AIM & TSX: “TGL” & NASDAQ: “TGA” This Announcement contains inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 (“MAR”). Upon the publication of this Announcement, this inside information is now considered to be in the public domain. CALGARY, Alberta, Jan. 24, 2019 (GLOBE NEWSWIRE) — TransGlobe Energy Corporation (“TransGlobe” or the “Company”) today announces its 2018 year-end reserves. All dollar values are expressed in United States dollars unless otherwise stated. EXECUTIVE SUMMARY Total proved (“1P”) gross reserves of 26.9 million barrels oil equivalent (“MMboe”) (YE 2017: 27.5 MMboe) representing a 0.6 MMboe or 2% decrease from year-end 2017 primarily due to production of ~5.3 MMboe during the year, substantially offset by ~4.7 MMboe of positive net revisions. Total proved plus probable (“2P”) gross reserves of 44.1 MMboe (YE 2017: 45.9 MMboe) decreased 4% from year-end 2017 primarily due to production of ~5.3 MMboe, substantially offset by ~3.5 MMboe of positive net revisions. 2P reserves were comprised of 58% Egypt (medium/heavy oil) and 42% Canada (14% conventional natural gas, 14% natural gas liquids and 14% light oil). Replaced 89% and 68% of 2018 production (~5.3 MMboe) on a respective 1P and 2P gross reserves […]
