credit risk due to the significant receivable due from EGPC; |

|         |                                                                                      |
|---------|--------------------------------------------------------------------------------------|
| • | general economic conditions in Canada, the United States, Egypt, Yemen and globally; |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | general economic stability of the Company’s financial lenders and creditors; |

|         |                                                                                        |
|---------|----------------------------------------------------------------------------------------|
| • | payment of crude oil marketing contracts and associated financial hedging instruments; |

|         |                                                                                                                                       |
|---------|---------------------------------------------------------------------------------------------------------------------------------------|
| • | adverse technical factors associated with exploration, development, production or transportation of the Company's crude oil reserves; |

|         |                                                                     |
|---------|---------------------------------------------------------------------|
| • | changes in Egypt or Yemen tax, energy or other laws or regulations; |

|         |                                                                                 |
|---------|---------------------------------------------------------------------------------|
| • | geopolitical risks associated with the Company's operations in Egypt and Yemen; |

|         |                                              |
|---------|----------------------------------------------|
| • | changes in significant capital expenditures; |

|         |                                                                                                           |
|---------|-----------------------------------------------------------------------------------------------------------|
| • | delays in production starting up due to an industry shortage of skilled manpower, equipment or materials; |

|         |                        |
|---------|------------------------|
| • | the cost of inflation; |

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | the performance characteristics of the Company's oil properties; |

|         |                        |
|---------|------------------------|
| • | oil production levels; |

|         |                               |
|---------|-------------------------------|
| • | the quantity of oil reserves; |

|         |                               |
|---------|-------------------------------|
| • | capital expenditure programs; |

----

|         |                                                 |
|---------|-------------------------------------------------|
| • | supply and demand for oil and commodity prices; |

|         |                 |
|---------|-----------------|
| • | drilling plans; |

|         |                                                                                                                                                     |
|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------|
| • | expectations regarding the Company's ability to raise capital and to continually add to reserves through acquisitions, exploration and development; |

|         |                                                               |
|---------|---------------------------------------------------------------|
| • | treatment under governmental regulatory regimes and tax laws; |

|         |                                                                           |
|---------|---------------------------------------------------------------------------|
| • | realization of the anticipated benefits of acquisitions and dispositions; |

|         |                                                                  |
|---------|------------------------------------------------------------------|
| • | industry conditions, including fluctuations in the price of oil; |

|         |                                                                                          |
|---------|------------------------------------------------------------------------------------------|
| • | governmental regulation of the oil and gas industry, including environmental regulation; |

|         |                                                    |
|---------|----------------------------------------------------|
| • | fluctuation in foreign exchange or interest rates; |

|         |                                                   |
|---------|---------------------------------------------------|
| • | risks inherent in oil and natural gas operations; |

|         |                                                          |
|---------|----------------------------------------------------------|
| • | geological, technical, drilling and processing problems; |

|         |                                                                                                          |
|---------|----------------------------------------------------------------------------------------------------------|
| • | unanticipated operating events which can reduce production or cause production to be shut-in or delayed; |

|         |                                                                                                 |
|---------|-------------------------------------------------------------------------------------------------|
| • | failure to obtain industry partner and other third-party consents and approvals, when required; |

|         |                                                |
|---------|------------------------------------------------|
| • | stock market volatility and market valuations; |

|         |                                                                                                                 |
|---------|-----------------------------------------------------------------------------------------------------------------|
| • | competition for, among other things, capital, acquisitions of reserves, undeveloped land and skilled personnel; |

|         |                                                     |
|---------|-----------------------------------------------------|
| • | incorrect assessments of the value of acquisitions; |

|         |                                                                        |
|---------|------------------------------------------------------------------------|
| • | the need to obtain required approvals from regulatory authorities; and |

|         |                                                                                    |
|---------|------------------------------------------------------------------------------------|
| • | the other factors considered under "Risk Factors" in this Annual Information Form. |

|          |
|----------|
|          |  |
| Chair:   | Fred J. Dyment |
| Members: | Geoffrey C. Chase |
|     | Robert C. Jennings |
|     | David B. Cook |

----

|             |
|-------------|
|             |  |  |
| Registrant: | TRANSGLOBE ENERGY CORPORATION |   |
|        |   |   |
| By:         | /s/ Ross G. Clarkson |   |
|        | Ross G. Clarkson |   |
|        | Chief Executive Officer   |   |
|        |   |   |
| Date:       | March 12, 2015 |   |

----

|        |
|--------|
|        |  |  |
| 23.1   |  | Consent of Independent Registered Public Accounting Firm, Deloitte LLP. |
|   |   |
| 23.2   |  | Consent of Independent Engineers: DeGolyer and MacNaughton Canada Limited. |
|   |   |
| 31.1   |  | Certification by the Chief Executive Officer of the Registrant pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|   |   |
| 31.2   |  | Certification by the Chief Financial Officer of the Registrant pursuant to Rule 13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
|   |   |
| 32.1   |  | Certification by the Chief Executive Officer of the Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|   |   |
| 32.2   |  | Certification by the Chief Financial Officer of the Registrant pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
|   |   |
| 99.1   |  | TransGlobe Energy Corporation Annual Information Form for the year ended December 31, 2014. |
|   |   |
| 99.2   |  | Consolidated Audited Financial Statements for the year ended December 31, 2014. |
|   |   |
| 99.3   |  | Management’s Discussion and Analysis for the year ended December 31, 2014. |
|   |   |
| 99.4   |  | Attestation Report of Independent Registered Public Accounting Firm, Deloitte LLP |