HOUSTON, TX--(Marketwire - September 18, 2007) - Petro Resources Corporation (the "Company")
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Williston Basin North Dakota Operations:
The Holbrook #14-16H well, located in Renville County, ND has been successfully completed in the Mississippian Bluell formation and turned to sales. This horizontal development well extends the known productive limits of the West Greene Field. Production from this well is approximately 340 barrels per day of oil and 2,130 barrels of water. The Company has a 46.25% working interest in the well and it is operated by Eagle Operating, Inc. of Kenmare, ND.
The company has drilled and is completing the EFMU #21 and #22 wells in the East Flaxton Madison Unit located in Burke County, ND. Both wells were drilled as water injection wells as part of the Company's enhanced oil production and reservoir re-pressurization efforts. Initial results from the EFMU #22 well indicate commercial quantities of oil and the well may be completed as a producing oil well.
The additional production from the most recently drilled wells brings the Company's net daily production in the Williston Basin to approximately 400 boe/day. The current production rate represents more than a 50% increase in production since January 2007 when the Company acquired its initial properties in North Dakota.
The company will also initiate exploratory efforts in North Dakota with Eagle in three Madison prospects and Deadwood sandstone prospect located in Ward and Renville counties. The first of the three Madison wells should commence drilling operations within the next week. 3D seismic operations should commence within the next six weeks in the Newporte, Deadwood Sandstone prospect.
Chama Basin New Mexico Operations:
The Company expects the spudding of its first exploratory well in the 90,000 acre El Vado East prospect located in Rio Arriba County, New Mexico within the next two or three weeks. The Sultemeier #1 will be drilled to approximately 6,000'. The primary objective is the Niobrara Member of the Mancos Shale with secondary objectives that include the Dakota, Morrison, and Entrada formations. The Company has a 10% working interest in the project which is operated by Approach Operating LLC., Inc. of Fort Worth, TX.
Permian Basin Texas Operations:
The Company has also recently participated with Approach Resources Inc. in a series of developmental wells in the Cinco Terry Project area of Crockett County, TX. Five wells have been drilled and are in varying stages of completion operations. A sixth well is currently being drilled. The additional wells bring the total number of wells drilled in the Cinco Terry Prospect area to 10 over the past 18 months. The Company has an approximate 10% working interest in the prospect.
About Petro Resources
Petro Resources Corporation is an independent oil and natural gas company engaged in the acquisition, exploration, development, and exploitation of properties located in the continental United States. The Company typically takes significant non-operated positions in exploratory acreage and producing properties where the operator is a company, either public or private, that has significant experience and technical expertise in the region or basin. Our business strategy allows the Company to make acquisitions in many different regions, maintain a diversified portfolio of oil and natural gas properties and manage risk.
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-KSB for the year ended December 31, 2006 and the Quarterly Report on Form 10-QSB for the three months ended June 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.