VANCOUVER, British Columbia, Feb. 11, 2005 (PRIMEZONE) -- Portrush Petroleum Corporation (TSX Venture Exchange:PSH) (OTCBB:PRRPF) announced today that Canadian Imperial Ventures has committed to a drilling program on the assembled land package covering approximately 50 sections (gross) in the Cranberry/Botha region of Northwest Alberta. Portrush earned its interest in these lands by participating in four exploratory wells drilled in 2001. The company earned up to 30% interest in a significant portion of these lands and will be carried for 40% of its current interest on any well drilled on its acreage.
A consultant's review of a proprietary 3-D seismic survey has been completed and has identified several quality Cretaceous, Mississippian and Devonian prospects on lands which are the subject of a farm-in by Canadian Imperial Ventures.
Mr. Kirby Mercer of Canadian Imperial Ventures stated: "In view of the quality of the identified prospects, the company has exercised the first of a series of rolling options under the farm-in agreement, and has committed to drill a Mississippian well to earn a 60-per-cent interest in five sections. The company has commenced discussions with potential operating and financial partners with a view to conducting operations this winter season."
Mr. Mercer continued: "The cost to drill and complete a Cretaceous/Mississippian well is estimated at $500,000, while a Devonian Slave Point well is in the order of $1-million. Successful wells in the area have the potential to establish reserves in the range of 500 million cubic feet to three billion cubic feet per section in the Cretaceous and Mississippian horizons, and up to 700 billion cubic feet per pool in the Devonian Slave Point. "I am extremely encouraged by the results of the 3-D."
About Portrush Petroleum
Portrush Petroleum is a rapidly growing oil and natural gas exploration and production company focused on its core properties in the Michigan Basin, the Mission River Development project, situated in Refugio and Goliad Counties, Gulf Coast, Texas and Cranberry Alberta, a large acreage Mississippian and Slave Point target. Portrush is publicly traded on the TSX in Canada and on the bulletin board in the United States under the symbols: TSX: PSH, OTCBB: PRRPF.
Information on the company can be obtained by calling (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.