Petro Resources Announces Financial Results for Year-End 2007

Petro Resources Corporation (AMEX: PRC) ("the Company") announces today the financial results of operations for the year ended December 31, 2007.

For the twelve months ended December 31, 2007

--  Revenue from oil and gas sales increased to $6,920,533 for 2007 as
    compared to $151,416 for 2006.
--  Cash flow from operations of $853,615 which represents an increase of
    $1,608,424 from the same period in 2006.
--  Proved reserves of 2,716,602 barrels of oil equivalent (boe), net of
    production, up from 27,249 boe at year end 2006.
--  Proved reserves consist of 90.6% crude oil and 9.4% natural gas.
--  The present value of the proved reserves discounted at 10% is in
    excess of $54 million.
--  Shareholders equity grew to $39,724,419 as compared to $10,698,758
    for 2006.
    

Partial financial tables are found at the end of this press release. Please refer to the Company's Annual Report on Form 10-K for the year ended December 31, 2007 which was filed on March 31, 2008 for complete financials and accompanying notes.

Management Comments

Mr. Wayne Hall, Chief Executive Officer of Petro Resources, said: "I am very pleased with the operational success the Company achieved in 2007." Mr. Hall continued, "The significant increase in proved reserves, production and revenue are primarily the result of our acquisition and enhanced oil recovery operations in the Williston Basin along with exploratory drilling success in both the Williston Basin in North Dakota and the Cinco Terry Field in Texas. Our 2007 results provide a meaningful benchmark that should make it easier for investors to value the Company."

About Petro Resources

Petro Resources Corporation is an independent exploration and production company engaged in the acquisition of properties and leases, exploration, development, exploitation, and production of oil and natural gas in the continental United States.

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 filed with the SEC on 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.