Contact Information: Contact: Brad Holmes Investor Relations (713) 654-4009 or Don Kirkendall President (832) 369-6986
Petro Resources Provides Operational Update
| Source: Petro Resources Corporation
HOUSTON, TX--(Marketwire - July 7, 2008) - Petro Resources Corporation (AMEX : PRC ) ("the
Company") provides an update on operations in North Dakota and Louisiana.
North Dakota
The Company commenced drilling operations on the E.M. Emmel #10-3 well in
Renville County, North Dakota on July 1, 2008. This is the first deep test
well in the Company's Newporte Prospect area. The well will penetrate
multiple prospective horizons including the Madison Group, Red River,
Bakken, and the Deadwood Sandstone formations before reaching total depth
at approximately 10,000'. The Company expects that drilling operations
will take 30 to 40 days.
Completion operations continue on the EFMU #23H horizontal well in the East
Flaxton Madison Unit. The well has been acidized in preparation for
production testing and turning to production. The EFMU #23H well was
drilled to a total vertical depth of 5,780' and a total measured depth of
10,310' including the approximate 4,000' horizontal lateral drilled through
the Nesson formation. This is the first enhanced recovery well drilled in
the East Flaxton Madison Unit. This unit is the second of the Company's
oil fields in North Dakota to reach desired re-pressurization levels by
water injection.
Louisiana
Drilling operations on the Centurion Exploration Pine Pasture #2 well near
the East Chalkley field in Cameron Parish Louisiana were successfully
completed on June 30, 2008. The well was drilled to a total vertical
depth of 9,600', logged, and cased. Completion operations are scheduled
to begin in the next few days. The well will be frac-packed, perforated,
tested for production rates, and turned to sales during the next several
weeks.
Management Comments
Mr. Don Kirkendall, President of Petro Resources, said: "We are pleased
that drilling operations have commenced on the Newporte Prospect after
several weeks of delays related to rig availability and weather. We are
also looking forward to production testing the EFMU #23H well in the East
Flaxton Madison Unit in North Dakota."
He added, "We are encouraged with the results from the Pine Pasture #2 well
in the East Chalkley Field since the logged pay and structural position
were slightly better than our pre-drill expectations."
About Petro Resources
Petro Resources Corporation is an independent exploration and production
company engaged in acquisitions of exploratory leases, acquisitions of
producing properties, secondary enhanced oil recovery projects, exploratory
drilling, and production of oil and natural gas in the United States.
For more information, please view our website at
www.petroresourcescorp.com.
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 Annual Report on Form 10-K for the year ended
December 31, 2007 and Form 10-Q for the quarter ended March 31, 2008. 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.