PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

February 04, 2010 20:01 ET

PetroGlobe Announces Acquisition of Additional Cardium Interest

CALGARY, ALBERTA--(Marketwire - Feb. 4, 2010) - PetroGlobe Inc. ("PetroGlobe" or the "Company") (TSX VENTURE:PGB) announces that it has entered into an agreement to acquire an additional 40% after payout working interest in the Cardium formation on certain lands in exchange for 2,000,000 common shares, cash consideration and other non-core mineral interests. This transaction adds an additional 115 net acres of highly prospective Cardium rights to PetroGlobe's existing Cardium potential in Pembina, Alberta.

The transaction is subject to regulatory approval and is expected to close shortly. Trading in the PetroGlobe common shares issued in part payment for the acquired interest will be restricted for four months.

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 and Drayton Valley, Breton and Warburg in 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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