SOURCE: Petro Resources Corporation

September 29, 2005 10:25 ET

Petro Resources Corporation Announces Well Participations

HOUSTON, TX -- (MARKET WIRE) -- September 29, 2005 -- Petro Resources Corporation (OTC: PRCT) announced today that it has committed to a 12.50% working interest in three wells and approximately 2700 acres of leases pursuant to its Joint Participation Agreement with Bayou City Exploration (OTC BB: BYCX).

The current plans provide for the drilling of an exploratory well to approximately 3,000 feet to test the Hockley "C" sand. A second exploratory well will be drilled to a depth of approximately 6,500 feet to test the Queen City formation. The third well will be a re-entry of an existing well bore and subsequent fracture stimulation of the Wilcox formation.

The operator and its partners have estimated that this project, if successful and when fully developed, could expand and encompass more than 5,000 acres and contain as much as 100 BCFE of recoverable reserves.

About Petro Resources Corporation:

Petro Resources Corporation is an independent exploration and production company focused on domestic oil and gas 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 our 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 target markets; 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 locate and acquire suitable interests in oil and gas properties on terms acceptable to the company, and (2) 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
    Steve Jones

    Wayne Hall
    President and CEO
    Petro Resources Corporation