SOURCE: Petro Resources Corporation

April 18, 2007 09:30 ET

Petro Resources Announces Offshore Operational Update

HOUSTON, TX -- (MARKET WIRE) -- April 18, 2007 --Petro Resources Corporation (AMEX: PRC) ("the Company") announced today the current results of its offshore Gulf of Mexico participation in Hall-Houston Exploration II, L.P. ("HHEP II"). As of this date, the Company has participated through its interest in HHEP II in the drilling of eleven Gulf of Mexico exploratory wells resulting in nine discoveries. Three of these discoveries are located in East Cameron (Offshore Louisiana), three in Galveston (Offshore Texas), two in Matagorda (Offshore Texas), and one in Brazos (Offshore Texas). The Company owns a 5.3% limited partner interest in the partnership.

At present, one of the discoveries is currently producing. The Company expects that seven of the remaining eight discoveries will also be on production prior to the end of the third quarter of 2007. These eight wells are expected to initially produce at a combined rate of approximately 20,000 mcfe per day net to the partnership. The remaining discovery is scheduled to commence initial production during the first quarter of 2008.

Don Kirkendall, President of Petro Resources Corporation, commented, "We are very pleased with the results of the partnership's exploratory drilling and are looking forward to the commencement of meaningful production later this year and to the drilling of the prospects in inventory."

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About Petro Resources Corporation:

Petro Resources Corporation is an independent exploration and production company focused on domestic acquisitions, lease acquisitions, and oil and gas exploration 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) the Company's proposed exploration and drilling operations through its participation in HHEP II; (2) the expected production and revenue from its participation in HHEP II; (3) estimates regarding the increase in reserve potential of its participation in HHEP II; and (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 finance the continued exploration and drilling operations on its participation in HHEP II; (2) positive confirmation of the reserves, production rates and operating expenses associated with its participation in HHEP II; 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 fiscal year ended December 31, 2006. 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:
    Wayne Hall
    Chief Executive Officer
    (713) 968-9282

    Don Kirkendall
    (713) 968-9290