PetroGlobe Provides Operational Update
07 Ottobre 2011 - 2:07AM
Marketwired
PetroGlobe Inc. ("PetroGlobe" or the "Company") (TSX VENTURE:PGB)
announces it brought on pump its cardium horizontal well located in
the Edson area of West Central Alberta.
For the last 24 days on pump the well produced at an average
rate of 72 boe/d composed of 33 bbls/day of oil and natural gas
liquids and 236 mcf/day of natural gas. The well was completed with
twelve stage oil fracture stimulation earlier in the year but
suffered a collapsed casing at the last stage closest to heal of
the well bore. PetroGlobe's working interest in production will be
52%.
Management believes that the current production rates are
encouraging considering approximately 1,000 meters of wellbore may
not be in communication or if in communication at significantly
restricted rates.
ABOUT PETROGLOBE INC.
PetroGlobe Inc. carries on business directly in Canada and is
listed on the TSX Venture Exchange and trades under the symbol
PGB.
Forward-looking information
This news release contains forward-looking information relating
to various matters that may include capital expenditures, cash
flow, earnings, future drilling, production rates and other future
events. This information is based on PetroGlobe's current
expectations and assumptions as to a number of factors, including
weather conditions, availability of drilling rigs, drilling
success, reserves and production, ability to tie-in production,
commodity prices, exchange rates, interest rates, access to
capital, general economic and industry conditions and other
factors. 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.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release
Contacts: PetroGlobe Inc. Bill Powers Interim Chief Executive
Officer (312) 315-7573 PetroGlobe Inc. Jason E. James Chief
Financial Officer (403) 265-4488 ext. 234 (403) 265-9727
(FAX)jason.james@petroglobe.comwww.petroglobe.com
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