SOURCE: Globe Energy Inc.

May 01, 2007 06:30 ET

Globe Energy Inc. Enters Into $15,000,000+ Negotiation

CALGARY, AB -- (MARKET WIRE) -- May 1, 2007 -- Globe Energy Inc. (PINKSHEETS: GLBE) is pleased to announce that it has entered into negotiations to acquire a controlling interest in a manufacturing and processing business servicing the oil and gas industry in Western Canada. The company has revenue exceeding $15,000,000 per year with potential to more than double production in its current plant. In addition to its recurring business, several major contracts are expected over the next few months.

The province of Alberta is currently the fastest growing economy in North America and this acquisition, if concluded, will provide a solid base from which to generate rapid growth.

Globe further announces that it intends to raise a minimum of $5,000,000 for expansion purposes. To strengthen the financial management, Globe is currently interviewing candidates and will be choosing a permanent CFO of the company in the near future.

Globe Energy Inc.
Investor Relations

#290-6815-8th St. N.E.
Calgary, AB T2E 7H7
Ph. 403-561-4559
Safe Harbor Act Notice: This release may contain forward-looking statements that involve risks and uncertainties, including without limitation, acceptance of the companies products, increased levels of competition, product and technological changes, the company's dependence upon financing and third party suppliers, and other risks detailed from time to time in the company's federal filings, annual report, offering memorandum, or prospectus. Specifications are subject to change without notice.

Contact Information

  • Contact:
    Globe Energy Inc.
    Investor Relations
    #290-6815-8th St. N.E.
    Calgary, AB T2E 7H7
    Ph. 403-561-4559

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    Angela Junell
    214-461-3411
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