SOURCE: Petro Resources Corporation

May 02, 2006 10:29 ET

Petro Resources Corporation Establishes Gulf of Mexico Presence

HOUSTON, TX -- (MARKET WIRE) -- May 2, 2006 -- Petro Resources Corporation (OTC: PRCT) announced today that it has committed $8.0 million to Hall-Houston Exploration II, L.P. ("HHE II"). HHE II will be invested primarily in oil and gas exploration and development in the Gulf of Mexico.

The Company anticipates that the total $8.0 million capital commitment will be made periodically over the next two to three years as called by HHE II.

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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) 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
    Don Kirkendall
    (713) 968-9290