SOURCE: Petro Resources Corporation

December 19, 2007 09:48 ET

Petro Resources Provides Operations Update

HOUSTON, TX--(Marketwire - December 19, 2007) - Petro Resources Corporation (the "Company") (AMEX: PRC) provides an update on the results from operations.

Williston Basin, North Dakota

The Company recently completed acid stimulation work on two wells in the North Grano Field using a coiled tubing unit. As a result of this stimulation, production from the field has increased to 177 barrels of oil per day (gross), up from 100 barrels per day (gross).

The Company drilled three exploratory wells in recent months. Two of these, the Norma and the North Smith wells, proved to be dry holes. The Kolbo prospect was drilled, completed and turned to sales. The Company will consider further development of the Kolbo prospect upon the results of a recently completed 3-D seismic data survey.

A 3-D seismic data survey recently conducted over the Newporte prospect has been completed and the data is currently being processed for evaluation. The Newporte prospect was originally discovered in the late 1970s by a major oil company and had four wells that produced from the Deadwood sandstone at a depth of approximately 10,000 feet. The current operator re-entered two of the wells in 1995 and re-established production from the Deadwood sandstone. The Company believes that the 3-D data may be beneficial in identifying additional drilling locations in this area of known production. Based on the results from the seismic data, the Company could commence drilling of exploratory wells as early as the first quarter of 2008. This prospect area has multiple prospective horizons and all wells drilled will also evaluate both the Bakken and Lodgepole formations before reaching the Deadwood sandstone.

Permian Basin, Texas

During 2007 the Company participated in 13 wells in the Cinco Terry Field located in Crockett County, Texas and operated by Approach Resources (NASDAQ: AREX). Of these, 12 have been completed and turned to sales with production coming from one or more of the Wolfcamp, Ellenberger and Canyon formations. A new flow line has recently been completed which allows the wells to be produced at maximum rates. A total of 126 drilling locations have been identified and a rig has been dedicated to the field for the remainder of 2007 and all of 2008.

Gulf of Mexico

Petro Resources participates as a limited partner in a Gulf of Mexico drilling partnership with Hall-Houston Exploration Partners. To date the partnership has drilled 13 wells, 11 of which have been successful. Eight wells are currently producing, one has been sold, and two are waiting on completion and production facilities. The partnership is currently drilling one exploratory prospect and expects to commence drilling operations on two additional prospects prior to year end.

Management Comments

Mr. Wayne Hall, CEO of Petro Resources, said, "I am very pleased with the results from operations so far this year. Our operating partners have once again provided both Petro Resources and our shareholders with a high level of drilling success."

About Petro Resources

Petro Resources Corporation is an independent exploration and production company engaged in the acquisition, exploration, development, and exploitation of oil and natural gas properties located in the continental United States.

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 definitive prospectus dated October 30, 2007 filed with the Securities and Exchange Commission on October 31, 2007and the Quarterly Report on Form 10-QSB for the three months ended September 30, 2007. 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
    Don Kirkendall
    (832) 369-6986