NEWS RELEASE TRANSMITTED BY Marketwire



FOR: TRANSGLOBE ENERGY CORPORATION

TSX SYMBOL:
 TGL
NASDAQ SYMBOL:
 TGA

TransGlobe Energy Corporation Closes Cdn$75.0 Million Offering of Common Shares

Feb 01, 2011 - 09 24 ET

CALGARY, ALBERTA--(Marketwire - Feb. 1, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TransGlobe Energy Corporation (TSX:TGL) (NASDAQ:TGA) ("TransGlobe" or the "Company") has closed its recently announced equity offering (the "Offering"), through a syndicate of underwriters (the "Underwriters"), of 5,000,000 common shares of the Company at Cdn$15.00 per common share for gross proceeds of Cdn$75,000,000. The Underwriters have elected not to exercise the over-allotment option.

TransGlobe Energy Corporation is a Calgary-based, growth-oriented oil and gas exploration and development company focused on the Middle East/North Africa region with production operations in the Arab Republic of Egypt and the Republic of Yemen. TransGlobe's common shares trade on the Toronto Stock Exchange under the symbol TGL and on the NASDAQ Exchange under the symbol TGA.

Cautionary Statement to Investors:

This news release is not for dissemination in the United States or to any United States news services. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.



FOR FURTHER INFORMATION PLEASE CONTACT:

TransGlobe Energy Corporation
Scott Koyich
Investor Relations
403.262.9888
investor.relations@trans-globe.com
www.trans-globe.com