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For the twelve months ended December 31, 2008
Revenue from oil and gas sales increased to $15,883,441 for 2008 as compared to $7,020,533 for 2007.
Cash flow from operations of $3,437,329 which represents an increase of $2,583,714 from the same period in 2007.
Proved reserves of 3,118,079 barrels of oil equivalent (boe), net of production, up from 2,716,602 boe at year end 2007.
Proved reserves consist of 77.3% crude oil and 22.7% natural gas.
The present value of the proved reserves discounted at 10% is in excess of $21 million based on SEC year end pricing.
Please refer to the Company's Form 10-K for the year ended December 31, 2008 which was filed on March 31, 2009 for complete financials and accompanying notes. The Form 10-K and accompanying notes can also be found on the Company's website at www.petroresourcescorp.com.
Management Comments
Mr. Donald L. Kirkendall, President of Petro Resources said: "While 2008 certainly ended on a low note for the oil and gas industry, the Company can point to successes in a number of areas for the year." Mr. Kirkendall continued: "The Cinco Terry Prospect area showed significant reserve gains while the Company continued expanding operations into Louisiana and East Texas. In addition, our hedging program has proven to be of significant value as we have watched the price of oil drop to three year lows."
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.
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, 2008 filed with the Securities and Exchange Commission on March 31, 2009 and our subsequently filed reports. 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
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