PGB Petroglobe

THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR TO ANY UNITED
STATES NEWS SERVICES. 


PetroGlobe Inc. (TSX VENTURE:PGB) ("PetroGlobe" or the "Corporation") announced
today that it has closed the previously announced non-brokered private placement
of 18,625,853 flow-through common shares at a price of $0.14 per flow-through
common share for gross proceeds of approximately $2.6 million. 


ABOUT PETROGLOBE INC.

PetroGlobe Inc. is listed on the TSX Venture Exchange and trades under the
symbol PGB. 


PetroGlobe Inc. carries on business directly in Canada. It conducts business
indirectly in the United States through PetroGlobe Energy USA Ltd. 


Major properties are in the Pembina and Grand Forks/Taber area of west central
and southern Alberta, and the Palo Duro basin of West Texas.


The securities being offered have not 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 any U.S. person except in certain transactions exempt from the
registration requirements of the U.S. Securities Act and applicable state
securities laws.

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