PetroGlobe Inc.

PetroGlobe Inc.

March 29, 2007 16:28 ET

PetroGlobe Inc. Announces Personnel Change

CALGARY, ALBERTA--(CCNMatthews - March 29, 2007) - PetroGlobe Inc. (TSX VENTURE:PGB) announced today that Darcy Spady, Chief Operating Officer, is leaving the company to pursue other interests.

Clifford D. Johnson, Q.C., Chairman and Chief Executive Officer, said: "We have in recent months been building our bench strength to push greater decision-making authority into the field while carefully redefining our needs at the senior executive level. Our objective is to more closely align the experience and skills of our leaders with our strategic planning initiatives. While we finalize our executive-level structure, the responsibilities of chief operating officer will be assumed by executive and senior field management. In the meantime, we wish Darcy well as he broadens his interests beyond PetroGlobe, and thank him for all his efforts on behalf of the corporation." Mr. Spady's departure is effective immediately.

PetroGlobe announced earlier this month the appointments of a Manager of Operations and a Chief Engineer to increase the company's front-line strength and depth at a time of expanding exploration and development and increasing production levels.

PetroGlobe also announced that options to acquire up to a total of 35,000 common shares are being granted in connection with changing staff responsibilities. With the issuance of these and other options granted recently, there will be options outstanding to purchase a total of 1,830,850 common shares of PetroGlobe, or approximately 5.5% of PetroGlobe's issued and outstanding common shares as of March 29, 2007.

About PetroGlobe Inc.

PetroGlobe Inc. is listed on the TSX Venture Exchange and trades under the symbol PGB. There are 33.1 million shares outstanding (36.1 million fully diluted). The 52-week range is $1.00 - $2.95. Market cap is $59.9 million based on the most recent closing price of $1.81.

PetroGlobe Inc. carries on business directly in Canada and 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 press release contains forward-looking information. Actual future results may differ materially from those contemplated.

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

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

Contact Information

  • PetroGlobe Inc.
    Clifford D. Johnson, Q.C.
    Chairman & Chief Executive Officer
    (403) 265-4488 ext. 226
    PetroGlobe Inc.
    Jason E. James
    Chief Financial Officer
    (403) 265-4488 ext.234
    (403) 265-9727 (FAX)