SOURCE: Petro Resources Corporation

January 29, 2007 09:45 ET

Petro Resources Announces Successful Drilling Results in New Albany Shale Program and Three Discoveries in the Gulf of Mexico

HOUSTON, TX -- (MARKET WIRE) -- January 29, 2007 -- Petro Resources Corporation (AMEX: PRC) ("the Company") today announced recent results of its drilling programs in the New Albany Shale and in the Gulf of Mexico. The following results post-date disclosures contained in the Company's third quarter report on Form 10-QSB filed with the SEC on November 14, 2006.

The Company announced that it has completed drilling operations on its first New Albany Shale test well located in Illinois Basin in Caldwell County, Kentucky, with encouraging results. The well encountered approximately 300 gross feet of New Albany Shale. The Company is currently continuing with further drilling and evaluation at other locations within the approximate 72,000 acre leasehold. The Company has a 10% working interest position in the prospect.

The Company also announced its latest discoveries in the Gulf of Mexico with three successful wells; each with multiple pays. East Cameron 359 (#A-12) and East Cameron 359 (#A-14) have been successfully drilled and are waiting on completion operations. A third discovery was drilled in Matagorda Island 562L (#1). That well has been completed and is awaiting pipeline connection. The three discoveries were made through the Company's partnership with Hall-Houston Exploration. The latest offshore discoveries bring the total successful prospects drilled to date by the Hall-Houston Exploration partnership to seven of the nine prospects drilled. Petro Resources has a 5.3% interest in the Hall-Houston Exploration partnership. Additional offshore drilling operations continue at East Cameron 359.

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

About Petro Resources Corporation:

Petro Resources Corporation is an independent exploration and production company focused on domestic lease acquisitions, exploration, and oil and gas 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 on its various properties; (2) the expected production and revenue from those properties; and; (3) 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 various properties; (2) positive confirmation of the reserves, production and operating expenses associated with its various properties, (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 Pre-Effective Amendment No. 2 to its Registration Statement on Form SB-2 Form filed with the SEC on July 14, 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
    President
    (713) 968-9290