VANCOUVER, British Columbia, Dec. 10, 2004 (PRIMEZONE) -- Portrush Petroleum Corp. (OTCBB:PRRPF) (TSX Venture Exchange:PSH): Technical evaluation of the Cranberry/Botha prospect in northwest Alberta is underway by the farmee. A decision to re-enter an existing well and/or complete the drilling of an additional well will be made in the coming weeks. It is anticipated significant field work will be undertaken this winter drilling season. An aggressive development program would follow a successful well completion.
Portrush earned its 30% working interest by participating in the drilling of four wells in 2001. 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 play comprises two distinct play types. The first is the deeper Slave Point Gas Condensate play and the area also offers significant potential for medium gravity oil and natural gas uphole from the Slave Point in the Mississippian Pekisko Formation and Cretaceous sandstones respectively.
The property adjoins the BP-Amoco producing Cranberry field and has the potential to host large reserves and produce high initial flow rates per well.
The targeted zone is defined with a 58,000 acre 3-D seismic survey acquired by BP Canada.
A successful drilling program would lead to a phased development over a period of three years and could entail an additional 250 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 initial wells shall be borne solely by the farmee.
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
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