Petro Resources has acquired an option to lease a substantial acreage position of approximately 18,600 gross/9,300 net mineral acres located in the Palo Duro Basin. The leases covered by the option are located in Motley and Floyd Counties, Texas. A large percentage of the optioned leases are strategically located in the basin and are adjacent to much of the recent drilling activity in the Lower Penn Bend Shale play in western Motley and eastern Floyd Counties. The Company plans to increase its leasehold inventory in the area and is pursing additional leasing opportunities.
About Petro Resources Corporation
Petro Resources Corporation is an independent exploration and production company focused on domestic oil and gas drilling and production.