CALGARY, ALBERTA--(Marketwire - Oct. 6, 2011) - 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.
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