SOURCE: Petro Resources Corporation

July 07, 2008 11:42 ET

Petro Resources Provides Operational Update

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.

Contact Information

  • Contact:
    Brad Holmes
    Investor Relations
    (713) 654-4009

    or

    Don Kirkendall
    President
    (832) 369-6986