PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

October 16, 2009 13:48 ET

PetroGlobe Announces Proposed Private Placement With MineralFields Group

CALGARY, ALBERTA--(Marketwire - Oct. 16, 2009) - PetroGlobe Inc. (TSX VENTURE:PGB) ("PetroGlobe" or the "Corporation") announced today that it plans to raise, by way of a non-brokered private placement, $700,000 through the issuance of 5,384,615 Flow Through Common Shares at a price of $0.13 per Flow-Through Common Share to the MineralFields Group. The private placement is expected to close on or before October 23, 2009 or such other date as is agreed to by the Corporation and MineralFields Group.

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

The private placement 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.

ABOUT PETROGLOBE INC.

PetroGlobe Inc. is listed on the TSX Venture Exchange and trades under the symbol PGB. There are 49.4 million shares outstanding. Market capitalization is $8.6 million based on the most recent closing price of $0.175.

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.

This news release is not for dissemination in the United States or to any United States news services. 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.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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