PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

January 27, 2006 09:30 ET

PetroGlobe Inc.-Operations Update-Alberta

CALGARY, ALBERTA--(CCNMatthews - Jan. 27, 2006) - PetroGlobe Inc. (TSX VENTURE:PGB) wishes to update shareholders with the results of its 2005 drilling program in the Company's Pembina area in Alberta. In the fourth quarter 2005, the Company drilled and completed 10 out of the 13 planned wells. Of the 10 wells, 6 encountered what is expected to be commercial production, 2 are candidates for stimulation and 2 are non-productive. The productive wells will exploit multiple shallow gas zones. Drilling of the remaining 3 wells is planned for February, subject to rig availability.

Further announcements will be forthcoming.

This press release should not be construed to be solicitation for the purchase of the Corporation's common shares.

TSX Venture Exchange has not read or approved this release.

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