PetroGlobe Inc.

PetroGlobe Inc.

November 26, 2013 14:34 ET

PetroGlobe Inc. Files for Bankruptcy

CALGARY, ALBERTA--(Marketwired - Nov. 26, 2013) - PetroGlobe Inc. ("PetroGlobe" or the "Company") (NEX:PGB.H) advises that it has filed a voluntary assignment in bankruptcy pursuant to the provisions of the Bankruptcy and Insolvency Act. In conjunction with the filing, the Office of the Superintendant of Bankruptcy has appointed Hudson & Company Insolvency Trustees Inc. as Trustee in Bankruptcy, and that appoint was affirmed by the creditors at a meeting of creditors held on November 5, 2013.

The Board of Directors of PetroGlobe authorized the filing of the bankruptcy as result of the inability to repay the indebtedness of the Corporation as demanded by its lender under its credit facility, and as a result is no longer solvent. The Company also advises that the Officers and Directors of the Company have resigned and that the Company will remain halted and could be subject to a suspension of trading pursuant to the policies of the TSX Venture Exchange. Any inquiries with respect to the operations of the Company or its assets can be made to Hudson & Company Insolvency Trustees 200, 625 - 11 Avenue SW Calgary, Alberta T2R 0E1 Attention: Bruce Hudson, President (telephone 403-265-4357).

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.

Contact Information

  • PetroGlobe Inc.
    Bill Powers
    Chairman of the Board of Directors
    (312) 315-7573