SOURCE: Petro Resources Corporation

October 09, 2007 09:30 ET

Petro Resources Corporation Files SB-2 Registration Statement for Common Stock Offering

HOUSTON, TX--(Marketwire - October 9, 2007) - Petro Resources Corporation (AMEX: PRC) today announced its intention to publicly offer $35 million of its common stock, subject to market conditions, pursuant to an SB-2 Registration Statement that it has filed with the U.S. Securities and Exchange Commission. Petro Resources will grant the underwriters of the offering a 30-day option to purchase up to an additional 15% of the shares sold in the offering at the public offering price less the underwriting discount. Petro Resources is undertaking the offering to facilitate repayment of debt, to fund a portion of its capital expenditures budget and for general corporate uses. Members of management and Board of Directors will not sell shares in the offering. Canaccord Adams Inc., Pritchard Capital Partners, LLC and Scarsdale Equities are the underwriters of the offering.

The registration statement relating to the common stock has been filed with the Securities and Exchange Commission, but has not yet become effective. The common stock may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the common stock in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The offering is being made only by means of a prospectus. Before you invest, you should read the prospectus in the registration statement for more complete information about Petro Resources Corporation and the offering. You may obtain a copy of these documents by visiting the SEC web site at www.sec.gov. A copy of the prospectus relating to the offering may be obtained from Canaccord Adams Inc. at 99 High Street, 11th Floor, Boston, Massachusetts 02110, Telephone: (617) 371-3900.

About Petro Resources

Petro Resources Corporation is an independent oil and natural gas company engaged in the acquisition, exploration, development, and exploitation of properties located in the continental United States.

Contact Information

  • Contact:

    Brad Holmes
    Investor Relations
    (713) 654-4009

    Don Kirkendall
    President
    (832) 369-6986