PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

October 19, 2006 18:24 ET

PetroGlobe Inc. Announces Executive Appointments Following Retirement of Founder

CALGARY, ALBERTA--(CCNMatthews - Oct. 19, 2006) - The Board of Directors of PetroGlobe Inc. (TSX VENTURE:PGB) announced today executive changes under its succession plan in response to the scheduled retirement of John Loh, President and Chief Executive Officer, effective November 1, 2006. Mr. Loh will remain on the company's Board of Directors and provide consulting services to the new executive team with respect to the Texas projects.

"John founded PetroGlobe and put in place a strong management team with a proven growth plan and a business strategy that continues to create value for shareholders," Clifford D. Johnson, Chairman of the Board, said: "He leaves the day to day management of the company on a solid foundation, positioned strategically with enviable land positions in Canada and the U.S., and a profitable international consulting portfolio."

"We are indebted to John for his many accomplishments at the helm of PetroGlobe. We are also pleased that he will continue to have a voice in the company's direction through the Board and in a consulting capacity."

Mr. Johnson will assume the additional position of Chief Executive Officer of PetroGlobe Inc., and Darcy Spady, Vice-President of Operations, is appointed to the newly created position of Chief Operating Officer, effective November 1, 2006.

With the current executive changes, Mr. Johnson will also succeed Mr. Loh as President of PetroGlobe Energy U.S.A. Ltd., a wholly owned United States subsidiary of PetroGlobe Inc.

In reference to the promotion of Mr. Spady to Chief Operating Officer Mr. Johnson said "This appointment is a key part of the plan for a smooth transition at the executive level. Darcy has quickly proven the value he brings to PetroGlobe and its shareholders, and we intend to leverage that value further by expanding his responsibilities."

In addition to these permanent appointments, PetroGlobe's Board of Directors announced that David Harris, Vice-President and Chief Financial Officer, is commencing a leave of absence for personal reasons. Michael Walsh has been appointed interim Chief Financial Officer of PetroGlobe and PetroGlobe Energy U.S.A., in addition to his current role as Controller, also effective November 1, 2006.

About PetroGlobe Inc.

PetroGlobe Inc. is listed on the TSX Venture Exchange, under the symbol PGB. There are 26.9 million shares outstanding (28.3 million fully diluted). The 52-week range is $1.00 - $1.98. The market cap is $48.4 million based on a recent trade of $1.90.

PetroGlobe Inc., headquartered in Calgary, Alberta, Canada, is strategically focused on exploring for, acquiring and developing high quality oil and gas prospects in western Canada and the United States. PetroGlobe carries on business directly in Canada and indirectly in the United States through PetroGlobe Energy USA Ltd. Its wholly owned subsidiary, PetroGlobe (Canada) Limited, provides international consulting and project management services to the energy industry.

Major oil and gas properties are in the Palo Duro Basin of West Texas and the Cynthia, Pembina and Leduc areas of West-Central Alberta.

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

For more information, visit PetroGlobe's website at www.petroglobe.ca.

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

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