PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

November 16, 2009 13:00 ET

PetroGlobe Closes Private Placement

CALGARY, ALBERTA--(Marketwire - Nov. 16, 2009) -

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

PetroGlobe Inc. (TSX VENTURE:PGB) ("PetroGlobe" or the "Corporation") announced today that it has closed the previously announced non-brokered private placement of 18,625,853 flow-through common shares at a price of $0.14 per flow-through common share for gross proceeds of approximately $2.6 million. 

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 Pembina and Grand Forks/Taber area of west central and southern Alberta, and the Palo Duro basin of West Texas.

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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