Calgary, Alberta - TransGlobe Energy Corporation ("TransGlobe" or the "Company") is pleased to note the reports issued by a leading proxy advisor, Institutional Shareholder Services ("ISS") and its unanimous recommendation that its institutional clients vote FOR the proposed business combination of TransGlobe and VAALCO Energy, Inc. ("VAALCO") at the special meeting of the shareholders of TransGlobe (the "Meeting") to create a world-class African-focused E&P company.

TransGlobe welcomes the findings and analysis from ISS noting the "solid strategic rationale" for the combination and the potential upside the combined company provides, with shareholders benefiting from "a more diversified set of operating assets and attractive opportunities for capital allocation."

ISS is the world's leading provider of corporate governance and responsible investment solutions, market intelligence, fund services, and events and editorial content for institutional investors and corporations, globally.

ISS's recommendations are in line with the TransGlobe Board of Directors' unanimous approval of the proposed business combination which creates a world-class African-focused E&P supporting sustainable shareholder returns and growth.

The combined company will have a complementary portfolio with diversified production and revenue, and a robust net cash balance sheet allowing disciplined investment across its high-quality inventory of multi-year opportunities. It will also be able to support meaningful, sustainable returns and value growth and is targeting a base dividend of $28 million ($0.25/share) and has committed to commencing a share buyback program of up to $30 million (up to $0.27/share) on completion of the combination with further supplementary shareholder returns via potential special distributions.

Randy Neely, President & CEO of TransGlobe commented:

"We are very pleased that ISS has endorsed this transaction and encourage all TransGlobe shareholders to vote FOR the combination of TransGlobe and VAALCO. The Board and management of the Company continue to unanimously support the combination which offers shareholders a compelling opportunity and will deliver material benefits for TransGlobe shareholders."

Information About the Meeting

The virtual-only Meeting will take place on September 29, 2022, at 9:00 a.m. (Calgary time) https://web.lumiagm.com/#/201458342

Shareholders of TransGlobe are reminded to submit proxies in advance of the Meeting by 9:00 a.m. (Calgary time) on September 27, 2022.

Shareholders should closely review the procedures outlined in the management information circular and related meeting materials for the Meeting (the "Meeting Materials") to ensure that they are able to cast their vote prior to or at the Meeting. The Meeting Materials have been filed by the Company on SEDAR and are available under the Company's profile at www.sedar.com. The Meeting Materials are also available on the Company's website https://www.trans-globe.com/investors/investor-resources/default.aspx#regulatory

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(C) 2022 M2 COMMUNICATIONS, source M2 PressWIRE