SOURCE: Petro Resources Corporation

October 21, 2008 09:30 ET

Petro Resources Announces Results in Nacogdoches County, Texas

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.

Contact Information

  • Contact:
    Don Kirkendall
    President
    (832) 369-6986