PetroGlobe Inc.

PetroGlobe Inc.

April 29, 2008 15:08 ET

PetroGlobe Announces Significant Spring Work Program and Changes to the Board of Directors

CALGARY, ALBERTA--(Marketwire - April 29, 2008) - PetroGlobe Inc. ("PetroGlobe" or the "Corporation") (TSX VENTURE:PGB) is pleased to announce its significant work program and changes to the Corporation's Board of Directors.

Based on the excellent results from the Corporation's Alberta winter work program that increased production 65% with a cash outlay of only $200,000, the Corporation plans drill 12 (gross) new wells, tie-in 17 (gross) wells and perform 2 (gross) workovers. The Corporation intends to initiate this plan immediately following the lifting of road bans in Alberta and anticipates gross expenditures of approximately $5.3 million. PetroGlobe expects to fund its share of the upcoming work program through existing cash on hand, cash flow and its available credit facilities.

"I am very excited about moving from pure exploration drilling to infill and step out drilling to further delineate our land base in Alberta," said CEO Jason James.

PetroGlobe looks forward sharing the results of its upcoming work program with the investment community later this year.

Bill Trickett has left the PetroGlobe's Board of Directors to pursue other interests. The Board greatly appreciates Bill's efforts and wishes him the best in the future.

Finally, the Corporation is pleased to that Dr. Karsten Nielsen has been elected to the Board of Directors. "Given Dr. Nielsen's tremendous expertise in shallow gas and the impact he has already had on the Corporation since his joining earlier this year, we are very pleased to him on the Board," said CEO Jason James.

Forward-Looking Information

This PetroGlobe Inc. operational update contains 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 on Alberta and Texas, sufficient cash is available for its drilling program through existing balances and future capital raising 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 and sales markets. PetroGlobe Inc. assumed a US$100/bbl West Texas Intermediate oil price, a US 9.70/mmbtu New York Mercantile Exchange natural gas price and a US$/Canadian$ exchange rate of US$1.00 = Cdn.$1.

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 Operations Update.


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

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