Contact Information: Contact: Wayne Hall Chief Executive Officer (713) 968-9282 Don Kirkendall President (713) 968-9290
Petro Resources Promotes Donald L. Kirkendall
| Source: Petro Resources Corporation
HOUSTON, TX -- (MARKET WIRE) -- October 17, 2006 -- Petro Resources Corporation (AMEX : PRC ), a
diversified exploration and production company, announced today that it has
promoted Donald L. Kirkendall to President and has elected Mr. Kirkendall
to the Board of Directors. Mr. Kirkendall brings more than 25 years of
diversified energy experience to the company. His background includes six
years of interstate pipeline business along with 19 years of natural gas
marketing and exploration experience. Mr. Kirkendall co-founded and
managed Eagle Natural Gas, a privately owned natural gas marketing company
and Talon Development Corporation, an affiliated privately owned
exploration company that specialized in drilling Texas Gulf Coast and South
Texas oil and gas prospects.
Wayne Hall, Chairman and CEO of Petro Resources, commented, "Don's
performance since joining Petro Resources has been outstanding and has
warranted this well deserved promotion."
Don Kirkendall added, "We have made great strides during the past year in
raising capital, building a diversified prospect inventory with substantial
potential, and most recently listing our stock on the American Stock
Exchange. Our drilling plans for the remainder of 2006 include five or six
wells in the Gulf of Mexico, two or more wells in Crockett County, three
pilot wells in our New Albany Shale play in Kentucky, and five or six wells
in our shallow Piceance Basin prospect. Based on discussions with our
partners, we could drill more than 100 wells in these areas during 2007."
For additional information, please view our website at
www.petroresourcescorp.com
About Petro Resources Corporation
Petro Resources Corporation is an independent exploration and production
company focused on domestic lease acquisitions, exploration, and oil and
gas production.
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) expected
revenue and earnings growth; (2) estimates regarding the size of pre-drill
reserve potential; (3) estimates regarding the size of post-drill reserve
potential; (4) regulation of the Company's industries and markets. 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 locate and acquire suitable interests in oil
and gas properties on terms acceptable to the Company, (2) the Company's
ability to obtain working capital as and when needed and (3) the 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 Pre-Effective Amendment No.2 to
its Registration Statement on Form SB-2 Form filed with the SEC on July 14,
2006. 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.