PetroGlobe Inc.

PetroGlobe Inc.

December 02, 2010 17:34 ET

PetroGlobe Inc. Issues Stock Option Grants

CALGARY, ALBERTA--(Marketwire - Dec. 2, 2010) - PetroGlobe Inc. ("PetroGlobe") (TSX VENTURE:PGB) announces the grant of stock options to purchase up to an aggregate of 3,100,000 shares of PetroGlobe, of which 2,440,000 were granted to directors and officers of PetroGlobe. Each option has a term of five years and vests over two years. The options are exercisable at a price of $0.15 per common share. The Company now has options outstanding to purchase a total of 7.3 common shares of PetroGlobe, or approximately 6% of the issued and outstanding common shares.

About PetroGlobe Inc.

PetroGlobe is a Calgary, Alberta based public company, engaged in the exploration, development and production of petroleum and natural gas in Canada. PetroGlobe's focus is on high working interest, company-operated properties in Alberta, including Pembina Cardium light oil, Pembina Edmonton Sands natural gas, Red Earth Slave Point light oil and Sawtooth oil in the Grand Forks/Taber area of southern Alberta. PetroGlobe's common shares are listed on the TSX Venture Exchange and trade under the symbol PGB.

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

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