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CALGARY, ALBERTA -- (Marketwire) -- 03/07/13 -- TransGlobe Energy Corporation ("TransGlobe" or the "Company") (TSX: TGL) (NASDAQ: TGA) is pleased to announce its financial and operating results for the three months and year ended December 31, 2012. All dollar values are expressed in United States dollars unless otherwise stated.

HIGHLIGHTS

2012

--  Production increased to 17,496 barrels of oil per day ("Bopd") from an    average 12,132 Bopd in 2011, a growth rate of 44%;--  Funds flow from operations increased to $153.5 million ($2.03/share    diluted) based on average Brent oil pricing of $111.56 in 2012 from $120    million in 2011, a growth rate of 28%;--  Net earnings increased to $87.7 million ($1.16/share diluted) from $81.4    million in 2011, a growth rate of 8%;--  Year-end 2012 Proved plus Probable ("2P") reserves increased 10% to 48.7    MMBbl, representing a production replacement for the year of 170%;--  Finding and development costs in 2012 of $4.46/Bbl (2P) with a recycle    ratio of 4.95;--  Finding, development and acquisition costs in 2012 of $7.36/Bbl (2P)    with a recycle ratio of 3.00;--  Raised gross proceeds of Cdn $97.8 million through a convertible    debenture offering in February;--  Closed the EP Energy and Cepsa acquisitions in June and July;--  Awarded 4 exploration concessions in EGPC bid round in November; and--  Collected $76.1 million in Egyptian receivables in Q4 reducing the total    receivables outstanding in Egypt at year end to $220 million from $243    million in Q3

2013

--  2013 Guidance:    --  Production of 21,000 to 24,000 Bopd, a 28% increase over 2012 using        the mid-point of 22,500 Bopd;    --  Funds Flow of $161.0 million, based on an average Dated Brent oil        price of $100.0/Bbl and using the mid-point production of 22,500        Bopd;--  January production 17,144 Bopd; February production 18,085 Bopd; and    18,500 Bopd to date in March

A conference call to discuss TransGlobe's 2012 fourth quarter and year-end results presented in this news release will be held Thursday, March 7, 2013 at 9:00 AM Mountain Time (11:00 AM Eastern Time) and is accessible to all interested parties by dialing 1-416-340-8527 or toll-free 1-877-240-9772 (see also TransGlobe's news release dated March 4 2013). The webcast may be accessed at http://events.digitalmedia.telus.com/transglobe/030713/index.php.

                       TransGlobe Energy Corporation's             Annual General and Special Meeting of Shareholders               Wednesday, May 8, 2013 at 3:00 PM Mountain Time                              Bow Glacier Room Centennial Place West, 3rd Floor, 250 - 5th Street S.W., Calgary, Alberta,                                   CanadaFINANCIAL AND OPERATING RESULTS                 Three months ended December 31      Year ended December 31----------------------------------------------------------------------------Financial             2012     2011    % Change    2012    2011    % Change----------------------------------------------------------------------------Oil and gas sales  173,864  109,919          58 633,992 449,794          41Oil and gas sales, net of royalties          92,281   60,609          52 317,666 247,754          28Derivative loss on commodity contracts               -     (208)          -    (125)   (807)         85Production and operating expense            17,343   10,258          69  52,367  36,662          43General and administrative expense             7,377    5,302          39  28,206  18,893          49Depletion, depreciation and amortization expense            12,430    8,818          41  46,946  35,081          34Income taxes        22,415   16,426          36  88,075  69,572          27Funds flow from operations (i)     46,839   26,469          77 153,498 119,976          28 Basic per share      0.63     0.36                2.09    1.65 Diluted per  share               0.57     0.35                2.03    1.60Net earnings        34,836   30,519          14  87,734  81,392           8Net earnings - diluted            32,156   30,519           5  87,734  81,392           8 Basic per share      0.48     0.42                1.20    1.12 Diluted per  share               0.39     0.41                1.16    1.09Capital expenditures       20,150   10,575          91  51,651  70,119         (26)Acquisitions          (719)  73,836           -  27,259  73,836         (63)Working Capital    262,217  139,983          87 262,217 139,983          87Long-term debt (including current portion)   16,885   57,609         (71) 16,885  57,609         (71)Convertible debentures         98,742        -           -  98,742       -           -Common shares outstanding Basic (weighted  average)          73,768   73,035           1  73,380  72,529           1 Diluted  (weighted  average)          82,210   75,102           9  75,523  74,937           1Total assets       653,425  525,806          24 653,425 525,806          24----------------------------------------------------------------------------(i) Funds flow from operations is a measure that represents cash generated from operating activities before changes in non-cash working capital and may not be comparable to measures used by other companies.Operating----------------------------------------------------------------------------Average production volumes (Bopd)     17,875   12,054          48  17,432  12,132          44Average sales volumes (Bopd)     19,148   12,054          59  17,496  12,132          44Average price ($ per Bbl)            98.70    99.12           -   99.01  101.58          (3)Production and operating expense ($ per Bbl)                 9.84     9.25           6    8.18    8.28          (1)----------------------------------------------------------------------------