Petro Resources Provides Operational Update
September 05 2008 - 9:30AM
Marketwired
Petro Resources Corporation (AMEX: PRC) ("the Company") provides an
update on recent operations.
Louisiana
The East Chalkley field suffered no setbacks due to storm
activity; however, was shut in during Hurricane Gustav coming
ashore. The Pine Pasture #2 well was producing approximately 95
barrels of oil per day (gross) prior to the hurricane. A second
field well is scheduled to be drilled in the fourth quarter of
2008. This well will be drilled from the same pad site as the Pine
Pasture #2 in an effort to determine the extent of the reservoir.
The Company has a 34% working interest in the field.
Permian Basin
The Cinco Terry field, located in the Permian Basin in West
Texas, continues to demonstrate the attractiveness of an area with
lower risk drilling, long lived quality production, and a large
acreage position for drilling. Since the first well was drilled in
this field in third quarter 2007, the Company has participated in a
total of 46 wells, 41 of which have been successfully drilled,
completed and turned to sales, 3 which encountered drilling
problems and were abandoned prior to reaching the productive
horizons, and 2 which were dry holes. The net daily production rate
as of August 31, 2008 in the Cinco Terry Field was approximately
256 barrels of oil equivalent per day consisting of 72 barrels of
oil per day and 1,106 Mmcf of natural gas per day. The Company
anticipates the drilling of 15 additional wells this year in the
Cinco Terry Field.
North Dakota
The Company has drilled two wells in the Newporte Prospect area.
The first well, the E-M Emmel 10-3, reached total depth in August.
The well has been completed, tested and stimulation techniques
being evaluated in order to bring the well on line. The second
well, the E-M High Flyer 5-9, also reached total depth in August,
was determined to be non-commercial and was plugged. The Company
has a 25% working interest in these two wells.
A horizontal well drilled in the East Flaxton Madison Unit, the
EFMU # 23, is not producing in quantities as originally
anticipated. The Company is considering several different
stimulation methods in order to increase production from this
well.
The Company is also continuing with secondary recovery
re-pressurization work in several other producing fields in North
Dakota and plans to drill new wells as these fields show response
to re-pressurization efforts.
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 or Don
Kirkendall President (832) 369-6986
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