Scion Reports Acquisition of Shares and Warrants in PetroGlobe Inc.



    CUPERTINO, CA, Aug. 8 /CNW/ - Scion Capital, LLC announces that Scion
Qualified Value Fund, a Series of Scion Qualified Funds, LLC ("SQVF") acquired
ownership of 870,000 common shares ("Shares") of PetroGlobe Inc.
("PetroGlobe") and 870,000 common share purchase warrants ("Warrants") of
PetroGlobe by way of a private placement on August 7, 2007. The acquisition
represented approximately 4.7% of the outstanding Shares as August 7, 2007
assuming the exercise of the Warrants acquired by SQVF. Also on August 7,
2007, Scion Value Fund, a Series of Scion Funds, LLC, ("SVF") acquired
ownership of 263,333 Shares and 263,333 Warrants in the private placement.
Including the Shares and Warrants acquired by SQVF and SVF in the private
placement, Scion Capital has acquired control of 6.1% of the outstanding
Shares as of August 7, 2007, assuming the exercise of the Warrants acquired by
SQVF and SVF. SQVF and SVF paid $0.75 per unit in the private placement, with
each unit comprising one Share and one Warrant.
    SQVF owns, and Scion Capital controls on behalf of SQVF, 5,304,072 Shares
and 870,000 Warrants, representing approximately 16.8% of the issued and
outstanding Shares of PetroGlobe as at August 7, 2007, assuming the exercise
of the Warrants owned by SQVF. In addition, Scion Capital, on behalf of SVF,
controls 1,133,333 Shares and 263,333 Warrants, representing approximately
3.9% of the issued and outstanding Shares of PetroGlobe as at August 7, 2007,
assuming the exercise of the Warrants owned by SVF. Scion Capital controls on
behalf of SQVF and SVF, 6,437,405 Shares and 1,133,333 Warrants, representing
approximately 20.4% of the issued and outstanding Shares of PetroGlobe as at
August 7, 2007, assuming the exercise of the Warrants owned by SQVF and SVF.
    The Shares were acquired for investment purposes. Scion Capital, on
behalf of the funds it manages, may acquire additional Shares or Warrants or
dispose of some or all of the Shares or Warrants currently held.





For further information:

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

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