PetroGlobe Inc.

PetroGlobe Inc.

November 30, 2010 18:04 ET

PetroGlobe Inc. Spuds Cardium Horizontal Well and Amends Stock Option Grants

CALGARY, ALBERTA--(Marketwire - Nov. 30, 2010) - PetroGlobe Inc. ("PetroGlobe") (TSX VENTURE:PGB) is pleased to announce it has spud its first operated Cardium horizontal well in North West Pembina. The well is planned to be drilled horizontally 1,200 meters in the Cardium zone and a multi stage fracture completion is scheduled upon drilling completion anticipated prior to year end. PetroGlobe has a 52% working interest in the horizontal well.

PetroGlobe announces that it has amended the exercise price of 885,000 options granted on February 26, 2009 at an exercise price of $0.095 per option to $0.10 in order to comply with TSX Venture Exchange minimum option exercise price requirements. No change has been made to the options original vesting or expiry terms.

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.

Forward-looking information

This news release contains forward-looking information relating to various matters that may include capital expenditures, cash flow, earnings, future drilling, production rates and other future events. This information is based on PetroGlobe's current expectations and assumptions as to a number of factors, including weather conditions, availability of drilling rigs, drilling success, reserves and production, ability to tie-in production, commodity prices, exchange rates, interest rates, access to capital, general economic and industry conditions and other factors. If those expectations and assumptions prove to be incorrect, or factors change, then actual results could differ materially from the forward-looking information contained in this news release.

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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