November 14, 2008
Petro Resources Announces Third Quarter 2008 Financial Results
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.
-- 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.
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. The Company's net total proved reserves of more than 3 million barrels of oil equivalent is distributed among 18 fields in the states of North Dakota, Texas, and Louisiana.
For more information, please view our website at www.petroresourcescorp.com.
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: Don Kirkendall President (832) 369-6986
SOURCE: Petro Resources Corporation