Petro Resources Announces Participation in East Texas Bossier Trend Project
22 Settembre 2008 - 5:16PM
Marketwired
Petro Resources Corporation (AMEX: PRC) ("the Company") announced
today that it is participating in a series of wells to be drilled
in the East Texas Bossier trend operated by Goodrich Petroleum
Corporation.
The prospect, located in Nacogdoches County, Texas, is known as
the "Surprise Prospect" area and may encompass as much as 6,000 net
acres. Four drilling units have been formed for initial testing of
the prospect area.
The Company has an initial position of 5% working interest in
the prospect area. The target objectives include the expanded
Bossier Shale, the Upper and Lower Cotton Valley Taylor Sands and
the blanket Travis Peak Sand. Secondary objectives include the
Haynesville Shale, Knowles Lime, James Lime, Pettit Sand and the
Rodessa Shale.
This area offers multiple prospects within the large prospect
area. 3D seismic has identified two down to the south arcuate
growth faults that might trap multiple expanded horizons in the
Jurassic and Lower Cretaceous sediments.
Initial drilling operations have commenced and it is anticipated
to have the first well drilled and logged within a few 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 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-K for the year ended December 31, 2007 and Form
10-Q for the quarters ended March 31, 2008 and June 30, 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.
Contact: Brad Holmes Investor Relations (713) 654-4009 Don
Kirkendall President (832) 369-6986
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