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EXHIBIT 7

TRANSGLOBE ENERGY CORPORATION CODE OF ETHICS FOR THE CHIEF EXECUTIVE OFFICER

As the Chief Executive Officer of TransGlobe Energy Corporation
  (the "Company"), I am committed to act honestly and in good faith with a view
  to the best interests of the Company and its shareholders and to set and maintain
  an ethical standard for the Company. In so doing, I commit to specifically:

- Provide the leadership, supervision and support for the
      employees of the Company to uphold the principles articulated in this Code
      of Ethics.
- Represent myself in a reputable manner that reflects
      the standard of ethical conduct required by the Company.
- Promptly disclose to the Board of Directors any relationship
      that reasonably could give rise to a conflict of interest.
- Maintain the confidentiality of information acquired
      in the course of carrying out the duties of the Chief Executive Officer.
- Honour my obligation to serve the best interests of the
      Company and its shareholders.
- Will, to the best of my ability and knowledge, ensure
      the Company conforms to market regulations and maintains the transparency
      of credible financial and non-financial corporate information.
- Insure full, fair, accurate, timely, and understandable
      disclosure in reports and documents that the Company files with or submits
      to public regulatory bodies, and insure compliance with applicable governmental
      laws, rules and regulations.
- Report promptly to the members of the Board of Directors
      of the Company if I suspect or recognize a breach of this Code of Ethics
      by any director or officer of the Company, including my own acts.
- Report promptly to the members of the Board of Directors
      of the Company if I suspect or recognize acts or practices which may constitute
      a breach of, or that may jeopardize, the Companys internal controls.

Acknowledged by:

s/s/ Ross Clarkson
  Signature

Ross Clarkson
  Chief Executive Officer

April 17, 2003

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EXHIBIT 7

TRANSGLOBE ENERGY CORPORATIONCODE OF ETHICSFOR THECHIEF FINANCIAL OFFICER

As the Chief Financial Officer of TransGlobe Energy Corporation
  (the "Company"), I am committed to act honestly and in good faith with a view
  to the best interests of the Company and its shareholders. In so doing, I commit
  to specifically:

- Provide the leadership, supervision and support for the
      employees of the Company to uphold the principles articulated in this Code
      of Ethics.
- Represent myself in a reputable manner that reflects
      the standard of ethical conduct required by the Company.
- Maintain the confidentiality of information acquired
      in the course of carrying out the duties of the Chief Financial Officer.
- Promptly disclose to the Board of Directors any relationship
      that reasonably could give rise to a conflict of interest.
- Honour my obligation to serve the best interests of the
      Company and its shareholders.
- Will, to the best of my ability and knowledge, ensure
      the Company conforms to market regulations and maintains the transparency
      of credible financial and non-financial corporate information.
- Insure full, fair, accurate, timely, and understandable
      disclosure in reports and documents that the Company files with, or submits
      to public regulatory bodies, and insure compliance with applicable governmental
      laws, rules and regulations.
- Report promptly to the members of the Board of Directors
      of the Company if I suspect or recognize a breach of this Code of Ethics
      by any director or officer of the Company, including my own acts.
- Report promptly to the members of the Board of Directors
      of the Company if I suspect or recognize acts or practices which may constitute
      a breach of, or that may jeopardize, the Companys internal controls.

Acknowledged by:

s/s/ David C. Ferguson
  Signature

David C. Ferguson
  Chief Financial Officer

April 17, 2003

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EXHIBIT 7

TRANSGLOBE ENERGY CORPORATION

CODE OF ETHICSFORDIRECTORS and OFFICERS

Approved by Board of Directors: April 17, 2003

s/s/ Robert A. Halpin
  (Signature of the Chairman of the Board of Directors)

As an officer or director of TransGlobe Energy Corporation (the "Company"),
  I am committed to act honestly and in good faith with a view to the best interests
  of the Company and its shareholders. In so doing, I commit to specifically:

- Provide the leadership, supervision and support for the
      employees of the Company to uphold the principles articulated in this Code
      of Ethics.
- Represent myself in a reputable manner that reflects
      the standard of ethical conduct required by the Company.
- Promptly disclose to the Board of Directors any relationship
      that reasonably could give rise to a conflict of interest.
- Maintain the confidentiality of information acquired
      in the course of carrying out the duties of my office.
- Honour my obligation to serve the best interests of the
      Company and its shareholders.
- Will, to the best of my ability and knowledge, ensure
      the Company conforms to market regulations and maintains the transparency
      of credible financial and non-financial corporate information.
- Insure full, fair, accurate, timely, and understandable
      disclosure in reports and documents that the Company files with or submits
      to public regulatory bodies, and insure compliance with applicable governmental
      laws, rules and regulations.
- Report promptly to the members of the Board of Directors
      of the Company if I suspect or recognize a breach of this Code of Ethics
      by any director or officer of the Company, including my own acts.
- Report promptly to the members of the Board of Directors
      of the Company if I suspect or recognize acts or practices which may constitute
      a breach of, or that may jeopardize, the Companys internal controls.

Acknowledged by:

_______________________________________
  Signature

_______________________________________
  Name  Please Print

_______________________________________
  Date

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