PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

August 31, 2007 12:10 ET

PetroGlobe Announces Resolution of Bankers Lawsuit

CALGARY, ALBERTA--(Marketwire - Aug. 31, 2007) - PetroGlobe Inc. ("PetroGlobe") (TSX VENTURE:PGB) is pleased to announce that the Company has amicably resolved the lawsuit that was filed against its wholly owned subsidiary PetroGlobe Energy USA Ltd. by Bankers Petroleum Energy USA Ltd. ("Bankers"). Both Companies have agreed to drop respective claims filed against each other.

"Resolution of this dispute is important for the Company as we can now move forward with the business of building value for our shareholders through the commencement of production from our McIntosh wells in the fourth quarter." Said Jason James, Chief Executive Officer of PetroGlobe.

About PetroGlobe Inc.:

PetroGlobe Inc. is listed on the TSX Venture Exchange and trades under the symbol "PGB". There are 35.9 million shares outstanding. The 52-week trading price range is $0.68-$2.95. Market capitalization is $28 million based on the most recent closing price of $0.78.

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

This news release is not for dissemination in the United States or to any United States news services. The securities being offered have not and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to any U.S. person except in certain transactions exempt from the registration requirements of the U.S. Securities Act and applicable state securities laws.

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

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