Petro Resources Provides Operational Update

Petro Resources Corporation (AMEX: PRC) ("the Company") provides an update on recent operations.

Louisiana

The East Chalkley field suffered no setbacks due to storm activity; however, was shut in during Hurricane Gustav coming ashore. The Pine Pasture #2 well was producing approximately 95 barrels of oil per day (gross) prior to the hurricane. A second field well is scheduled to be drilled in the fourth quarter of 2008. This well will be drilled from the same pad site as the Pine Pasture #2 in an effort to determine the extent of the reservoir. The Company has a 34% working interest in the field.

Permian Basin

The Cinco Terry field, located in the Permian Basin in West Texas, continues to demonstrate the attractiveness of an area with lower risk drilling, long lived quality production, and a large acreage position for drilling. Since the first well was drilled in this field in third quarter 2007, the Company has participated in a total of 46 wells, 41 of which have been successfully drilled, completed and turned to sales, 3 which encountered drilling problems and were abandoned prior to reaching the productive horizons, and 2 which were dry holes. The net daily production rate as of August 31, 2008 in the Cinco Terry Field was approximately 256 barrels of oil equivalent per day consisting of 72 barrels of oil per day and 1,106 Mmcf of natural gas per day. The Company anticipates the drilling of 15 additional wells this year in the Cinco Terry Field.

North Dakota

The Company has drilled two wells in the Newporte Prospect area. The first well, the E-M Emmel 10-3, reached total depth in August. The well has been completed, tested and stimulation techniques being evaluated in order to bring the well on line. The second well, the E-M High Flyer 5-9, also reached total depth in August, was determined to be non-commercial and was plugged. The Company has a 25% working interest in these two wells.

A horizontal well drilled in the East Flaxton Madison Unit, the EFMU # 23, is not producing in quantities as originally anticipated. The Company is considering several different stimulation methods in order to increase production from this well.

The Company is also continuing with secondary recovery re-pressurization work in several other producing fields in North Dakota and plans to drill new wells as these fields show response to re-pressurization efforts.

About Petro Resources

Petro Resources Corporation is an independent exploration and production company engaged in acquisitions of exploratory leases, acquisitions of producing properties, secondary enhanced oil recovery projects, exploratory drilling, and production of oil and natural gas in the United States.

For more 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) the Company's proposed exploration and drilling operations on its various properties, (2) the expected production and revenue from its various properties, and (3) estimates regarding the reserve potential of its various properties. 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 finance the continued exploration and drilling operations on its various properties, (2) positive confirmation of the reserves, production and operating expenses associated with its various properties; and (3) the general risks associated with oil and gas exploration and development, including those risks and factors described from time to time in the Company's reports and registration statements filed with the Securities and Exchange Commission, including but not limited to the Company's Annual Report on Form 10-K for the year ended December 31, 2007 and Form 10-Q for the quarters ended March 31, 2008 and June 30, 2008. 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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