PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

October 17, 2006 15:53 ET

PetroGlobe Inc. Grants Options

CALGARY, ALBERTA--(CCNMatthews - Oct. 17, 2006) - PetroGlobe Inc. (TSX VENTURE:PGB) ("PetroGlobe") announces that it granted options on October 16, 2006 to acquire up to 395,000 common shares of PetroGlobe, 310,000 of which were granted to directors and officers. Each grant of options is for a five year term, expiring on October 16, 2011. The options vest over two years (1/3 immediately and 1/3 on each of the first and second anniversary of the grant date). The options are exercisable at a price of $1.71 per common share. There are now options outstanding to purchase a total of 1,692,500 common shares of PetroGlobe, or approximately 6.3% of PetroGlobe's issued and outstanding common shares.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this news release.

Contact Information

  • PetroGlobe Inc.
    Clifford D. Johnson, QC
    Chairman
    (403) 265-4488
    (403) 265-9727 (FAX)
    or
    PetroGlobe Inc.
    John Loh
    President & CEO
    (403) 265-4488
    (403) 265-9727 (FAX)
    Email: johnl@petroglobe.com