SOURCE: Petro Resources Corporation

Petro Resources Corporation

March 02, 2009 09:36 ET

Petro Resources Announces Results From Surprise Prospect

HOUSTON, TX--(Marketwire - March 2, 2009) - Petro Resources Corporation (NYSE Alternext US: PRC) ("the Company") today announced results from the Surprise Prospect in Nacogdoches County, Texas. The Company owns a 10% working interest in most of the prospect which is operated by Goodrich Petroleum Corp (NYSE: GDP).

Following the press release dated February 25, 2009 by Goodrich Petroleum Corp, the Company is pleased to announce that the first four wells are successful with a fifth well currently drilling ahead.

The Surprise Prospect area specifically targets the Travis Peak, James Lime, Bossier and Haynesville Shale horizons and all wells drilled to date have been vertical tests. The Hill No.1 (10% WI) a Bossier Sand well was completed and initial production was 9,400 Mcf per day on a 16/64 inch choke with 7,150 psi. The Tucker No. 1 (5% WI) encountered 200 feet of thickness in the Haynesville Shale and was completed in Bossier Shale with initial production of approximately 600 Mcf per day ultimately the well will be completed in the Travis Peak. The Lilly No. 1 (10% WI) and the Grigsby No. 1 (10% WI) have been drilled and completed in the Travis Peak with initial production rates of 3,000 Mcf per day and 2,900 Mcf per day, respectively.

The Company is currently drilling the fifth well which is the Lewis No. 1 (10% WI) with plans to test the Bossier and Haynesville shales as well as the Travis Peak. The wells in Surprise Prospect will be evaluated for sustained production and reserve potential for ultimate field development.

About Petro Resources

Petro Resources Corporation and subsidiaries is an independent exploration and production company engaged in the acquisition of exploratory leases and producing properties, secondary enhanced oil recovery projects, exploratory drilling, and production of oil and natural gas in the United States.

For more information, please view our website at www.petroresourcescorp.com.

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, (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-K for the year ended December 31, 2007 filed with the Securities and Exchange Commission on March 31, 2008 and our subsequently filed reports. 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:
    Don Kirkendall
    President
    (832) 369-6986