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PetroGlobe Announces New Light Oil Play, Land Acquisition and Additional Cardium Farmin Lands
CALGARY, ALBERTA, Nov 3, 2010 (Marketwire via COMTEX News Network) --
PetroGlobe Inc. ("PetroGlobe" or the "Company") (TSX VENTURE:PGB) announces that it has acquired 1,120 net acres located at Red Earth in Northern Alberta. The land is in the heart of the emerging Slave Point horizontal tight oil play. The Company has identified up to five low-risk Slave Point horizontal drilling locations on the land acquired.
The acquisition of this land is consistent with the Company's strategic focus on light oil resource plays using the latest multi-stage fracturing technology to fully exploit the resource potential.
The Company is also pleased to announce that it has reached agreements to farm in on three sections of land in the highly prospective Cardium light oil play. The farm-in lands are located in North West Pembina of Central Alberta. If successful, this could lead to up to 11 additional follow-up horizontal locations. The Company plans to drill its first well in the fourth quarter of 2010.
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.
SOURCE: PetroGlobe Inc.
PetroGlobe Inc. Jason E. James Chief Executive Officer (403) 265-4488 ext. 234 (403) 265-9727(FAX) jason.james@petroglobe.com www.petroglobe.com
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