PetroGlobe Inc.

PetroGlobe Inc.

October 19, 2006 21:13 ET

PetroGlobe Inc.: Operational Update-October 19, 2006

CALGARY, ALBERTA--(CCNMatthews - Oct. 19, 2006) - PetroGlobe Inc. (TSX VENTURE:PGB) wishes to report the following activities in Texas and Alberta:

Palo Duro Basin, Texas:

McIntosh #1-77, located in SE Floyd County of West Texas, has reached total depth of 9900'. While drilling through the Lower Pennsylvanian shale and Granite Wash sequence gas was encountered. The well is now shut in pending commencement of a completion and testing program.

The rig is being released from this well and the plan is to move it to the Young #1 location in Swisher County, West Texas.

Pembina area, Alberta:

With respect to the 10 well Pembina program previously announced, perforations and initial evaluations have been finished on 9 wells.

Pipeline tie-ins for these wells and the drilling of the next 6 locations has been delayed due to wet weather, but it is expected that both will commence when conditions are favourable.

About PetroGlobe Inc.

PetroGlobe Inc. is listed on the TSX Venture Exchange, symbol PGB. There are26.9 million shares outstanding (28.3 million fully diluted). The 52-week rangeis $1.00 - $1.98. The market cap is $48.4 million based on a recent trade of $1.90.

PetroGlobe carries on business directly in Canada and indirectly in the USA through PetroGlobe Energy USA Ltd. Its wholly owned subsidiary, PetroGlobe (Canada) Limited, is in the business of international oil & gas consulting.

Major properties are in the Palo Duro Basin of West Texas and the Cynthia, Pembina 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.

Contact Information

  • PetroGlobe Inc.
    Clifford D. Johnson, Q.C.
    (403) 265-4488
    PetroGlobe Inc.
    Darcy W. Spady, P.Eng.
    Vice President, Operations
    (403) 265-4488
    (403) 265-9727 (FAX)