SOURCE: Petro Resources Corporation

October 27, 2005 13:54 ET

Petro Resources Corporation Announces Well Participation

HOUSTON, TX -- (MARKET WIRE) -- October 27, 2005 -- Petro Resources Corporation (OTC: PRCT) announced today that it has committed to a 12.50% working interest in an exploratory prospect located in Jefferson Davis Parish, Louisiana known as the Gemini Prospect. The working interest was acquired pursuant to its Joint Participation Agreement with Bayou City Exploration (OTC BB: BYCX).

The current exploration plan provides for the drilling of an exploratory well to a depth of approximately 4,200 feet to target a Miocene Amph B sand 3-D seismic anomaly ("bright spot") at a depth of approximately 4,000 feet.

Bayou City Exploration, as Operator, plans to commence operations within the next thirty days subject to rig availability.

The proposed Gemini #1 well will target a Miocene Amph B sand 3-D seismic anomaly ("bright spot") at a depth of approximately 4,000 feet.

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 our 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