SOURCE: Portrush Petroleum Corporation

November 14, 2006 16:09 ET

Portrush Announces Share Buy Back Program

VANCOUVER, BC -- (MARKET WIRE) -- November 14, 2006 -- Portrush Petroleum Corporation (TSX-V: PSH) (OTCBB: PRRPF) (http://www.portrushpetroleum.com) announced today that its board has decided to purchase up to 2,200,000 of its common shares over the next 12 months as part of a share buy back program through the facilities of the TSX Venture Exchange.

The Company has filed a notice of intention to undertake a normal course issuer bid with the British Columbia Securities Commission for up to 5% of the Company's issued share capital (2,200,000 common shares) over a 12-month period commencing in not less than 5 days. The issuer bid is subject to the approval of the TSX Venture Exchange. The notice may be found on the Sedar web site.

In addition, the operator of the Mission River project, in which the Company holds a 10% working interest, has decided to proceed with a multi-well drilling program on the property. Portrush is waiting for the operator to release the results of a soon-to-be completed seismic program before additional drilling can commence.

In respect to the Lenox property in Michigan, the Company has received a report recommending drilling of a third well on this property. The Company is reviewing this proposal in addition to another proposal to develop a similar pinnacle reef project located in the province of Ontario.

The Company continues to review various gas storage projects and oil and gas exploration and development projects in eastern Canada and eastern United States.

The TSX Venture Exchange has not reviewed this press release and has neither approved nor disapproved the information contained in this press release.

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