Contact Information: Contact: Don Kirkendall President (832) 369-6986
Petro Resources Announces Results in Nacogdoches County, Texas
| Source: Petro Resources Corporation
HOUSTON, TX--(Marketwire - October 21, 2008) - Petro Resources Corporation (AMEX : PRC ) ("the
Company") announced today that the Company has acquired an additional 5%
non-operated working interest in the Surprise Prospect operated by Goodrich
Petroleum Corporation (NYSE : GDP ). The Surprise Prospect is located
approximately 5 miles southeast of the Trawick field in Nacogdoches County,
Texas. The additional 5% brings the Company's gross working interest to
10% in the approximate 6,000 acre prospect.
The Company has participated in the drilling of three initial exploratory
wells in the prospect. The Goodrich Petroleum Grisby No. 1 and the Goodrich
Petroleum Lilly No. 1, both of which have been drilled to the base of the
Travis Peak formation at approximately 11,250 ft. Both wells have been
logged and are currently awaiting completion operations.
The Company is also currently participating in the drilling of the third
prospect well which is the Goodrich Petroleum Tucker No. 1. The Tucker No.
1 is planned to reach a total depth of approximately 14,500 ft. to test the
primary objectives of the James Lime and Travis Peak formations, as well as
the secondary objective of the Bossier/Haynesville Shale.
Upon completion and satisfactory production evaluation of these initial
wells the Company anticipates additional drilling of perhaps as many as six
wells in the Surprise Prospect acreage.
About Petro Resources
Petro Resources Corporation is an independent exploration and production
company engaged in acquisitions of exploratory leases, acquisitions of
producing properties, secondary enhanced oil recovery projects, exploratory
drilling, and production of oil and natural gas in the United States.
The Company is currently producing oil and natural gas from a
geographically and geologically diversified reserve base. The Company's net
total proved reserves of more than 3 million barrels of oil equivalent is
distributed among 19 fields in the states of North Dakota, Texas, and
Louisiana.
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 and Form 10-Q for the quarters ended March 31, 2008 and
June 30, 2008. 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.