PetroGlobe Finds Gas in Grandview Field

PetroGlobe says the second development well, Taylor #8-9, drilled on the Grandview field in Liberty County, Montana was drilled to the base of the Sunburst Sandstone. The well was completed in the 3rd Bow Island sands, 2nd Bow Island sands and the1st Bow Island sands. Initial flow test from the commingled perforations flowed at a preliminary stabilized rate of 2,028 MCF/D. Work is currently in progress running tubing and setting a packer to isolate the 1st Bow Island sands from the 2nd and 3rd Bow Island sands. Further testing will be carried out at the completion of this operation. The well will be tied in and placed on production in June 2003.

The first well of a potential three-well development program, Petro-Taylor #2-15 was plugged and abandoned.

Taylor Well Operating is the operator with a 50% interest and PetroGlobe holds the remaining 50%.

In Texas, Petroglobe has spudded the Gogdell #1-01 well located in Motley County. The well is a deep test (9500 feet, 2900 metres) appraisal being drilled to evaluate the Atoka Granite Wash / Sandstone and Morrow Granite Wash / Sandstone. The well is being drilled in the proximity of the discovery well, Amerada Birnie #1, Motley County Texas deep test, drilled in 1950 and re-entered in 1958. It tested gas and condensate but was abandoned due to lack of market and pipelines. Drilling is ongoing and is anticipated to take approximately thirty days to complete.

The operator of the well is Legacy Exploration.