PetroGlobe Inc.
TSX VENTURE : PGB

PetroGlobe Inc.

March 03, 2011 20:51 ET

PetroGlobe Provides Operational Update and Well Licence

CALGARY, ALBERTA--(Marketwire - March 3, 2011) - PetroGlobe Inc. (TSX VENTURE:PGB) ("PetroGlobe" or the "Company") announces operational update on its recent Cardium horizontal light oil well in the Edson area located in North West Pembina.

The Company recently flow tested its Cardium horizontal oil well in the Edson area after it was discovered upon initial testing that a mechanical failure existed immediately after the last fracture treatment port, which is the closest to the heel of the horizontal well bore. The test period was over three days during which the Company both flowed and swab tested the well, recovering approximately 599 barrels of fluid during 31 hours of testing.

The Company has set production equipment in place and will be placing the well on pump and looks forward to updating the market on pumping rates once established.

The Company is also pleased to announce it has licensed a second horizontal well in the adjacent section and plans to commence drilling in the second quarter of the year.

ABOUT PETROGLOBE INC.

PetroGlobe Inc. carries on business directly in Canada and is listed on the TSX Venture Exchange and trades 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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