VANCOUVER, British Columbia, Nov. 10, 2005 (PRIMEZONE) -- Portrush Petroleum Corporation (TSX-V:PSH) (OTCBB:PRRPF) (http://www.portrushpetroleum.com) has been advised that the operator, the McAlester Fuel Company ("McAlester") has completed building the location for the Scanio/Shelton No. 6 well on the Mission River project in Texas. H&G Oilfield Services, based in Corpus Christi, were contracted to complete the work which included preparing the location and resurfacing the road on the property.
The drilling contractor has experienced drilling delays and has re-scheduled our spud date to November 27th. 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 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 on the Scanio/Shelton No. 4 has yielded a production increase from under 100,000 cubic feet of gas per day to over 400,000 cubic feet a 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.
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The statements in this Press Release may contain forward-looking statements that 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.