Petro Resources Corporation Completes $8.7 Million Private Placement

Petro Resources Corporation (OTC: PRCT), an independent exploration and production company, announced that it has completed the sale of its common stock and warrants to certain institutional and accredited private investors for gross proceeds of $8,715,000. The net proceeds are expected to be used to establish a presence in the Gulf of Mexico, for lease acquisition, and general working capital.

The Company announced that it sold a total of 871,500 units, at $10.00 per unit, with each unit consisting of four shares of common stock and one warrant to purchase one share of common stock, over a five-year period, at an exercise price of $3.00 per share. The exercise price of the warrants is not subject to adjustment, except for standard anti-dilution relating stock splits, combinations and the like. The Company has agreed to file a registration statement to register the shares of common stock made part of the units, including the shares underlying the warrants.

Energy Capital Solutions, LP of Dallas, Texas, represented the Company as exclusive placement agent.

"The completion of this financing marks another important milestone for Petro Resources," remarked Wayne Hall, the Company's CEO. "This additional capital will allow us to grow by establishing our initial presence in the Gulf of Mexico and by funding our onshore lease acquisition strategy."

About Petro Resources Corporation:

Petro Resources Corporation is an independent exploration and production company focused on domestic oil and gas drilling and production.

For additional information, please view our website at www.petroresourcescorp.com

Forward-Looking Statements:

The statements contained in this press release that are not historical are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), including statements, without limitation, regarding the Company's expectations, beliefs, intentions or strategies regarding the future. Such forward-looking statements relate to, among other things: (1) expected revenue and earnings growth; (2) estimates regarding the size of pre-drill reserve potential; (3) estimates regarding the size of post-drill reserve potential; (4) regulation of the Company's industries and markets. These statements are qualified by important factors that could cause the Company's actual results to differ materially from those reflected by the forward-looking statements. Such factors include but are not limited to: (1) the Company's ability to locate and acquire suitable interests in oil and gas properties on terms acceptable to the company, and (2) the Company's ability to obtain working capital as and when needed. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.

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