At present, one of the discoveries is currently producing. The Company expects that seven of the remaining eight discoveries will also be on production prior to the end of the third quarter of 2007. These eight wells are expected to initially produce at a combined rate of approximately 20,000 mcfe per day net to the partnership.
The remaining discovery is scheduled to commence initial production during the first quarter of 2008.
Don Kirkendall, President of Petro Resources Corporation commented, "We are very pleased with the results of the partnership's exploratory drilling and are looking forward to the commencement of meaningful production later this year and to the drilling of the prospects in inventory."
Petro Resources Corporation is an independent exploration and production company focused on domestic acquisitions, lease acquisitions, and oil and gas exploration and production.
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