SOURCE: Petro Resources Corporation

November 28, 2005 10:24 ET

Petro Resources Corporation Acquires Acreage Option in Palo Duro Basin

HOUSTON, TX -- (MARKET WIRE) -- November 28, 2005 -- Petro Resources Corporation (OTC: PRCT) announces today that the company has acquired an option to lease a substantial acreage position of approximately 18,600 gross/9,300 net mineral acres located in the Palo Duro Basin. The leases covered by the option are located in Motley and Floyd Counties, Texas. A large percentage of the optioned leases are strategically located in the basin and are adjacent to much of the recent drilling activity in the Lower Penn Bend Shale play in western Motley and eastern Floyd Counties. The Company plans to increase its leasehold inventory in the area and is pursing additional leasing opportunities.

About Petro Resources Corporation:

Petro Resources Corporation is an independent exploration and production company focused on domestic oil and gas drilling and production.

Forward-Looking Statements:

The statements contained in this press release that are not historical are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements, without limitation, regarding the Company's expectations, beliefs, intentions or strategies regarding the future. Such forward-looking statements relate to, among other things: (1) expected revenue and earnings growth; (2) estimates regarding the size of pre-drill reserve potential; (3) estimates regarding the size of post-drill reserve potential; (4) regulation of the Company's industries and markets. These statements are qualified by important factors that could cause the Company's actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) the Company's ability to locate and acquire suitable interests in oil and gas properties on terms acceptable to the Company, and (2) the Company's ability to obtain working capital as and when needed. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.

Contact Information

  • Contact:
    Petro Resources Corporation
    Wayne Hall
    (713) 968-9282