January 29, 2013 09:00 ET
CALGARY, ALBERTA--(Marketwire - Jan. 29, 2013) - PetroGlobe Inc. (TSX VENTURE:PGB) ("PetroGlobe" or the "Company") announces initial production from its horizontal test well on the Company's Red Earth farmin lands.
The well was placed on pump on November 20, 2012 and has been recovering load fluid and oil. During its first month of production in December 2012 it averaged approximately 150 bbls/day of fluid, with a 73 percent water cut resulting in 40 bbls/day of oil. The well has recovered all of its frac load fluid and is currently producing approximately 63 bbls/day of fluid with a 74 percent water cut. PetroGlobe's after earning working interest in the well is 25 percent.
The farmor has until February 6, 2013 to elect to drill a second well to earn the balance of PetroGlobe's land at Red Earth.
ABOUT PETROGLOBE INC.
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.
PetroGlobe Inc.Jason E. JamesChief Financial Officer(403) 265-4488 ext. 234(403) 265-9727 (FAX)firstname.lastname@example.orgPetroGlobe Inc.Bill PowersInterim Chief Executive Officer(312) 315-7573
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