Petro Resources Updates Newporte Drilling Status

HOUSTON, TX, Jul 22 (MARKET WIRE) --
Petro Resources Corporation (AMEX: PRC) ("the Company") announced today
that the E. M. Emmel # 10-3, the Company's first deep test well on the
Newporte prospect located in Renville County, North Dakota, has reached
total depth at approximately 9,566 feet. The well has been logged through
total depth and was also conventionally cored through a portion of the
primary objective sands. Production casing has been run to bottom and
cemented in preparation for completion operations in the Deadwood
Sandstone formation. The Company has a 25% working interest in the E. M.
Emmel # 10-3 and in the Newporte prospect acreage.

The Company plans to provide further updates after the completion
operations and production testing have been completed during the next
several weeks.

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 various other
properties, (2) the expected production and revenue from the E. M. Emmel
# 10-3 and its various other properties, and (3) estimates regarding the
reserve potential of the E. M. Emmel # 10-3 and its various other
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
quarter ended March 31, 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.

Contact:
Brad Holmes
Investor Relations
(713) 654-4009

or

Don Kirkendall
President
(832) 369-6986

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