PGB Petroglobe

PetroGlobe Inc. ("PetroGlobe" or the "Corporation") (TSX VENTURE:PGB) announced
today that it plans to raise, by way of a brokered private placement, up to
$1,820,000 through the issuance of 2,000,000 Common Shares and 3,500,000 Flow
Through Common Shares at $0.28 per Common Share and $0.36 per Flow Through
Common Share. The placement is expected to close March 10, 2010 and is subject
to the receipt of necessary regulatory approvals. The common shares will be
subject to a four-month hold period from the date of closing. 


PetroGlobe has agreed to pay a finder's fee to brokers or other third parties
equal to 6% of the gross proceeds realized from sales made to purchasers
referred to the Corporation by the finders and will also issue warrants to the
finders equal in value on exercise to 6% of those gross proceeds. The warrants
will have an exercise price of $0.28 and expire on March 10, 2011. The
Corporation has retained Burgeonvest-Bick Securities Limited to assist in
marketing the offering on a best efforts basis.


PetroGlobe will use the net proceeds for qualifying exploration expenditures in
Alberta Canada.


ABOUT PETROGLOBE INC.

PetroGlobe's focus is on high working interest, company-operated properties in
Alberta, including Pembina Cardium light oil, Pembina Edmonton Sands natural gas
and Sawtooth oil in the Grand Forks/Taber area of southern Alberta. PetroGlobe
is listed on the TSX Venture Exchange and trades under the symbol PGB.


Forward-looking information

This PetroGlobe Inc. news release may contain forward-looking information
relating to business strategy, geographic areas of activity, capital
expenditures, future drilling, drilling costs, production rates, cash flow,
investment payouts and other matters. This information is based on PetroGlobe's
current expectations and assumptions as to a number of factors, including access
to capital, availability of drilling rigs, weather conditions, drilling success,
resulting reserves production, ability to tie-in production, decline rates,
commodity prices, exchange rates, interest rates and general economic and
industry conditions. The material assumptions applied were that PetroGlobe Inc.
continues its exploration and development focus in Alberta, sufficient cash is
available to fund capital programs, through existing cash balances and future
capital raises on acceptable terms, drilling costs are maintained at expected
levels, drilling results, reserves and production are within expectations and
there is sufficient access to transportation, processing facilities, commodity
prices and sales markets. If those expectations and assumptions prove to be
incorrect, or factors change, then actual results could differ materially from
the forward-looking information contained in this news release.


Barrels of oil equivalent

BOEs may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf : 1 bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.

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