PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

November 30, 2009 11:43 ET

PetroGlobe Announces Third Quarter 2009 Results

CALGARY, ALBERTA--(Marketwire - Nov. 30, 2009) - PetroGlobe Inc. (TSX VENTURE:PGB) ("PetroGlobe" or the "Company") announces it has filed its interim consolidated financial statements for the three and nine months ended September 30, 2009 and accompanying Management's Discussion and Analysis with Canadian securities regulatory authorities. These filings are available for review under the Corporation's SEDAR profile at www.sedar.com.

2009 Third Quarter Highlights Include

- Tied -in and brought on stream one natural gas well

- Successfully worked over and brought on stream one vertical Cardium oil well

- Reduced third quarter 2009 general and administrative expenses, on a per boe basis, 58% compared to the third quarter 2008

- Subsequent to the quarter end, the Company closed two private placements for a total of $3.3 million which will be used to fund planned Cardium oil drilling activity and general working capital

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 and Texas, 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.

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

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 Palo Duro basin of West Texas, Drayton Valley, Breton, Warburg and Leduc areas of west-central Alberta.

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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