PetroGlobe Inc.

PetroGlobe Inc.

December 01, 2006 16:55 ET

PetroGlobe Inc. Grants Options

CALGARY, ALBERTA--(CCNMatthews - Dec. 1, 2006) - PetroGlobe Inc. (TSX VENTURE:PGB) ("PetroGlobe") announces that it granted options today to acquire up to 180,000 common shares of PetroGlobe. The grants were to Directors of PetroGlobe. Each grant of options is for a five year term, expiring on December 1, 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 $2.95 per common share. There are now options outstanding to purchase a total of 1,972,500 common shares of PetroGlobe, or approximately 7.1% of PetroGlobe's issued and outstanding common shares as of November 30, 2006.

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

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