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TransGlobe Announces Conversion of Debentures

CALGARY, ALBERTA--TransGlobe Energy Corporation (the "Company"), 
(TSE symbol "TGL"; NASD OTC BB symbol "TGLEF"), announces that all
holders of the US$748,404.50 10% convertible subordinated secured 
debentures due January 1, 2004 (the "Debentures"), called by the 
Company for redemption on February 28, 2000, have elected to 
convert the Debentures into fully paid and non-assessable common 
shares of the Company at US$0.15 per share.  As a result, 
4,989,354 common shares have been issued in respect of the 
principal and 12,957 common shares in respect to accrued interest,
the latter at a deemed price per share of approximately US$0.41 
and subject to the approval of The Toronto Stock Exchange. 
TransGlobe has 41,542,320 common shares outstanding as at March 1,

With the convertible debenture redeemed, TransGlobe has no debt 
outstanding and an undrawn bank line of Cdn$1,000,000. 

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. 

On Behalf of the Board of Directors of  


Lloyd W. Herrick 

Vice President & C.O.O. 


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


TransGlobe Energy Corporation
Lloyd W. Herrick, Vice President & C.O.O.
(403) 264-9888
(403) 264-9898 (FAX)

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