TRANSGLOBE ENERGY CORPORATION
MANAGEMENT’S DISCUSSION AND ANALYSIS
August 5, 2010
Management’s discussion and analysis (“MD&A”) should be read in conjunction with the unaudited interim
financial statements for the three months and six months ended June 30, 2010 and 2009 and the audited financial
statements and MD&A for the year ended December 31, 2009 included in the Company’s annual report. The
consolidated financial statements have been prepared in accordance with accounting principles generally
accepted in Canada in the currency of the United States (except where otherwise noted). Additional information
relating to the Company, including the Company’s Annual Information Form, is on SEDAR at www.sedar.com.
The Company’s annual report and Form 40-F may be found on EDGAR at www.sec.gov.
This MD&A may include certain statements that may be deemed to be “forward -looking statements”
within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such statements relate
to possible future events. All statements other than statements of historical fact may be forward-looking
statements. Forward-looking statements are often, but not always, identified by the use of words such as
“seek”, “anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”,
“potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe” and similar expressions.
These statements involve known and unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those anticipated in such forward-looking statements.
Although TransGlobe’s forward-looking statements are based on the beliefs, expectations, opinions and
assumptions of the Company’s management on the date the statements are made, such statements are
inherently uncertain and provide no guarantee of future performance. Actual results may differ materially
from TransGlobe ’s expectations as reflected in suc