Petro Resources widens first-quarter loss

Petro Resources Corp.'s first-quarter loss widened following an $1.8 million charge.

The Houston exploration and production company reported a net loss of $1.6 million, or 4 cents per share, on revenue of $3.2 million, for the three months ended March 31, 2008. That compared with a net loss of $72,711, or zero earnings per share, on revenue of $850,028 for the same period in 2007.

Analyst polled by Thomson Financial expected Petro (AMEX: PRC) to have a net loss of 1 cent per share.

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The company said the loss included about $1.8 million in non-cash expenses relative to derivatives losses.