SOURCE: Petro Resources Corporation

March 19, 2008 09:30 ET

Petro Resources Announces Increased Reserves and Updates Operations

HOUSTON, TX--(Marketwire - March 19, 2008) - Petro Resources Corporation (AMEX: PRC) (the "Company") has announced that it has added approximately 2.3 million barrels of oil equivalent of total proved reserves net of production during 2007. These reserve additions came from various sources including the Williston Basin acquisition, enhanced oil recovery operations in North Dakota and successful exploratory drilling in the Cinco Terry Field in Crockett County, Texas.

The initial shallow exploratory well in the Newporte prospect (E-M Engh #33-4) located in Renville County, North Dakota has been plugged and abandoned. The well was drilled to a depth of approximately 5,100 feet to test the Madison group and was deemed to be non-commercial after logging, coring and formation testing. The shallow horizons imaged from the 3D seismic data and tested in the E-M Engh #33-4 were not the primary target in the Newporte prospect area. The results from the E-M Engh #33-4 do not diminish the prospect potential of the deeper horizons in the Newporte prospect area that include the Winnipegosis, Red River, Winnipeg and Deadwood formations.

The first deep exploratory well on the Newporte prospect (Osterberg #10-3) will be drilled to an approximate depth of 10,000 feet to test the Deadwood sandstone. The Company expects to commence drilling operations during second half of April 2008 subject to the approval by the State of North Dakota of a unit spacing exception permit and the availability of the contracted drilling rig.

The Company also anticipates spudding the E-M Overton 20-10 well in Renville County, North Dakota this week. The Overton 20-10 well is the second well to be drilled in the Kolbo prospect area and is approximately one mile northeast of the initial well that showed excellent reservoir quality rock with good oil shows.

The Company in conjunction with Approach Resources has participated in the discovery of the Cinco Terry Field located in Crockett County, Texas. To date, the Company has participated in 22 successful wells out of 24 locations drilled. The field is currently producing approximately 140 barrels of oil equivalent per day net to the Company. Our plan currently provides for one to two rigs drilling in the field on a continuous basis.

The Company has participated in 14 successful wells in our Gulf of Mexico partnership with Hall-Houston Exploration. The partnership is currently conducting drilling operations on Matagorda Island 594 # l well. Future plans provide for two development wells to be drilled in 2008. The partnership has 12 exploratory prospects currently in inventory.

About Petro Resources

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

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 expected 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, including the Company's ability to finance its 2008 capital budget from cash on hand, cash flow from operations and its existing credit facility, (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 definitive prospectus dated October 30, 2007 filed with the Securities and Exchange Commission on October 31, 2007 and the Quarterly Report on Form 10-QSB for the three months ended September 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.

Contact Information

  • Contact:
    Brad Holmes
    Investor Relations
    (713) 654-4009

    Don Kirkendall
    President
    (832) 369-6986