VANCOUVER, British Columbia, Dec. 29, 2004 (PRIMEZONE) -- Portrush Petroleum Corp.'s (OTCBB:PRRPF) (TSX Venture Exchange:PSH) developments are under way on the company's three oil and gas projects.
Drilling of the next seven locations on its Mission River project in Texas has been delayed due to inclement weather in the area. The drill pads have been constructed and remain intact. A decision to move on the property will be made subject to surface conditions. The company anticipates drilling will commence in a matter of weeks.
The next location in Michigan has been permitted and the drill pad has been constructed. The operator has advised that drilling will commence very shortly, possibly by year-end. Results from the well will not be released by Portrush for some time because of tight hole status.
A re-entry or drilling of a new location in the company's Alberta project is scheduled for early January. It is anticipated that these developments will further develop the opportunities the company was pursuing in 2001 when hydrocarbons in significant amounts were encountered on the property.
A reserve estimate report completed by Ralph E. Davis and Associates, Houston, Tex., has valued the behind-pipe reserves on the Mission River property at $190 million. Portrush has a fully paid 10 percent working interest in the property. Most of the reserves are calculated above 6,700 feet. Additional reserves are anticipated between 6,700 feet and 8,500 feet. A deep test on the property is planned for early 2005.
E research has produced an in-depth report on the company. The report will be available on the E research website at www.eresearch.com. E research is a third party research firm based in Toronto.
- Shares Issued 40,342,417 - Last Close 12/23/2004 $0.275
The company relies on litigation protection for "forward-looking statements."
ON BEHALF OF THE BOARD /s/ M.Cotter President
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