PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

November 04, 2005 13:41 ET

PetroGlobe Inc. Announces a Revised Price for it's Private Placement

CALGARY, ALBERTA--(CCNMatthews - Nov. 4, 2005) - PetroGlobe Inc. (TSX VENTURE:PGB) announced today that it has revised the pricing of its undertaking of a non-brokered private placement of equity shares at a price of $1.40 per share with a minimum subscription level of $5,000. The offering will raise up to $9,000,000. There will be a 1/2 warrant issued for each common share exercisable in 12 months from the closing date at $2.20 per common share.

The sale of the common shares will be completed at the Corporation's office with a closing date set at November 25, 2005 and is conditional upon acceptance of the TSX Venture Exchange. There will be an initial hold period of four (4) months on the resale of the shares.

PetroGlobe Inc. will use the proceeds of this sale of equity common shares to complete the financing of the Company's acreage acquisition program in the Palo Duro Basin in the Floyd, Swisher and Hale Counties in West Texas, to provide funding to start the drilling of evaluation wells on these prospective lands and for general corporate purposes.

This press release should not be construed to be solicitation for the purchase of the Corporation's common shares.

TSX Venture Exchange has not read or approved this release.

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