Petro Resources Acquires Acreage in Piceance Basin, Colorado

Petro Resources has acquired an 18.75% interest in approximately 3,900 gross acres in the Piceance Basin located in Delta County, Colorado. This initial leasehold interest when fully developed could provide in excess of forty well locations. Petro Resources also has the option to purchase its proportionate share of an additional 14,000 acres in the area, if and when leased.

The primary objectives are an Upper Dakota marine bar sand and a Lower Dakota fluvial sand. The Morrison Sandstone section is a secondary target on the acreage. The pre-drill net unrisked reserve potential for the Dakota sands attributable to the Petro Resources position is approximately 3.5 BCF or billion cubic feet.

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