AIM & TSX:  “TGL” & NASDAQ:  “TGA”

CALGARY, Alberta, May 14, 2020 (GLOBE NEWSWIRE) -- TransGlobe Energy Corporation (“TransGlobe” or the “Company”) announces its AGM voting results.

Report in Respect of Voting Results Pursuant to Section 11.3 of National Instrument 51-102 – Continuous Disclosure Obligations

The following sets forth a brief description of each matter voted upon at the annual general and special meeting (the "Meeting") of the holders of common shares of TransGlobe Energy Corporation ("TransGlobe" or the "Company") held on May 13, 2020 and the outcome of the vote:

 Description of MatterOutcome of
Vote
Votes For
(ballots only)
Votes Against or Withheld
(ballots only)
1.Ordinary resolution fixing the number of directors of TransGlobe to be elected at the Meeting at seven (7).

Approved23,508,664
79.02%
6,243,177
20.98%
2.Ordinary resolution electing the following nominees to serve as directors of TransGlobe for the ensuing year, or until their successors are duly elected or appointed, as more particularly described in the information circular of TransGlobe dated March 27, 2020 (the "Information Circular"):

 
   
 David B. CookApproved20,947,677
70.41%

8,803,539
29.59%
 Randall C. Neely24,145,233
81.16%

5,605,983
18.84%
 Carol Bell21,214,672
71.31%

8,537,169
28.69%
 Ross G. Clarkson24,892,978
83.67%

4,858,238
16.33%
 Edward D. LaFehr24,348,135
81.84%

5,403,706
18.16%
 Timothy R. Marchant24,270,760
81.58%

5,481,081
18.42%
 Steven W. Sinclair 21,677,952
72.86%

8,073,889
27.14%
3.Ordinary resolution appointing Deloitte LLP, Chartered Accountants, as auditors of TransGlobe for the ensuing year and to authorize the directors of TransGlobe to fix their remuneration as such.ApprovedShow of handsShow of hands
     
4.Advisory resolution accepting the Company's approach to executive compensation, as described in the Information Circular.Approved23,142,128
77.78%

6,609,713
22.22%
5.Ordinary resolution confirming amendments to the Company’s Advance Notice By-Laws as described in the Information Circular.Approved27,000,768
90.75%
2,751,074
9.25%

Following the Meeting, TransGlobe’s Committees of the Board of Directors will be constituted as follows:

RHSES CommitteeAudit CommitteeCHR&G Committee
Edward LaFehr – ChairSteven Sinclair – ChairCarol Bell – Chair
Ross ClarksonCarol BellTimothy Marchant
Timothy MarchantEdward LaFehrSteven Sinclair

RHSES: Reserves, Health, Safety, Environment and Social Responsibility Committee
CHR&G: Compensation, Human Resources and Governance Committee

Shareholder Outreach

Our Board of Directors and Compensation, Human Resources and Governance Committee is committed to engaging with shareholders and incorporating their feedback into our governance and planning processes.  In advance of the AGM, the Board (Mr. Cook and Dr. Bell) reached out to several of the Company’s largest shareholders to discuss key elements of Board governance, including strategy and compensation.  The Board is very grateful to the institutions that agreed to speak with them and for the valuable and constructive feedback received during these conversations which informed the Board’s discussions over long-term incentive grants. The Board has agreed to decrease the level of these grants for 2020, both to the Executive and Board members, by 35%.  This decrease is in addition to the previously announced voluntary reduction of both Executive salaries and Director retainers.  The Company remains committed to being transparent with and accountable to our investors and look forward to further engagement with shareholders. Dr. Carol Bell or Mr. David Cook can be reached at boardofdirectors@trans-globe.com.

Director Retirement

Ms. Susan MacKenzie chose not to stand for re-election, retiring effective May 12, 2020.  The Board and the Executive wish to thank Ms. MacKenzie for her invaluable service over the past six years and wish her the best in her future pursuits.  

About TransGlobe

TransGlobe Energy Corporation is a cash flow focused oil and gas exploration and development company whose current activities are concentrated in the Arab Republic of Egypt and Canada. TransGlobe’s common shares trade on the Toronto Stock Exchange and the AIM market of the London Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA.

For further information, please contact:
 
  
TransGlobe Energy   Via FTI Consulting
Randy Neely, President and Chief Executive Officer  
Eddie Ok, Chief Financial Officer 
   
Canaccord Genuity  (Nomad & Sole Broker) +44 (0) 20 7523 8000
Henry Fitzgerald-O'Connor  
James Asensio  
   
FTI Consulting  (Financial PR) +44 (0) 20 3727 1000
Ben Brewerton transglobeenergy@fticonsulting.com
Genevieve Ryan 
  
Tailwind Associates  (Investor Relations)  
Darren Engels darren@tailwindassociates.ca
http://www.tailwindassociates.ca
+1 403.618.8035 

investor.relations@trans-globe.com
http://www.trans-globe.com
+1 403.264.9888