PGB Petroglobe

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF UNITED STATES SECURITIES LAWS.


PetroGlobe Inc. ("PetroGlobe") (TSX VENTURE:PGB) announced today that it amended
and increased the size of its previously announced private placement to an
aggregate of $4,000,000 and an overallotment option granted to the agents of an
additional $400,000 through the issue of units comprised of common shares and
warrants and a separate issue of units comprised of flow-through common shares
and warrants.


The common share units will each be comprised of one common share and one-half
of a common share purchase warrant and issued at a price of $0.11 to raise up to
$1,500,000. The flow-through common share units will each be comprised of one
flow-through common share and one-half of a common share purchase warrant and
issued at a price of $0.14 to raise up to $2,500,000. Each whole warrant will be
exercisable to acquire one common share at a price of $0.14 until May 31, 2011.


PetroGlobe intends to use the gross proceeds from the issue of flow-through
common shares to incur Canadian Exploration Expense or Canadian Development
Expense that may be renounced as Canadian Exploration Expense under the Income
Tax Act (Canada) by December 31, 2010.


The offering will be on a private placement basis to accredited investors and
other eligible purchasers in Alberta, British Columbia and Ontario and the
securities issued will be subject to resale restrictions for four months after
the closing. Closing of the offering is anticipated to occur on or about October
27, 2010.


PetroGlobe has engaged Emerging Equities Inc. to lead a syndicate of agents,
including Burgeonvest-Bick Securities Limited, in connection with the private
placement on a commercially reasonable best efforts basis. The agents will
receive a 6.5% cash commission plus, if a specified minimum proceeds are raised,
common share purchase options to acquire that number of common shares equal to
6% of the number of common share and flow-through share units subscribed for
under the offering. Each option will be exercisable at a price of $0.11 until
twelve months after closing. The agents have also been granted an overallotment
option not to exceed $400,000 of either common shares or flow through units for
a period not to exceed 30 days after closing.


PetroGlobe also announces a correction to a portion of its September 21, 2010
news release. The number of common share purchase options with an exercise price
of $0.16 granted to directors of PetroGlobe in accordance with its stock option
plan was 1,000,000 than the 700,000 previously stated.


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 focus is on high working interest, company-operated properties in
Alberta, including Pembina Cardium light oil, Pembina Edmonton Sands natural gas
and Sawtooth oil in the Grand Forks/Taber area of southern Alberta. PetroGlobe's
common shares are listed on the TSX Venture Exchange and trade under the symbol
PGB.


Forward-Looking and Cautionary Statements

Certain information included in this news release constitutes forward-looking
information under applicable securities legislation. Such forward-looking
information is provided for the purpose of providing information about
management's current expectations and plans relating to the future. Readers are
cautioned that reliance on such information may not be appropriate for other
purposes, such as making investment decisions. Forward-looking information
typically contains statements with words such as "anticipate", "believe",
"expect", "plan", "intend", "estimate", "propose", "project" or similar words
suggesting future outcomes or statements regarding an outlook. Forward-looking
information is based on a number of factors and assumptions which have been used
to develop such information but which may prove to be incorrect. Although
PetroGlobe believes that the expectations reflected in such forward-looking
information are reasonable, undue reliance should not be placed on
forward-looking information because PetroGlobe can give no assurance that such
expectations will prove to be correct. Forward-looking information is based on
current expectations, estimates and projections that involve a number of risks
and uncertainties which could cause actual results to differ materially from
those anticipated by PetroGlobe and described in the forward-looking
information. The material risk factors affecting PetroGlobe and its business are
similar to those of other companies engaged in the business of exploring for and
producing oil and gas.


The forward-looking information contained in this news release is made as of the
date hereof and PetroGlobe undertakes no obligation to update publicly or revise
any forward-looking information, whether as a result of new information, future
events or otherwise, unless required by applicable securities laws. The
forward-looking information contained in this news release is expressly
qualified by this cautionary statement.

Grafico Azioni Petroglobe (TSXV:PGB)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Petroglobe (TSXV:PGB)
Storico
Da Giu 2023 a Giu 2024