Petro Resources Announces Third Quarter 2008 Financial Results

Friday, November 14, 2008 11:04 AM

HOUSTON, TX -- (Marketwire) -- 11/14/08 -- Petro Resources Corporation (AMEX: PRC) ("the Company") announced that it filed a Form 10-Q for the quarter ended September 30, 2008 on November 13, 2008. The Form 10-Q may be found in its entirety on the Securities Exchange Commission website www.sec.gov or on the Company's website www.petroresourcescorp.com. Financial highlights for the third quarter of 2008 are included herein.

Financial Highlights

--  The Company's net production for the quarter ended September 30, 2008
    included 35,012 barrels of oil, 105,239 mcf of natural gas, and 4,801
    barrels of natural gas liquids for a barrel-equivalent total of 57,353 boe
    compared to 27,760 barrels of oil, 35,720 mcf of natural gas, and 262
    barrels of natural gas liquids for a barrel-equivalent total of 33,975 boe
    for the quarter ended September 30, 2007.
--  For the quarter ended September 30, 2008, the average daily production
    was approximately 623 boe per day compared to average daily production of
    370 boe per day for the same period in the prior year.
--  Revenue for the quarter ended September 30, 2008 consisted $4,782,933
    of oil and gas sales compared to oil and gas sales of $1,972,866 for the
    quarter ended September 30, 2007.
--  Income from operations was $757,021 for the quarter ended September
    30, 2008 compared to a loss from operations of $52,800 during the same
    period in the prior year.
--  Operating EBITDAX (a non-GAAP measure) exclusive of gain on sale of
    assets for the quarter ended September 30, 2008 was $2,176,427 or
    approximately $0.06 per share.  EBITDAX refers to the calculation of
    earnings before interest, taxes, depreciation, depletion, amortization,
    accretion, and exploration expenses.
--  The Company incurred a net loss attributable to common shareholders of
    $535,538 or approximately $0.01 per share during the quarter ended
    September 30, 2008, compared to a net loss of $755,801 or approximately
    $0.04 per share for the same period in 2007.

About Petro Resources

Petro Resources Corporation and subsidiaries is an independent exploration and production company engaged in the acquisition of exploratory leases and producing properties, secondary enhanced oil recovery projects, exploratory drilling, and production of oil and natural gas in the United States.

The Company is currently producing oil and natural gas from a geographically and geologically diversified reserve base.

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