SOURCE: Portrush Petroleum Corporation

November 23, 2005 18:15 ET

Portrush Postpones Drill Date at Mission River to Late December

VANCOUVER, BC -- (MARKET WIRE) -- November 23, 2005 -- Portrush Petroleum Corporation (TSX-V: PSH), (OTC BB: PRRPF) (http://www.portrushpetroleum.com) has been advised the drilling contractor has experienced delays and has postponed the spud date by thirty days. Drilling will now commence in late December. Thirty days have been allocated from spud date to rig release for the 10,000 foot test which will require setting intermediate casing just above 8,000 feet before the formation pressure starts to rise. The delay was caused because the contractor agreed to drill one additional well for another operator before moving on to our property.

The Mission River lease is operated by McAlester and is located at the south end of the town of Refugio, Refugio County, Texas. The field has multiple pays at depths ranging from 2,000 to 8,500 feet. Portrush has a 10% working interest in the field. To date six wells have been drilled to approximately 6,500 feet and all six have been placed on production. A recent work-over has yielded positive results on the Scanio/Shelton # 5. Production has increased from a nominal amount of gas to approximately 65 barrels of oil per day.

On the Scanio-Shelton lease three previously drilled deep wells encountered hydrocarbon shows and production from depths ranging in depths from 8,200 to 8,500 feet in the Lower Vicksburg formation. From an individual sandstone reservoir, one well produced at an initial rate of 12 million cubic feet of gas per day, and 240 barrels of oil per day. Two other wells each had initial potentials of 8 million cubic feet of gas per day from individual reservoirs. McAlester believes the original objectives for these wells were oil producing targets and that additional zones had been bypassed. At the time these wells were drilled, the price for natural gas was below $.20 per thousand cubic feet, whereas current gas price exceeds $11.00 per thousand cubic feet. Additionally, the sandstones in the older wells were not fracture stimulated, a commonly used technique in the industry today to enhance producing rates and the increase the ultimate recovery of the hydrocarbons.

For all future Portrush investor relations needs, investors are asked to visit the Portrush IR Hub at http://www.agoracom.com/IR/Portrush where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors.

About Portrush Petroleum Corporation:

To find out more about Portrush Petroleum Corporation visit our website at www.portrushpetroleum.com or visit our Investor Relations site at http://www.agoracom.com/IR/Portrush

The statements made in this Press Release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not reviewed this press release and neither approved nor disapproved the information contained in this press release.

Contact Information

  • CONTACT
    Mr. Martin Cotter
    President
    Telephone 604 696 2555