Dutton Associates Announces Investment Opinion: Petro Resources Strong Speculative Buy Rating In Initiating Coverage By Dutton Associates

Dutton Associates initiates coverage of Petro Resources Corporation with a Strong Speculative Buy rating and a 12-month $5.75 price target. The 23-page report by Dutton senior analyst Richard R. Wolfe, CFA, is available at www.jmdutton.com, and at First Call, Bloomberg, Reuters, Zacks, Knobias, and other leading financial portals.

Petro Resources has rapidly assembled a diverse portfolio of U.S. oil and gas properties that, based on our estimates, has the potential to propel the Company on a growth trajectory for years to come. Management reached agreement in principle to acquire 50% of a North Dakota (Williston Basin) operator’s position in 15 oil-producing fields that are strong candidates for a secondary recovery program. We estimate that the proposed $65 million acquisition would immediately boost production by 70% and proved reserves by 170%. Factoring in estimates of secondary recoveries, the transaction represents a potential resource of over 10 million barrels. Other assets represent solid opportunities in a mix of programs ranging from the unconventional New Albany Shale play in Kentucky to shallow-water Gulf of Mexico drilling that exemplifies traditional high-potential rapid payback. Management talent is deep and long on experience running independent producers and marketing organizations in the energy sector, and the Company has made an astute decision to participate in oil and gas projects as a non-operator to minimize overhead and obtain maximum leverage from capital contributions. We expect to see cash flow turn positive during 2007. With the assets to be acquired, Petro Resources’ net asset value should soar, and our valuation model indicates share values well above present trading levels for the Company’s shares.

About Dutton Associates

Dutton Associates is one of the largest independent investment research firms in the U.S. Its 31 senior analysts are primarily CFAs, and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.

The cost of enrollment in the Dutton Associates one-year continuing research program is US $39,500 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. Dutton Associates received $39,500 from the Company for 4 Research Reports with coverage commencing on 2/02/2007. Dutton Associates does not accept payment of any of its fees in company stock. Its principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst’s personal views about the subject securities or issuer. Neither the analyst’s compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures, and analyst background at www.jmdutton.com before investing.

Contact:

Dutton Associates
John Dutton, 916-941-8119

Source: Petro Resources Corporation