PetroGlobe Announces Red Earth Farmout Agreement

PetroGlobe Inc. ("PetroGlobe" or the "Company") (TSX VENTURE:PGB) announces that
it has entered into a Farmout and Option Agreement ("the agreement") in the Red
Earth area of Alberta with an experienced Slave Point Operator ("the farmee").


Pursuant to the terms of the agreement, on or before September 30, 2012 the
farmee will spud a horizontal test well at its sole cost and drill, complete,
cap, test or abandon the well to test the Slave Point formation and to earn a 75
percent working interest in four quarters of land in PetroGlobe's seven quarter
farmout lands. Upon completion of the test well the farmee has the option to
elect to drill a second horizontal well to earn the remaining farmout lands
under the same terms.


Chief Financial Officer, Jason James, stated, "The Red Earth farmout provides an
opportunity for PetroGlobe to evaluate its prospective Red Earth acreage on a
timely and low risk basis, by one of the most experienced and successful Slave
Point area operators."


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.