Bankers Petroleum Claims PetroGlobe Breached Data Sharing Agreement

A petition filed against PetroGlobe Energy USA Ltd. by Bankers Petroleum (US) Inc. in state district court in Floyd County, Texas, claims data from PetroGlobe Energy USA Ltd.'s McIntosh well #1-77, Cox well #1-13 and McIntosh well #1-76 was not shared with Bankers as per a data sharing agreement between the two companies. Bankers also requests the court to declare that the PetroGlobe Energy USA Ltd. has no interest in oil and gas leases known as the Cogdell Leases and that the certain of the Cogdell Leases are not subject to a Joint Operating Agreement between PetroGlobe and Bankers. Further, Bankers seeks unspecified damages of nine million dollars for economic damages suffered.

PetroGlobe vigorously denies all liability to Bankers and has retained counsel to defend itself against these allegations. PetroGlobe is also in the process of preparing its original answer and a counterclaim against Bankers for breach of the Joint Operating Agreement, for a declaration that PetroGlobe owns certain interests in the Cogdell Leases, that Bankers may be terminated as operator of the Joint Operating Agreement, and that PetroGlobe is entitled to recover its full damages and reasonable and necessary attorneys' fees from Bankers resulting from its improper conduct as operator and violation of its contractual duties under the Joint Operating Agreement.