PetroGlobe Inc.

PetroGlobe Inc.

July 13, 2011 22:45 ET

PetroGlobe Announces Trade Suspension, Operational Update and Director Change

CALGARY, ALBERTA--(Marketwire - July 13, 2011) - PetroGlobe Inc. (TSX VENTURE:PGB) ("PetroGlobe" or the "Company") announces that trading in the shares of the Company was suspended as a result of the cease trade orders issued against the Company by the Alberta Securities Commission and the British Columbia Securities Commission on July 7th and 8th, 2011 respectively for failing to file its interim unaudited financial statements, interim management's discussion & analysis and certification of interim filings for the period March 31, 2011.

The Company filings were behind schedule as a result of incorporating the new International Financial Reporting Standards (IFRS) in the first quarter of 2011. The Company plans to file the documents imminently and will be seeking revocation of the cease trade orders. The Company expects to receive the revocation orders shortly thereafter.

The Company also announces that it has recently surveyed and plans to complete the tie in of its recently drilled and completed Cardium horizontal oil well near Edson in Central Alberta. The well suffered a mechanical failure earlier in this year upon completion and was flowing back fracture fluid, formation oil and natural gas prior to shut-in. The well was shut in due to weather related surface access restrictions. The Company will continue to pursue the drilling of additional Cardium wells and preparations for a horizontal Slave Point oil well at Red Earth later this year. Additional detail on the Company's operations can be found on the Company's web site

Additionally, PetroGlobe would like to announce the departure of Robert Macaulay from the Board of Directors. Due to the commitment required of Mr. Macaulay in connection with his recent appointment as Interim CEO of Falcon Oil and Gas Ltd. he is unable to continue in his role as a Director of PetroGlobe Inc. We wish to thank Mr. Macaulay for his years of service to the Board and wish him well in new position.


PetroGlobe is a Calgary, Alberta based public company, engaged in the exploration, development and production of petroleum and natural gas in Canada. PetroGlobe's focus is on high working interest, company-operated properties in Alberta, including Pembina Cardium light oil, Pembina Edmonton Sands natural gas, Red Earth Slave Point light oil and Sawtooth oil in the Grand Forks/Taber area of southern Alberta. PetroGlobe's common shares are listed on the TSX Venture Exchange and trade under the symbol PGB.

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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