PetroGlobe Inc. announced the initial results of the companys first horizontal Cardium oil well and the drilling of a second horizontal well in Pembina, Alberta. The company drilled and completed its first horizontal Cardium oil well in Pembina in early February 2010. The well was drilled with a 1,186 meter open hole horizontal leg and completed with an 11 stage fracture stimulation. Over the first 43 hours of flowback after completion, the well flowed a cumulative 3,548 barrels of load oil. The well was then shut in, all ports were drilled out and production equipment was set in place. The well was placed on pump on February 12, 2010 and associated natural gas was tied into the company infrastructure on February 16, 2010. In the first six days of production, the well produced a sustained average gross production rate of 165 barrels per day (bbls/d) of a combination of formation oil and remaining load oil. PetroGlobes working interest in this well is 60%. The company is also pleased to announce that it spud its second Cardium horizontal well on February 14, 2010. PetroGlobe has a 33.75% working interest in the well. If successful, the Company expects the second well to be on production by the end of the first quarter 2010. The company has identified an additional 10 gross (6 net) Cardium horizontal well locations on its Pembina lands. The company expects to continue to focus its Cardium drilling in the Pembina area and plans to drill an additional three to five gross (1 to 2 net) wells in Pembina during the remainder of the year. The company wholly owns and additional 2.5 sections of prospective Cardium rights in West Central Alberta that could add an additional 10 net Cardium horizontal drilling locations. In addition to its Pembina Cardium oil development, PetroGlobe recently tied in and brought on stream three net natural gas wells. These wells were part of a three well fracture stimulation (frac) program in the fourth quarter of 2009. Based on the initial success of this program, the company plans to evaluate remaining standing wells in its inventory for a future frac program. As a result of all items described above, the companys net production is approximately 460 barrels of oil equivalent per day.

Petroglobe Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. For the quarter, the company reported loss before income taxes from continuing operations of CAD 684,000, net loss from continuing operations of CAD 684,000 and net loss and comprehensive loss of CAD 684,000 or CAD 0.01 loss per basic and diluted share on revenue of CAD 318,000 against loss before income taxes from continuing operations of CAD 14,519,000, net loss from continuing operations of CAD 12,683,000 and net loss and comprehensive loss of CAD 12,711,000 or CAD 0.27 loss per basic and diluted share on revenue of CAD 794,000, reported a year ago. Net cash used in operating activities were CAD 166,000 against net cash from operating activities of CAD 695,000, reported a year ago. Expenditure on property, plant and equipment was CAD 201,000 against CAD 338,000, reported a year ago. For the nine months, the company reported loss before income taxes from continuing operations of CAD 2,072,000, net loss from continuing operations of CAD 2,208,000 and net loss and comprehensive loss of CAD 2,208,000 or CAD 0.04 loss per basic and diluted share on revenue of CAD 1,562,000 against loss before income taxes from continuing operations of CAD 15,311,000, net loss from continuing operations of CAD 13,475,000 and net loss and comprehensive loss of CAD 13,292,000 or CAD 0.31 loss per basic and diluted share on revenue of CAD 2,025,000, reported a year ago. Net cash used in operating activities were CAD 130,000 against net cash from operating activities of CAD 840,000, reported a year ago. Expenditure on property, plant and equipment was CAD 1,643,000 against CAD 1,031,000, reported a year ago.

Petroglobe Inc. announced operating results for the second quarter ended June 30, 2009. For the quarter, the company drilled and completed two shallow gas wells in the Pembina area which completed the final farm-in commitments and earned an additional 1,280 gross acres of shallow gas rights. Drilled, completed and brought on stream one Sawtooth oil well resulting in earning of 640 acres of multi-zone prospects in the Grand Forks/Taber area and establishing a new oil play for the company.