PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

July 31, 2008 17:18 ET

PetroGlobe Announces Proposed Private Placement

CALGARY, ALBERTA--(Marketwire - July 31, 2008) -

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

PetroGlobe Inc. ("PetroGlobe" or the "Corporation") (TSX VENTURE:PGB) announced today that it plans to raise, by way of a non-brokered private placement, up to $1,000,000 through the issuance of up to 4,000,000 Flow Through Common Shares at a price of $0.25 per share.

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

Closing of the offering is expected to occur on or about August 15, 2008 and is the 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.

ABOUT PETROGLOBE INC.

PetroGlobe Inc. is listed on the TSX Venture Exchange and trades under the symbol PGB. There are 46.0 million shares outstanding. The 52-week range is $0.15-$0.92. Market capitalization is $10.4 million based on the most recent closing price of $0.225.

PetroGlobe Inc. carries on business directly in Canada. It conducts business indirectly in the United States through PetroGlobe Energy USA Ltd. Its wholly owned subsidiary, PetroGlobe (Canada) Ltd., is in the business of international oil and gas consulting.

Major properties are in the Palo Duro basin of West Texas, Drayton Valley, Breton, Warburg and Leduc areas of west-central Alberta.

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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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