HOUSTON, Aug. 23 /PRNewswire-FirstCall/ -- Petro Resources (OTC:PRCT), a diversified exploration and production company currently engaged in seven separate projects across North America, today announced that the American Stock Exchange has approved Petro Resources' application for the listing of Petro Resources Corporation's common stock. This approval is contingent upon the Company being in compliance with all applicable listing standards on the date it begins trading on the American Stock Exchange and may be rescinded if the Company is not in compliance with such standards. Shares of the Company's common stock are expected to begin trading on the American Stock Exchange under the symbol "PRC" within five to 10 business days. About Petro Resources Corporation Petro Resources Corporation is an independent exploration and production company focused on domestic lease acquisitions, exploration, and oil and gas production. 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, (2) the Company's ability to obtain working capital as and when needed and (3) the 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 Pre-Effective Amendment No.2 to its Registration Statement on Form SB-2 Form filed with the SEC on July 14, 2006. 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. DATASOURCE: Petro Resources Corporation CONTACT: Wayne Hall, President and Chief Executive Officer, +1-713-968-9282, or Don Kirkendall, Executive Vice President, +1-713-968-9290, both of Petro Resources Corporation Web site: http://www.petroresourcescorp.com/

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