Portrush Announces Drilling in Ontario
VANCOUVER, BC, Oct 04, 2007 (MARKET WIRE via COMTEX News Network) --
Portrush Petroleum Corporation (TSX-V: PSH) (OTCBB: PRRPF) (http://www.portrushpetroleum.com) has been advised that the drilling contractor has moved on location to drill the Portrush et al No.1-Moore 5-13-III in Moore township, Lambton County, Southwestern Ontario. The six BCF prospect is located in the heart of gas storage country on trend and mid point between two pinnacle reef gas storage pools, Kimball Colinville and Waubuno.
The Waubuno pool produced 6.01 BCF before being converted to gas storage and this pinnacle reef prospect is postulated to have a similar reservoir with slightly less volume of gas in place.
Dimensions of the 2D Seismic anomaly are calculated to be 1,200' x 2,300' and very similar to the dimensions of the Waubuno Pool being 1,200' x 2,500'.
Due to leasing problems the drilling has been delayed for 37 years. The leasing problem was resolved through "Force Pooling" in February 2007. Portrush holds an 89% interest in the project.
The prospect is favourably located with respect to a Union Gas Pipeline tie-in located on the Kimball Side Road approximately 1.55 miles from the prospect.
The operator at Mission River, Texas has advised that the drill site has been completed and he is waiting on the drilling contractor. The next well will be drilled as soon as the drilling contractor completes the well he is currently drilling for another operator.
The Company has granted incentive stock options to directors to purchase up to 350,000 common shares at $0.10 per share for a period of 3 years expiring October 4, 2010 to replace options that have expired.
Lindsay Malcolm has agreed to replace Allan McGirr as the Company's investor relations consultant. Mr. Malcolm will be engaged at $2,500 per month on a month to month basis.
About Portrush Petroleum Corporation:
To find out more about Portrush Petroleum Corporation visit our website at www.portrushpetroleum.com
ON BEHALF OF THE BOARD Mr. Martin Cotter, President & Director
The statements made in this Press Release may contain forward-looking statements that may 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.
CONTACT INFORMATION CORPORATE Lindsay Malcolm Telephone 604 696 2555 866 939 2555
SOURCE: Portrush Petroleum Corporation
