Contact Information: Contact: Brad Holmes Investor Relations (713) 654-4009 or Don Kirkendall President (832) 369-6986
Petro Resources Corporation Announces Exercise of Underwriters' Over-Allotment Option for 1,326,200 Shares of Common Stock
| Source: Petro Resources Corporation
HOUSTON, TX--(Marketwire - November 21, 2007) - Petro Resources Corporation (AMEX : PRC ) ("the
Company"), today announced the closing of the sale of 1,326,200 shares of
its common stock pursuant to the exercise of the over-allotment option
granted to the underwriters in connection with the public offering of the
Company's common stock, which closed on November 2, 2007. The sale of
these shares generated approximately $2.46 million in net proceeds to the
Company.
Canaccord Adams Inc. served as the sole book-running manager for the public
offering. Pritchard Capital Partners, LLC and Scarsdale Equities LLC served
as co-managers for the public offering.
A registration statement relating to the common stock referred to in this
press release was filed with, and has been declared effective by, the
Securities and Exchange Commission. The registration statement is
available on the Securities and Exchange Commission's website at
http://www.sec.gov. A copy of the final prospectus, dated October 30,
2007, for the offering may be obtained from Canaccord Adams Inc., Attn:
Syndicate Dept., 99 High Street, 11th Floor, Boston, Massachusetts 02110.
This press release does not constitute an offer to sell or the solicitation
of an offer to buy, nor will there be any sale of the common stock referred
to in this press release, in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to the registration or
qualification under the securities laws of such state or jurisdiction. Any
offer will be made only by means of a prospectus included in the
registration statement.
About Petro Resources
Petro Resources Corporation is an independent exploration and production
company engaged in the acquisition, exploration, development, and
exploitation of oil and natural gas properties located in the continental
United States.
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 definitive prospectus dated October 30, 2007 filed
with the Securities and Exchange Commission on October 31, 2007. 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.