Portrush Explores Southern Ontario
16:00 EDT Thursday, May 29, 2008
FSC / Press Release
Portrush Explores Southern Ontario
Vancouver, British Columbia CANADA, May 29, 2008 /FSC/ - Portrush Petroleum Corporation (PSH - TSX Venture, PRRPF - OTCBB), (http://www.portrushpetroleum.com)
At the Portrush annual general meeting held today, Martin Cotter advised shareholders that Portrush intends to take a more active role in the search for primary oil and gas reserves in the Michigan Basin where it has an ongoing exploration program. To source viable prospects Portrush will participate in drilling ventures with companies that have a proven track record and inventory of in-house prospects, particularly those based on 3D Seismic anomalies.
Portrush has an ongoing relationship with Hadley Resources Limited (Canada and U.S.A.) in exploring, firstly with success at Lenox in Michigan and more recent ongoing exploration at Waubuno in Southwestern Ontario. At Waubuno a 3D Seismic survey has been completed. Portrush is presently waiting on the Geophysical Report and expects to have a review in early June 2008.
The Company is reviewing 3D Seismic and geological based anomalies in Southern Ontario and Michigan with Hadley Resources Limited (Canada). Portrush recently negotiated an agreement with Hadley to pursue leasing activity on an oil prospect in Enniskillen Township within an oil prone area where three (3) drilled 3D Seismic anomalies resulted in three (3) oil discoveries ranging from 80,000 to 130,000 barrels of recoverable oil. The Company has been successful in securing the key lease on which a well would be drilled. Portrush is reviewing additional Hadley prospects in Lambton County for possible acquisition through leasing. The price for entry is attractive since the prospects when fully leased are drill ready and no additional seismic expense is contemplated. Gas delivery lines are nearby and oil is trucked to the Imperial Oil Refinery in Sarnia.
Portrush has completed its review of the development plans for the Chico Martinez project and has declined further involvement in the project.
Portrush expects completion operations on the Mission River #10 well to be finished early next week with the well being put on production as a gas well.
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 and does not accept responsibility for the adequacy or accuracy of this release
Contact Information:
Martin Cotter
Telephone: 866-939-2555
info@portrushpetroleum.com
Source: Portrush Petroleum Corporation (TSX-V: PSH) (OTCBB: PRRPF) http://www.portrushpetroleum.com
Maximum News Dissemination by Filing Services Canada Inc.
Ph: (403) 717-3898 Fx: (403) 717-3896 www.usetdas.com
