PetroGlobe Provides Operational Update

PetroGlobe Inc. ("PetroGlobe" or the "Company") (TSX VENTURE:PGB) announces
operational update on its recent light oil drilling program in the Edson area
located in North West Pembina. 


Prior to year end the Company completed the drilling and multi stage fracture
stimulation of its Cardium hz well located in North West Pembina. The well was
completed with twelve stage oil fracture stimulation with eleven stages being
successfully executed as planned. During the completion of the twelfth and final
stage of the fracture stimulation the well screened off in its final flush
stage.


Subsequent to completion the Company flowed the well and recovered approximately
868 bbls of oil in 50 hours at which time the well ceased to flow on its own.
The Company then attempted to clean the sand out of the well and mill through
the balls and ports believed to be restricting flow, with the intention of
enabling a production test. The Company believes it successfully milled through
the first port however encountered an obstruction shortly beyond that point. The
company believes that the fracture treatment interval may have partially
collapsed the casing resulting in an interval of approximately 68 meters of
damaged casing. The Company believes it has reopened approximately 57 meters of
the damaged interval through its work on the section during the last weeks. The
Company has shut in the well and currently discussing with its partner and
industry experts on further remedial action that may be taken.


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.