SOURCE: Petro Resources Corporation

November 04, 2005 12:16 ET

Petro Resources Corporation Announces Well Results and Operational Update

HOUSTON, TX -- (MARKET WIRE) -- November 4, 2005 -- Petro Resources Corporation (OTC: PRCT) announced today that the Brayton Operating Corp. #1 Halamicek well reached total depth on November 2, 2005. The well was logged and encountered no commercial accumulation of hydrocarbons and was subsequently plugged and abandoned. The Halamicek #1 was the third well of six in the Company's Frio inventory to be drilled. Petro Resources has a 6.25% working interest in the well.

The initial well in our inventory, the Brayton Operating Corp. #1 Heller, has been successfully completed and is currently in the process of being connected into a sales line. First sale of natural gas is expected in November, 2005. Petro Resources has a 6.25% working interest in the well.

The second well in our inventory of Frio prospects, the Everest Resource Company #1 Simmental, is awaiting a completion rig. The completion rig is currently expected to become available in mid November, 2005. Petro Resources has a 10.00% working interest in the well.

The fourth well known as the Brayton Operating Corp. Diebel C-1 has a drilling rig on location and is currently rigging up. Petro Resources has a 6.25% working interest in the well.

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 pre-drill reserve potential; (3) estimates regarding the size of post-drill reserve potential; (4) 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
    Wayne Hall
    (713) 968-9282