Scion Capital, LLC Updates Regulatory Filing



    CUPERTINO, CA, June 19 /CNW/ - Scion Capital, LLC ("Scion Capital")
announces a change in a material fact contained in its "early warning" report
in respect of PetroGlobe Inc. ("PetroGlobe") filed with certain Canadian
securities regulators on December 1, 2006.
    Scion Capital has discussed with certain other shareholders of PetroGlobe
(together with Scion Capital, the "Co-operating Shareholders") their
respective current intentions to vote the PetroGlobe shares they control, at
PetroGlobe's annual shareholder meeting scheduled to be held on June 21, 2007,
in favour of replacing some or all of PetroGlobe's current directors with
nominees nominated by one or more of the Co-operating Shareholders at the
meeting. The Co-operating Shareholders are:

    
    -   Scion Capital, LLC, on behalf of Scion Qualified Value Fund, a series
        of Scion Qualified Funds, LLC, and Scion Value Fund, a series of
        Scion Funds, LLC;

    -   Powers Asset Management, LLC, on behalf of Powers Energy Fund, L.P.;

    -   Black Sheep Partners, LLC, Black Sheep Partners II, LLC and Clam
        Partners, L.L.C.; and

    -   Oak Street Capital Management, LLC, on behalf of Oak Street Small Cap
        Fund, L.P.
    

    As of the date hereof, Scion Capital exercises control over 4,434,072
PetroGlobe shares owned by Scion Qualified Value Fund, a series of Scion
Qualified Funds, LLC, and 870,000 PetroGlobe shares owned by Scion Value Fund,
a series of Scion Funds, LLC. These shares represent approximately 16.0% of
the outstanding PetroGlobe shares. Including these shares, the Co-operating
Shareholders exercise control over 11,648,172 PetroGlobe shares in the
aggregate, representing approximately 35.1% of the outstanding shares.
    Scion Capital intends to vote the PetroGlobe shares it controls at the
meeting as set out above and may seek to influence the control of PetroGlobe
in the future.





For further information:

For further information: Steven A. Druskin, General Counsel, 20400
Stevens Creek Blvd., Suite 840, Cupertino, CA, 95014, (408) 441-8400

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SCION CAPITAL, LLC

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