TORONTO, March 11 /CNW/ - Powers Energy Fund, LP ("PEF") announced today
that it purchased 3,524,300 common shares ("Shares") of PetroGlobe Inc.
("PetroGlobe") in the previously-announced private placement of PetroGlobe
that was completed as of February 29, 2008. These Shares represent
approximately 7.7% of the outstanding Shares, including the Shares issued
under the Private Placement.
Previously, during February 2008, PEF acquired an additional 1,006,000
Shares of PetroGlobe through the facilities of the TSX Venture Exchange. These
Shares represent approximately 2.2% of the outstanding Shares, including the
Shares issued under the Private Placement.
After giving effect to these purchases, PEF owns 9,110,000 Shares of
PetroGlobe, representing approximately 19.8% of the issued and outstanding
Shares as of the date hereof, including the Shares issued under the Private
Powers Asset Management, LLC is PEF's general partner and investment
advisor and in such capacity exercises control over the Shares held by PEF.
The Shares were acquired for investment purposes. PEF may acquire
additional Shares or dispose of some or all of the Shares currently held.
For further information:
For further information: Bill Powers, Powers Energy Fund LP ("PEF"), 990
Grove Street, Suite 504, Evanston, IL, 60201, Tel: (847) 424-1097