Petro Resources Expects to Start Gulf of Mexico Production in 3Q07
Petro Resources says as of today it has participated through its interest in Hall-Houston Exploration II, L.P. partnership (HHEP II) in the drilling of eleven Gulf of Mexico exploratory wells resulting in nine discoveries. Three of these discoveries are located in East Cameron (offshore Louisiana), three in Galveston (offshore Texas), two in Matagorda (offshore Texas), and one in Brazos (offshore Texas). The Company owns a 5.3% limited partner interest in the partnership.
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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