PGB Petroglobe

PetroGlobe Inc. ("PetroGlobe" or the "Company") (TSX VENTURE:PGB) announces it
has filed its interim consolidated financial statements for the three and six
months ended June 30, 2010 and accompanying Management's Discussion and Analysis
with Canadian securities regulatory authorities. These filings are available for
review under the Company's SEDAR profile at www.sedar.com.


PetroGlobe increased its weighting towards oil production during the quarter,
with 17 percent of the Company's 303 barrels of oil equivalent per day (boe/d)
coming from oil and natural gas liquids. The 46 boe/d of oil production during
the quarter compares to no oil production for the same period of 2009, when
overall production was 342 boe/d completely from natural gas.


Other highlights of the Second Quarter of 2010 include:



--  One (0.34 net) Cardium horizontal light oil well brought on stream in
    Pembina, Alberta. 

--  Acquisition of 3,040 acres of prospective multi-zone oil prospects
    including Cardium light oil in the Pembina region. 

--  Cash flow from operations of $200 thousand for the three-month period
    and $413 thousand for the six months ended June 30, 2010. 

--  Net debt at June 30, 2010 was $1.8 million, with an unused bank line of
    an additional $1.8 million.  

--  PetroGlobe's available credit facility was increased from $2.7 million
    to $3.6 million based on its annual review with its lender. 



During much of the second quarter, PetroGlobe's corporate activities were
restricted as the Company concentrated on a proposed business combination and
recapitalization that was subsequently terminated as announced on August 11,
2010. PetroGlobe immediately reverted to its previous growth strategy, focusing
on high working interest, company-operated properties in Alberta.


About PetroGlobe Inc.

PetroGlobe is a Calgary, Alberta based public company, engaged in the
exploration, development and production of petroleum and natural gas in Canada.
PetroGlobe's common shares are listed on the TSX Venture Exchange and trade
under the symbol PGB.


Forward-Looking Information

This news release may contain forward-looking information relating to business
strategy, geographic areas of activity, capital expenditures, future drilling,
drilling costs, production rates, cash flow, investment payouts and other
matters. This information is based on PetroGlobe's current expectations and
assumptions as to a number of factors, including access to capital, availability
of drilling rigs, weather conditions, drilling success, resulting reserves
production, ability to tie-in production, decline rates, commodity prices,
exchange rates, interest rates and general economic and industry conditions. 


The material assumptions applied were that PetroGlobe continues its exploration
and development focus in Alberta, sufficient cash is available to fund capital
programs, through existing cash balances, credit facilities and future capital
raises on acceptable terms, drilling costs are maintained at expected levels,
drilling results, reserves and production are within expectations and there is
sufficient access to transportation, processing facilities, commodity prices and
sales markets. 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.


BOEs may be misleading, particularly if used in isolation. A BOE conversion
ratio of 6 Mcf: 1bbl is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a value
equivalency at the wellhead.

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