PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

June 19, 2008 19:54 ET

PetroGlobe Announces Management Appointment

CALGARY, ALBERTA--(Marketwire - June 19, 2008) - PetroGlobe Inc. (TSX VENTURE:PGB) ("PetroGlobe" or the "Corporation") is pleased to announce the appointment of Wayne Singular, MBA, CMA as Vice President Finance effective June 9, 2008.

Mr. Singular has 23 years of senior financial management experience in both public and private organizations. He received his MBA from Lansbridge University of Fredericton, New Brunswick in 2003 and is a member of the Society of Management Accountants of Alberta.

"I am pleased to welcome Wayne to PetroGlobe. His proven experience as a financial leader in junior oil and gas companies combined with his in-depth knowledge and expertise of oil and gas accounting further strengthens PetroGlobe's management team", says Jason James, CEO.

ABOUT PETROGLOBE INC.

PetroGlobe Inc. is listed on the TSX Venture Exchange and trades under the symbol PGB. There are currently 46.0 million shares outstanding. 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.

FORWARD LOOKING INFORMATION

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