PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

December 16, 2008 13:06 ET

PetroGlobe Announces Normal Course Issuer Bid

CALGARY, ALBERTA--(Marketwire - Dec. 16, 2008) - PetroGlobe Inc. ("PetroGlobe" or the "Corporation") (TSX VENTURE:PGB) announces that it intends to purchase for cancellation up to 4,979,902 of its common shares by way of a normal course issuer bid (NCIB) through the facilities of the TSX Venture Exchange. The 4,979,902 shares represent approximately 10% of public float of the issuer of 49,799,020 common shares for the Corporation. In accordance with the rules of the TSX Venture Exchange the monthly repurchase limit under the NCIB is 995,980 shares. The purchases may commence on December 18, 2008 and will terminate on December 17, 2009, or on such earlier date as the Corporation may complete its purchases pursuant to a notice of intention to be filed with the TSX Venture Exchange or provide notice of termination. PetroGlobe will make purchases in accordance with applicable regulatory requirements and the price, which PetroGlobe will pay for any such common shares, will be the market price of such shares at the time of acquisition. All purchased common shares will be cancelled. PetroGlobe believes that the market price of its common shares could be such that their purchase may be an attractive and appropriate use of corporate funds in light of potential benefits to remaining shareholders.

Forward-Looking Information

This press release contains "forward looking information" (as defined in applicable Canadian securities legislation) that is based on expectations, estimates and projections as of the date of this press release. Examples of such forward looking information in this press release include, but are not limited to factors relating to the business, financial position, operations and prospects of PetroGlobe, which are subject to significant risks and uncertainties. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of PetroGlobe to be materially different from any future results, performance or achievements expressed or implied by the forward looking information in this press release. We have no intention to update this forward-looking information, except as required by applicable securities law. This forward-looking information should not be relied upon as representing our views as of any date subsequent to the date of this press release.

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, Drayton Valley, Breton, Warburg and Leduc areas of west-central Alberta.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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