Pan-Global Energy Ltd.

Pan-Global Energy Ltd.

March 03, 2005 14:10 ET

Pan-Global Energy Ltd.: Corporate Update


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: PAN-GLOBAL ENERGY LTD.

TSX VENTURE SYMBOL: PIE

MARCH 3, 2005 - 14:10 ET

Pan-Global Energy Ltd.: Corporate Update

CALGARY, ALBERTA--(CCNMatthews - March 3, 2005) - Pan-Global Energy Ltd.
(TSX VENTURE:PIE) (the "Corporation") announced today that it has filed
on SEDAR its operating and financial results for the 6 month period
ending December 31, 2004.

The Corporation has increased the principal amount of its Quest loan
facility by $2,750,000, to a total of $7,750,000, which has now been
fully drawn. Terms of repayment remain the same, with the exception that
the portion of loan compensation payable in shares will be paid in cash
in respect to the increased amount only.

The board wishes to thank Michael Humphries for his past contributions
as a director of the Corporation. Mr. Humphries has resigned from the
board due to his current employment constraints.

The Corporation is an oil and gas exploration company whose prospective
oil and gas property is one of the largest contiguous land bases in
Eastern Alberta and Western Saskatchewan. The Company is entitled to
exclusively explore and develop approximately 148,000 acres of existing
and new Treaty Land Entitlement (TLE) Reserves in Eastern Alberta and
Western Saskatchewan under the terms of an agreement with Onion Lake
Energy Ltd., which is solely owned by Onion Lake First Nation of
Saskatchewan/Alberta.

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Contact Information

  • FOR FURTHER INFORMATION PLEASE CONTACT:
    Pan-Global Energy Ltd.
    Arn Schoch
    Chairman and CEO
    (604) 682-4984
    (604) 780-9810 (CELL)
    Email: arn@helix.net
    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the contents of this news
    release.