SOURCE: Petro Resources Corporation

March 06, 2006 10:39 ET

Petro Resources Corporation Announces New Board Members

HOUSTON, TX -- (MARKET WIRE) -- March 6, 2006 -- Petro Resources Corporation (OTC: PRCT) announced that it has added three new members to its Board of Directors effective March 1, 2006. The newly appointed Directors are; J. Raleigh Bailes, Brad Bynum, and Gary L. Hall.

Mr. J. Raleigh Bailes has been a practicing Certified Public Accountant for over thirty years. Prior to forming his own firm, he was a partner with national and local accounting firms. Earlier in his career, he served as an Internal Revenue Service agent and instructor. He is a graduate of the University of Houston, receiving his BBA in Accounting in 1970. Upon successfully completing the 1994 U.S. Tax Court examination he was admitted to practice before that Court on April 17, 1995. Mr. Bailes has given expert testimony on taxation in bankruptcy, corporate reorganizations, individual taxation, as well as determination of lost profits and damages sustained. He is a member of the American Institute of Certified Public Accountants (AICPA), Texas Society of Certified Public Accountants (TSCPA), the Houston Chapter of the TSCPA and its Litigation Services Committee.

Mr. Brad Bynum is currently Chief Financial Officer of Hall-Houston Exploration Partners, L.L.C. Prior to Hall-Houston Exploration he was a Director in Merrill Lynch's Global Energy and Power Investment Banking Group in Houston, Texas. While at Merrill Lynch, from 1997 to 2005, Mr. Bynum worked with a wide range of energy clients primarily focusing on the exploration and production sector of the oil and gas industry. Mr. Bynum received a BBA from Texas A&M University and an MBA from Rice University.

Mr. Gary L. Hall is currently President of Hall-Houston Exploration Partners, L.L.C. Prior to Hall-Houston Exploration, which was formed in December of 2004, Mr. Hall was Vice Chairman of the Board of Directors of Energy Partners Ltd. from January 2002 to March 2004. Prior to January 2002 Mr. Hall was the Founder, Chairman and Chief Executive Officer of Hall-Houston Oil Company from its inception in 1983. Mr. Hall received a B.S. in Geology and M.S. and Ph.D. in Geological Oceanography from Texas A&M University. He has been involved in oil and gas exploration in the Gulf of Mexico since 1976, serving in various positions with major integrated and independent energy companies including Mobil Oil Company and Pogo Producing Company. Mr. Gary Hall is the brother of Mr. Wayne Hall; Chairman, President, and CEO of the Company.

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About Petro Resources Corporation:

Petro Resources Corporation is an independent exploration and production company focused on domestic oil and gas lease acquisitions, drilling, and 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) expected revenue and earnings growth; (2) estimates regarding the size of pre-drill reserve potential; (3) leasehold and mineral rights; (4) estimates regarding the size of post-drill reserve potential; and (5) 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 locate and acquire suitable interests in oil and gas properties on terms acceptable to the Company, (2) results of production that fall short of post-drill reserve estimates; (3) defects in leasehold or mineral interests; and (4) the Company's ability to obtain working capital as and when needed. 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:
    Petro Resources Corporation
    Wayne Hall
    (713) 968-9282
    Don Kirkendall
    (713) 968-9290