Petro Resources Corp., Houston, (Amex: PRC) has received $65 million in debt financing through a $50-million senior secured revolving credit facility and a $15-million second-lien term loan to pay debt, fund its capital program and for general corporate purposes. New York-based CIT Group Inc. (NYSE: CIT) was lead arranger.

            CIT president Peter Gaw says, “This deal underscores our ability to understand the unique financing needs of exploration and production companies. We are pleased to have had the opportunity to work with Petro Resources and provide financing solutions that meet their long-term needs.”

Petro Resources chief executive Wayne Hall says, “CIT Energy was able to provide a variety of financing options that supported our growth strategy. This transaction provides us a lower cost of borrowing, more flexibility in the funding of our capital program, and a base for future property acquisitions.”

            Petro Resources acquires exploratory leases, acquisition of producing properties, secondary enhanced oil recovery projects and exploratory drilling primarily in North Dakota, Texas, offshore Gulf of Mexico, Louisiana, and New Mexico. SJP