TransGlobe Energy (TGA) Declares $0.035 Quarterly Dividend, 6.8% Yield; Appoints Edward David LaFehr to Board, Robert Jennings and Matthew Brister to Retire from Board

TransGlobe Energy (NASDAQ: TGA) declared a quarterly dividend of $0.035 per share, or $0.14 annualized.

The dividend will be payable on April 18, 2019, to stockholders of record on March 29, 2019, with an ex-dividend date of March 28, 2019.

The annual yield on the dividend is 6.8 percent.

BOARD CHANGES

On May 11, 2018 the Company announced its intention to transition from a Board of Directors consisting of nine to seven members by the 2019 AGM with five of seven members being independent. This transition plan is finalized, has been successfully managed to ensure minimal disruption to the Company and its governance processes, and will be complete at our AGM in May.

Effective March 12, 2019 Mr. Edward David LaFehr (age 59) will join the Board as a non-executive independent director. Mr. LaFehr is the President and CEO of Baytex Energy Corp., a Canadian headquartered oil and gas company engaged in the acquisition, development and production of crude oil and natural gas in the Western Canadian Sedimentary Basin and in the Eagle Ford in the United States whose shares are listed on the TSX in Canada and the NYSE in the United States. Mr. LaFehr has extensive international experience with various major and independent companies over his 30+ year career, including living and working in Egypt. Mr. LaFehr will be replacing Mr. Bob MacDougall who has resigned from the Board effective immediately. The Board wishes to thank Mr. MacDougall for his contributions to the Board over the past four years.

In addition, Messrs. Robert Jennings and Matthew Brister will both retire from the Board and will not be standing for re-election at the Company's annual general meeting on May 10, 2019. The Company wishes to thank Mr. Jennings for his guidance, leadership and significant contributions over the past seven years as Chair of our Board of Directors. The Company also wishes to thank Mr. Brister for his service and contributions to TransGlobe over the past two years.

We wish each of Messrs. Jennings, Brister and MacDougall all the best in the future.

In addition, the Board is pleased to announce that after a rigorous review of both incumbent and in-coming directors that Mr. David Cook, currently a Non-Executive Director of the Company, will be appointed Chair of the Board upon his election to the Board of Directors at our annual general meeting to be held on May 10, 2019. The Board believes that Mr. Cook possesses the most appropriate mix of skills to take on the role as Chair given his CEO leadership experience at INEOS DeNoS and DONG Energy group (now Orsted), his deep understanding of operating in the Middle-East, his significant contacts in the business and investor communities in the London and European markets and his significant experience in governance and business development matters.

Mr. Jennings, Chairman of TransGlobe Energy commented:

“We are very pleased with the outcome of this Board transition. We have added two very highly qualified individuals to the board in Carol Bell and Ed LaFehr, both of whom complement the remaining members, including Mr. Cook as Chair of the Board.”

For a dividend history and other dividend-related data on TransGlobe Energy (TGA) click here.

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