PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

July 13, 2005 09:15 ET

PetroGlobe Leasing in Palo Duro Basin Texas

CALGARY, ALBERTA--(CCNMatthews - July 13, 2005) - PetroGlobe Energy USA Ltd., a wholly owned Delaware subsidiary of PetroGlobe Inc. (TSX VENTURE:PGB) has retained Easterling Acquisitions LLC of Amarillo, Texas as its land broker. Easterling has established an office in Plainview, Texas and has commenced leasing of prospective acreage in the Palo Duro Basin. The area of interest covers Motley, Floyd, Brisco, Swisher and Hale Counties of West Texas.

PetroGlobe has been active in the Palo Duro Basin since 2002. The company participated in the drilling of the Cogdell Estate #1 well in 2003 and the Echols "2" #1 well in 2004/2005. The company currently retains an interest in the AMI (Area of Mutual Interest) surrounding these wells operated by Vintage Petroleum.

The company has allocated a substantial amount of capital, raised through a private placement in April 2005 to acquire additional acreage within the prospect. The long- term plan is to amass a large acreage position and commence drilling at selected sites to validate these lands in the near future. The company is currently evaluating financing options for the appraisal drilling and eventual development programs.

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

Contact Information

  • PetroGlobe Inc.
    John Loh
    President & CEO
    (403) 265-4488
    (403) 265-9727 (FAX)
    Email: johnl@petroglobe.com
    or
    PetroGlobe Inc.
    Dave Harris
    Vice President & CFO
    (403) 265-4488
    (403) 265-9727 (FAX)
    Email: dharris@petroglobe.com