PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

October 16, 2006 17:23 ET

PetroGlobe Inc. Reports Revised Q2 Segmented Results

CALGARY, ALBERTA--(CCNMatthews - Oct. 16, 2006) - PetroGlobe Inc. (TSX VENTURE:PGB) ("PetroGlobe") is re-issuing its MD&A and Financial Statements for the period ending June 30, 2006. Overall, there is no change to the company's Total Revenue or its Net Income. There were, however, presentation and allocation errors in (a) the amounts reported for Consulting and Gas Revenue, and (b) the depreciation, depletion, and amortization expense. Consolidated amounts remain unchanged. To most clearly see the impact of the changes made, please refer to Note 9 to the Consolidated Financial Statements, entitled Segmented Information.

Further information on PetroGlobe's operating and financial results can be obtained at SEDAR (www.sedar.com) and on PetroGlobe's website (www.petroglobe.com) where the revised financial statements and management's discussion and analysis for the six months ended June 30, 2006 are available.

Certain information set forth in this press release contains forward looking statements. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, reliance should not be placed on forward-looking statements. PetroGlobe's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits PetroGlobe will derive therefrom. PetroGlobe disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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

Contact Information

  • PetroGlobe Inc.
    John Loh
    President and C.E.O.
    (403) 265-4488
    or
    PetroGlobe Inc.
    David Harris
    Vice President and C.F.O.
    (403) 265-4488
    or
    PetroGlobe Inc.
    Suite 440, 836 - 7th Avenue S.W.
    Calgary, Alberta T2P 1H4
    (403) 265-9727 (FAX)
    Website: www.petroglobe.com