Petro Resources Adds to North Dakota Production

Petro Resources Corp. said Thursday that its first well drilled on its recent acquisition in North Dakota, the NGMU #8, is currently producing at a stabilized rate of approximately 70 barrels per day along with approximately 148 barrels of water per day. The company has 48.7% working interest in the well and corresponding unit.

Since the beginning of the year the production from North Dakota operations has increased by approximately 13% from 244 barrels per day to more than 275 barrels per day. The increased production is attributable to the production from the NGMU #8 and to an active workover program. The company anticipates further increased production through the drilling of at least two more wells in the North Grano Unit and a third well that will be drilled in the West Greene Field. It is expected that the three wells should be drilled and completed within the next eight to 10 weeks, weather-permitting.

Petro Resources Corp. is an independent exploration and production company focused on domestic lease acquisitions, exploration, and oil and gas production.