Contact Information: Contact: Wayne Hall Chief Executive Officer (713) 968-9282 Don Kirkendall President (713) 968-9290
Petro Resources Announces Successful Drilling Results in New Albany Shale Program and Three Discoveries in the Gulf of Mexico
| Source: Petro Resources Corporation
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.