Contact Information: Contact: Wayne Hall Chief Executive Officer (832) 369-6986 Don Kirkendall President (832) 369-6986
Petro Resources Announces Williston Basin Update
| Source: Petro Resources Corporation
HOUSTON, TX -- (MARKET WIRE) -- May 17, 2007 -- Petro Resources Corporation (the "Company")
(AMEX : PRC ) announced today that its first well drilled on its recent
acquisition in North Dakota, the NGMU #8, is currently producing at a
stabilized rate of approximately 70 barrels per day along with
approximately 148 barrels of water per day. The Company has 48.7% working
interest in the well and corresponding unit.
Since the beginning of the year the production from North Dakota operations
has increased by approximately 13% from 244 barrels per day to more than
275 barrels per day. The increased production is attributable to the
production from the NGMU #8 and to an active workover program. The Company
anticipates further increased production through the drilling of at least
two more wells in the North Grano Unit and a third well that will be
drilled in the West Greene Field. It is expected that the three wells
should be drilled and completed within the next eight to ten weeks, weather
permitting.
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) the Company's
proposed exploration and drilling operations on its various properties; (2)
the expected production and revenue from the Williston properties; and (3)
estimates regarding the increase in reserve potential of the Williston
property. 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, including
the Williston properties; (2) positive confirmation of the reserves,
production and operating expenses associated with its various properties,
including the Williston 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 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.