Petro Resources Files Quarterly Financial Highlights

Petro Resources Corporation filed a Form 10-Q for the quarter ended June 30, 2008 on August 13, 2008. Financial highlights for the second quarter of 2008 and updated current operations are included herein.

Financial Highlights (for the three months ended June 30, 2008)

  • Revenue for the quarter consisted of $4,368,442 of oil and gas sales compared to oil and gas sales of $1,624,409 for the prior year period.
  •  Income from operations of $1,477,730 for the quarter ended June 30, 2008 compared to a loss from operations of $352,303 during the same period in the prior year.
  • The Company experienced a net loss attributable to common shareholders of $1,882,826 ($.05 per share) during the quarter ended June 30, 2008 which included unrealized losses of $2,778,056 on commodity derivates. Excluding the unrealized losses from commodity derivatives, our adjusted net income for the second quarter was $950,058 ($.025 per share).