HOUSTON, TX--(Marketwire - August 20, 2007) - Petro Resources Corporation (
About El Vado East
The El Vado East prospect is Mancos Shale exploratory oil play encompassing a total of 90,000 acres located in the Chama Basin in Northern New Mexico. The Company has a 10% working interest and an 8.0% net revenue interest in the prospect which will be operated by Approach Resources Inc.
The Mancos Shale, a thick, organic rich Upper Cretaceous marine shale, is the primary objective. The Dakota, Morrison, Todilto and Entrada formations are secondary objectives. The prospect is in close proximity to several highly productive fields including the West Puerto Chiquito and East Puerto Chiquito fields and the Boulder field. Collectively these fields have produced approximately 30 million barrels of oil equivalent (mmboe) from the Mancos Shale.
The Company expects that the first of four vertical test wells will be spud in the fourth quarter of 2007. Depending on the initial results of these wells, a 3-D seismic shoot may be conducted over a portion of the prospect.
About Petro Resources
Petro Resources Corporation is an independent oil and natural gas company engaged in the acquisition, development and exploitation of properties located in the continental United States. The Company typically takes significant non-operated positions in producing properties where the operator is a company, either public or private, that has significant experience and technical expertise in the region or basin. Our business strategy allows the Company to make acquisitions in many different regions, maintain a balanced portfolio of oil and natural gas and manage risk.
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) the Company's proposed exploration and drilling operations on its various properties, (2) the expect production and revenue from its various properties, and (3) estimates regarding the reserve potential of its various properties. 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 finance the continued exploration and drilling operations on its various properties, (2) positive confirmation of the reserves, production and operating expenses associated with its various properties; and (3) the general risks associated with oil and gas exploration and development, including those risks and factors described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-KSB for the year ended December 31, 2006 and the Quarterly Report on Form 10QSB for the three months ended June 30, 2007. 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.