VANCOUVER, British Columbia, Dec. 3, 2004 (PRIMEZONE) -- Portrush Petroleum Corp. (OTCBB:PRRPF) (TSX Venture Exchange:PSH): An agreement has been reached with an operator that wishes to farm in to the Cranberry/Botha prospect in northwest Alberta. Portrush earned its 30% working interest by participating in the drilling of four wells in 2001. The four wells targeted the Mississipian Pekisko Formation with secondary potential at the overlying Bluesky Formation. The wells were drilled and intersected substantial hydrocarbon sections but were considered uneconomical at the time because of a lack of infrastructure, low production rates and unfavorable oil and gas prices. The ultimate area of interest could encompass 72 sections (46,000 acres) of land.
The previous operator spent in excess of ten million dollars in assembling the land package, completing a 3-D seismic survey and drilling several test wells between 1998 and 2001.
The agreement calls for a complete review of existing technical information including all seismic data and well logs. In order to earn an initial interest in the property the operator proposes to re-enter an existing wellbore, drill a test well, or complete additional seismic over the farmout lands. The operator can earn additional interest in the property by drilling additional wells.
Portrush will preserve a 40 per cent working interest of its percentage ownership interest in the leases without additional risk.
All costs, risks and expense associated with the Test well shall be borne solely by the farmee.
A successful re-entry or test well could have a very positive impact on the property which already hosts considerable amounts of hydrocarbons and could lead to the development of a significant play in the area. It is estimated that 0.5 to 3 Bcf of gas per section could be recoverable following a successful development.
Information on the company can be obtained by calling M. Cotter (800) 828 1866 or at www.portrushpetroleum.com
The company relies on litigation protection for "forward looking statements".
ON BEHALF OF THE BOARD
/s/ M.Cotter President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.