PetroGlobe Gives E&P Operational Update

PetroGlobe has made significant progress in its efforts to maximize shareholder value since the Corporation's Board of Directors and management were re-organized at the Corporation's Annual General Meeting in June 2007. The following are some of the highlights that have been achieved to date:

- The company has achieved net sustained production of 1.4 million standard cubic feet per day (mmscf/d) or 240 barrels of oil equivalent per day (BOE/d)

- Reduction of over $400,000 in overhead expenses on an annual basis

- The engagement of Ryder Scott Company, L.P. as the Corporation's reservoir engineers

- Significant reduction in operating expense per mscf through increased operational control

- Hiring of an well-qualified and experienced Chief Financial Officer

- Streamlined staff to allow a more significant portion of cash flow to be spent on capex