PetroGlobe Inc. Completes $4 Million Private Placement

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PetroGlobe Inc. ("PetroGlobe") (TSX VENTURE:PGB) completed today its previously
announced private placement to raise aggregate gross proceeds of $4,000,000
through the issue of units comprised of common shares and warrants and a
separate issue of units comprised of flow-through common shares and warrants.


The 12.28 million common share units issued are each comprised of one common
share and one-half of a common share purchase warrant and were issued at a price
of $0.11 to raise $1.35 million. The 18.92 million flow-through common share
units are each comprised of one flow-through common share and one-half of a
common share purchase warrant and were issued at a price of $0.14 to raise $2.65
million. Each whole warrant will be exercisable to acquire one common share at a
price of $0.14 until May 31, 2011.


PetroGlobe intends to use the gross proceeds from the issue of flow-through
common shares to incur Canadian Exploration Expense or Canadian Development
Expense that may be renounced as Canadian Exploration Expense under the Income
Tax Act (Canada) by December 31, 2010.


The offering was on a private placement basis to accredited investors and other
eligible purchasers in Alberta, British Columbia and Ontario and the securities
issued are subject to resale restrictions for four months until March 5, 2011.


Emerging Equities Inc. acted as lead agent and Burgeonvest-Bick Securities
Limited acted co-agent for the offering. The agents received a 6.5% cash
commission plus options to acquire 1.87 million common shares (being 6% of the
number of units and flow-through units issued). Each option is exercisable to
acquire one common share at a price of $0.11 until November 4, 2011. 


PetroGlobe may hold one or more closings to accommodate additional subscriptions
pursuant to the over-allotment option granted to the agents. Upon exercise of
the over-allotment option by the agents, up to an additional $500,000 of common
share units and flow-through common share units may be issued.


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
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 and Cautionary Statements 

Certain information included in this news release constitutes forward-looking
information under applicable securities legislation. Such forward-looking
information is provided for the purpose of providing information about
management's current expectations and plans relating to the future. Readers are
cautioned that reliance on such information may not be appropriate for other
purposes, such as making investment decisions. Forward-looking information
typically contains statements with words such as "anticipate", "believe",
"expect", "plan", "intend", "estimate", "propose", "project" or similar words
suggesting future outcomes or statements regarding an outlook. Forward-looking
information is based on a number of factors and assumptions which have been used
to develop such information but which may prove to be incorrect. Although
PetroGlobe believes that the expectations reflected in such forward-looking
information are reasonable, undue reliance should not be placed on
forward-looking information because PetroGlobe can give no assurance that such
expectations will prove to be correct. Forward-looking information is based on
current expectations, estimates and projections that involve a number of risks
and uncertainties which could cause actual results to differ materially from
those anticipated by PetroGlobe and described in the forward-looking
information. The material risk factors affecting PetroGlobe and its business are
similar to those of other companies engaged in the business of exploring for and
producing oil and gas.

The forward-looking information contained in this news release is made as of the
date hereof and PetroGlobe undertakes no obligation to update publicly or revise
any forward-looking information, whether as a result of new information, future
events or otherwise, unless required by applicable securities laws. The
forward-looking information contained in this news release is expressly
qualified by this cautionary statement.