VANCOUVER, British Columbia, June 17, 2005 (PRIMEZONE) -- Portrush Petroleum Corporation (TSX-V:PSH) (OTCBB:PRRPF) is pleased to announce the appointment of Mr. Wes Franklin as a director. Mr. Franklin is a registered geologist with both the state of Washington and the American Association of Petroleum Geologists and he is a member of SPE and SEG.
"The addition of Wes Franklin to our management team brings us another step closer to achieving our goal of building a strong team capable of generating results that will help build a sustainable and profitable company," said Martin Cotter, President of Portrush Petroleum Corporation. "Wes not only has the technical strength, but knows how to develop and maintain good, long term relationships which is one of the keys to success in the highly competitive area that we operate in. Wes will enable us to build on our successful relationship with the McAlester Fuel Company."
McAlester Fuel Company advised today that the Scanio/Sheldon No. 4 and No.1 wells on the Mission River, Texas property are being re-completed. It is anticipated production from both wells will be increased from nominal gas and oil production to approximately 300MCF and between 50 and 100 barrels of oil per day. Actual flow rates will be in hand early next week. The wells are already connected to the gas gathering system.
Three additional wells are planned to be drilled in the near term. The operator has not confirmed when these wells will be drilled.
The Mission River lease 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.
The Company expects to complete a private placement and raise approximately $300,000 through the issuance of 2 million units at $0.15 per unit. Each unit will consist of one share and one share-purchase warrant. Each warrant will entitle the holder to purchase an additional share at $0.15 a share. A 7.5% commission will be paid on completion of the private placement.
About Portrush Petroleum
Portrush Petroleum is a rapidly growing oil and natural gas exploration and production company focused on its core properties: the Lenox project, in the Michigan Basin of the state of Michigan, the Mission River Development project, in Refugio and Goliad Counties, Gulf Coast, Texas and the Cranberry project, a large acreage Mississippian and Slave Point and Keg River target in Alberta.
Portrush is publicly traded on the TSX in Canada and on the bulletin board in the United States under the symbols: (TSX-V:PSH), (OTCBB:PRRPF).
Information on the company can be obtained by calling 604 696 2555 or at www.portrushpetroleum.com
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.