PetroGlobe Inc. (TSX-V: PGB) has entered an agreement to acquired an additional 40% working interest in the Cardium formation on certain lands. The company can acquire the additional 40% working interest in exchange for 2 million common shares, cash consideration and other non-core mineral interests. The transaction adds 115 more net acres of highly prospective Cardium rights to PetroGlobe's existing Cardium potential in Pembina, Alberta.
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PetroGlobe Inc. is listed on the TSX Venture Exchange and trades under the symbol PGB. PetroGlobe Inc. carries on business directly in Canada. It conducts business indirectly in the United States through PetroGlobe Energy USA Ltd. Major properties are in the Palo Duro basin of West Texas and Drayton Valley, Breton and Warburg in west-central Alberta.
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