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PetroGlobe Announces Asset Sale

Jun 20 2013 12:00AM

Marketwire

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CALGARY, ALBERTA -- (Marketwired) -- 06/20/13 -- PetroGlobe Inc. (TSX VENTURE: PGB) ("PetroGlobe" or the "Company") announces it has closed an asset sale in the Pembina area of Alberta.

The Company sold its working interest in certain wells, pipelines and land in the Pembina area of Alberta. The sale included approximately five bbls/day of oil production, three (2 net) wells and net 704 hectares of land for total proceeds of $525,000.

The proceeds of the disposition will be applied to reduce indebtedness under the Company's current credit facility.

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, Red Earth Slave Point light oil 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.

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.
Jason E. James
Chief Financial Officer
(403) 265-4488 ext. 234
(403) 265-9727 (FAX)
jason.james@petroglobe.com
www.petroglobe.com

PetroGlobe Inc.
Bill Powers
Interim Chief Executive Officer
(312) 315-7573





Source: Marketwire


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