PetroGlobe Inc.

PetroGlobe Inc.

January 18, 2008 13:50 ET

PetroGlobe Announces Vice President of Exploration

CALGARY, ALBERTA--(Marketwire - Jan. 18, 2008) - PetroGlobe Inc. ("PetroGlobe" or the "Corporation") (TSX VENTURE:PGB) is pleased to announce the appointment of Dr. Karsten Nielsen as Vice President of Exploration effective immediately.

Dr. Nielsen has over 12 years of oil and gas experience with special emphasis on unconventional gas. Among his many professional accomplishments, Dr. Nielsen is credited with the discovery of major gas fields in Saskatchewan, Alberta and Montana. From 2000 to 2005 he held increasingly senior roles at Nexen Inc. and Apache Canada Ltd. where is responsibilities included mapping and identifying major impact exploration prospects and implementing large drilling programs.

Prior to joining PetroGlobe Dr. Nielsen was co-founder and Vice President Exploration of Neo Exploration Inc., a successful private company, where he led exploration and development activities.

Dr. Nielsen holds a Doctorate of Science in Geology from Carlton University in Ottawa and holds a Masters of Sciences in Petroleum Exploration from Chalmers University of Technology, Goteborg, Sweden. Dr. Nielsen has received several awards for his academic work, has been an invited to speak at industry conferences and has published several papers during his professional career.

"I am excited to welcome Dr. Nielsen to the management team at PetroGlobe. His proven success in oil and gas exploration and his expertise in unconventional gas is valued as PetroGlobe looks to further explore and develop both its Texas and Alberta assets", says Jason James, CEO.

The Corporation announces it has granted options to acquire up to 150,000 common shares of PetroGlobe in accordance with the Corporation's stock option plan.


PetroGlobe Inc. is listed on the TSX Venture Exchange and trades under the symbol PGB. There are 36.0 million shares outstanding. The 52-week range is $0.18-$2.80. Market capitalization is $8.3 million based on the most recent closing price of $0.23.

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.


This PetroGlobe Inc. news release 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 Inc.'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.

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.

Volumes reported in barrels of oil equivalent (BOE) are based on conversion of natural gas to oil at six thousand cubic feet per barrel (6 Mcf:1 bbl). BOE may be misleading, particularly when used in isolation, since the 6 Mcf:1 bbl ratio is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

This press release should not be construed to be a solicitation for the purchase of the corporation's common shares.

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

Contact Information