/ CORRECTION - Petro Resources Corporation

HOUSTON, TX--(Marketwire - October 30, 2007) - In the news release, "Petro Resources Corporation Closes Public Common Stock Offering," issued earlier today by Petro Resources Corporation (AMEX: PRC), we are advised by the company that the headline should read "Petro Resources Corporation Prices Public Common Stock Offering" rather than "Petro Resources Corporation Closes Public Common Stock Offering," and the first paragraph should read "Petro Resources Corporation (AMEX: PRC) today announced that it priced a public offering of 14,000,000 shares of common stock on October 29, 2007, at an offering price of $2.00, generating approximately $28.0 million in gross proceeds for the Company." rather than "Petro Resources Corporation (AMEX: PRC) today announced that it closed its public offering of 14,000,000 shares of common stock on October 29, 2007, at an offering price of $2.00, generating approximately $28.00 million in gross proceeds for the Company." Also, the prospectus date in the third paragraph should be "October 30" rather than "October 23," as originally issued. Complete corrected text follows.

Petro Resources Corporation Prices Public Common Stock Offering

HOUSTON, TX --(October 30, 2007) - Petro Resources Corporation (AMEX: PRC) today announced that it priced a public offering of 14,000,000 shares of common stock on October 29, 2007, at an offering price of $2.00, generating approximately $28.0 million in gross proceeds for the Company.

The underwriters for the offering have a 30-day over-allotment option to purchase up to an additional 2,100,000 shares of common stock from Petro Resources at the offering price. If the underwriters' over-allotment option is exercised in full, the total gross proceeds received by Petro Resources from the offering would be approximately $32.2 million.

Canaccord Adams Inc. served as the sole book-running manager for the public offering. Pritchard Capital Partners, LLC and Scarsdale Equities LLC served as co-managers for the public offering. A copy of the prospectus, dated October 30, 2007, for the offering may be obtained from Canaccord Adams Inc., Attn: Syndicate Dept., 99 High Street, 11th Floor, Boston, Massachusetts 02110.

This press release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the common stock referred to in this press release, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. A registration statement relating to the common stock referred to in this press release was filed with, and has been declared effective by, the Securities and Exchange Commission.

About Petro Resources

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