Powers Energy Fund LP Updates Regulatory Filing

    TORONTO, June 19 /CNW/ - Powers Asset Management, LLC ("PAM") 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 August 10, 2006.
    PAM has discussed with certain other shareholders of PetroGlobe (together
with PAM, 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

    -   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;

    -   PAM, on behalf of Powers Energy Fund LP ("PEF");

    -   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, PEF owns 4,579,700 PetroGlobe shares representing
approximately 13.8% of the outstanding PetroGlobe shares. PAM exercises
control over these 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. PAM
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: Bill Powers, Powers Energy Fund LP, 990 Grove
Street, Suite 504, Evanston, IL, 60201, Tel: (847) 424-1097

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