Contact Information: Contact: Brad Holmes Investor Relations (713) 654-4009 or Don Kirkendall President (832) 369-6986
Petro Resources Updates Newporte Drilling Status
| Source: Petro Resources Corporation
HOUSTON, TX--(Marketwire - July 22, 2008) - Petro Resources Corporation (AMEX : PRC ) ("the
Company") announced today that the E. M. Emmel # 10-3, the Company's first
deep test well on the Newporte prospect located in Renville County, North
Dakota, has reached total depth at approximately 9,566 feet. The well has
been logged through total depth and was also conventionally cored through a
portion of the primary objective sands. Production casing has been run to
bottom and cemented in preparation for completion operations in the
Deadwood Sandstone formation. The Company has a 25% working interest in
the E. M. Emmel # 10-3 and in the Newporte prospect acreage.
The Company plans to provide further updates after the completion
operations and production testing have been completed during the next
several weeks.
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 various other properties,
(2) the expected production and revenue from the E. M. Emmel # 10-3 and its
various other properties, and (3) estimates regarding the reserve potential
of the E. M. Emmel # 10-3 and its various other 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.