---

EXHIBIT 99.4

REPORT OF INDEPENDENT REGISTERED CHARTERED
ACCOUNTANTS

To the Board of Directors and Shareholders ofTransGlobe
Energy Corporation:

We have audited the accompanying consolidated balance sheets of
TransGlobe Energy Corporation (the Company) as of December 31, 2007 and 2006
and the related consolidated statements of income, retained earnings,
comprehensive income and cash flows for the years then ended. These financial
statements are the responsibility of the Company's management. Our
responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with Canadian generally
accepted auditing standards and the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, these consolidated financial statements present
fairly, in all material respects, the financial position of TransGlobe Energy
Corporation as ofDecember 31, 2007 and 2006, and the results of its
operations and its cash flows for the years then ended in accordance with
Canadian generally accepted accounting principles.

We have also audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), the Company's
internal control over financial reporting as of December 31, 2007, based onthe criteria established in Internal ControlIntegrated Framework issued by
the Committee of Sponsoring Organizations of the Treadway Commission and our
report dated February 29, 2008 expressed an unqualified opinion on the Companys
internal control over financial reporting.

/s/ Deloitte & Touche LLP Independent Registered
Chartered Accountants Calgary, Canada February 29, 2008

COMMENTS BY INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS ON
CANADA-UNITED STATES OF AMERICA REPORTING DIFFERENCES

The standards of the Public Company Accounting Oversight Board
(United States) require the addition of an explanatory paragraph (following the
opinion paragraph) when there are changes in accounting principles that have a
material effect on the comparability of the Companys financial statements, such
as the changes described in Notes 2 and 16 to the financial statements. Although
we conducted our audits in accordance with both Canadian generally accepted
auditing standards and the standards of the Public Company Accounting Oversight
Board (United States), our report to the Board of Directors and Shareholders on
the consolidated financial statements of TransGlobe Energy Corporation, dated
February 29, 2008, is expressed in accordance with Canadian reporting standards
which do not require a reference to such changes in accounting principles in the
auditors report when the change is properly accounted for and adequately
disclosed in the financial statements.

/s/ Deloitte & Touche LLP Independent Registered
Chartered Accountants Calgary, Canada February 29, 2008

---

EXHIBIT 99.4 (Continued)

REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS

To the Board of Directors and Shareholders ofTransGlobe
Energy Corporation:

We have audited the internal control over financial reporting
of TransGlobe Energy Corporation (the Company)as of December 31, 2007,
based on the criteria established in Internal ControlIntegrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission.
The Company's management is responsible for maintaining effective internal
control over financial reporting and for its assessment of the effectiveness of
internal control over financial reporting, included in the accompanying
Management Report on Internal Control Over Financial Reporting. Our
responsibility is to express an opinion on the Company's internal control over
financial reporting based on our audit.As described in the Management
Report, management excluded from its assessment the internal control over
financial reporting at Dublin International Petroleum (Egypt) Limited and
Drucker Petroleum Inc., which was acquired on September 25, 2007 and whose
financial statements constitute 55 percent and 35 percent of net and total
assets, respectively, 8 percent of revenues, and 9 percent of net income of the
consolidated financial statement amounts as of and for the year ended December
31, 2007. Accordingly, our audit did not include the internal control over
financial reporting at Dublin International Petroleum (Egypt) Limited and
Drucker Petroleum Inc.

We conducted our audit in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether effective internal control over financial reporting was maintained in
all material respects. Our audit included obtaining an understanding of internal
control over financial reporting, assessing the risk that a material weakness
exists, testing and evaluating the design and operating effectiveness of
internal control based on the assessed risk, and performing such other
procedures as we considered necessary in the circumstances. We believe that our
audit provides a reasonable basis for our opinion.

A company's internal control over financial reporting is a
process designed by, or under the supervision of, the company's principal
executive and principal financial officers, or persons performing similar
functions, and effected by the company's Board of Directors, management, and
other personnel to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles. A
company's internal control over financial reporting includes those policies and
procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the
assets of the company; (2) provide reasonable assurance that transactions are
recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with
authorizations of management and directors of the company; and (3) provide
reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the company's assets that could have a
material effect on the financial statements.

Because of the inherent limitations of internal control over
financial reporting, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud
may not be prevented or detected on a timely basis. Also, projections of any
evaluation of the effectiveness of the internal control over financial reporting
to future periods are subject to the risk that the controls may become
inadequate because of changes in conditions, or that the degree of compliance
with the policies or procedures may deteriorate.

In our opinion, the Company maintained, in all material
respects, effective internal control over financial reporting as of December 31,
2007, based on the criteria established in Internal Control  Integrated
Frameworkissued by the Committee of Sponsoring Organizations of the
Treadway Commission.

We have also audited, in accordance with Canadian generally
accepted auditing standards and the standards of the Public Company Accounting
Oversight Board (United States), the consolidated financial statements as at and
for the year ended December 31, 2007 of the Company and our report dated
February 29, 2008 expressed an unqualified opinion on those financial statements
and included a separate report titled Comments by Independent Registered
Chartered Accountants on Canada-United States of America Reporting Differences
referring to changes in accounting principles.

/s/ Deloitte & Touche LLP Independent Registered
Chartered Accountants Calgary, Canada February 29, 2008

2

---