Stock Quote:
TGL  $ 2.05  $ -0.01
TGA  $ 1.51  $ 0.01
BZM17  $ 51.63  $ -0.19

Release

TransGlobe Energy Corporation Announces Closing of Private Placement

CALGARY, ALBERTA--TransGlobe Energy Corporation (TSE, symbol 
"TGL"; OTC-BB symbol "TGLEF") announces the closing of a Private 
Placement of 519,000 flow through common shares at Cdn$0.49 per 
share for gross proceeds of $254,310 (Canadian dollars).  The 
private placement was fully subscribed by management and insiders 
of the Company.  The funds will be used to fund a portion of the 
Canadian gas exploration budget into 2002. 

These securities will not be registered under the US Securities 
Act of 1933 and may not be offered or sold in the United States 
absent registration or an applicable exemption from registration 
requirements.  These securities were purchased entirely by 
Canadian residents. 

This release includes certain statements that may be deemed to be 
"forward-looking statements" within the meaning of the US Private 
Securities Litigation Reform Act of 1995.  All statements in this 
release, other than statements of historical facts, that address 
future production, reserve potential, exploration drilling, 
exploitation activities and events or developments that the 
Company expects, are forward-looking statements.  Although 
TransGlobe believes the expectations expressed in such 
forward-looking statements are based on reasonable assumptions, 
such statements are not guarantees of future performance and 
actual results or developments may differ materially from those in
the forward-looking statements.  Factors that could cause actual 
results to differ materially from those in forward-looking 
statements include oil and gas prices, exploitation and 
exploration successes, continued availability of capital and 
financing, and general economic, market or business conditions. 

-30-

TransGlobe Energy Corporation
Ross G. Clarkson
President & C.E.O.
(403) 264-9888
(403) 264-9898 (FAX)

or

TransGlobe Energy Corporation
Lloyd W. Herrick
Vice President & C.O.O.
(403) 264-9888
(403) 264-9898 (FAX)
Email: trglobe@trans-globe.com
Website: www.trans-globe.com

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