PetroGlobe Announces Trade Suspension, Operational Update and Director Change

PetroGlobe Inc. (TSX VENTURE:PGB) ("PetroGlobe" or the "Company") announces that
trading in the shares of the Company was suspended as a result of the cease
trade orders issued against the Company by the Alberta Securities Commission and
the British Columbia Securities Commission on July 7th and 8th, 2011
respectively for failing to file its interim unaudited financial statements,
interim management's discussion & analysis and certification of interim filings
for the period March 31, 2011.


The Company filings were behind schedule as a result of incorporating the new
International Financial Reporting Standards (IFRS) in the first quarter of 2011.
The Company plans to file the documents imminently and will be seeking
revocation of the cease trade orders. The Company expects to receive the
revocation orders shortly thereafter. 


The Company also announces that it has recently surveyed and plans to complete
the tie in of its recently drilled and completed Cardium horizontal oil well
near Edson in Central Alberta. The well suffered a mechanical failure earlier in
this year upon completion and was flowing back fracture fluid, formation oil and
natural gas prior to shut-in. The well was shut in due to weather related
surface access restrictions. The Company will continue to pursue the drilling of
additional Cardium wells and preparations for a horizontal Slave Point oil well
at Red Earth later this year. Additional detail on the Company's operations can
be found on the Company's web site www.petroglobe.com


Additionally, PetroGlobe would like to announce the departure of Robert Macaulay
from the Board of Directors. Due to the commitment required of Mr. Macaulay in
connection with his recent appointment as Interim CEO of Falcon Oil and Gas Ltd.
he is unable to continue in his role as a Director of PetroGlobe Inc. We wish to
thank Mr. Macaulay for his years of service to the Board and wish him well in
new position.


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.