Portrush Drilling Update at Mission River
9:00 AM ET, July 31, 2008
Vancouver, British Columbia CANADA, Jul 31, 2008 (Filing Services Canada via COMTEX) -- Portrush Petroleum Corporation (PSH - TSX Venture, PRRPF - OTCBB), (http://www.portrushpetroleum.com) expects drilling to reach total depth at the Mission River No 12 well within the next two days. The well is being drilled to the Vicksburg formation to a total depth of 8,700 feet.
The No. 11 well has been successfully drilled to the Vicksburg formation and is expected to be completed within the next 4 to 5 days. Once completed, it will be immediately placed on production. The completion rig will then move to the No 12 to complete the No 12 as soon as possible.
The wells are follow up wells to the number ten well that was recently placed on production at a rate of 550,000 MCF and 21 barrels of oil a day.
Current production from the Mission River field is approximately 1.6 million cubic feet of gas and 50 barrels of oil/condensate a day. Portrush's share of the revenue is approximately $60,000 per month. The gathering system has sufficient capacity to handle any anticipated increase in production arising from the number 11 &12 wells.
Based on the success of the latest drilling the operator of the Mission River project is currently reviewing further development plans for the field. The results of this review will be released in due course.
About Portrush Petroleum Corporation:
To find out more about Portrush Petroleum Corporation, visit our website at www.portrushpetroleum.com.
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.
ON BEHALF OF THE BOARD
Mr. Martin Cotter, President & Director
The TSX Venture Exchange has not reviewed and does not accept responsibility for the Adequacy or accuracy of this release.
Contact Information:
Corporate
Telephone: 866-939-2555
info@portrushpetroleum.com
Source: Portrush Petroleum Corporation (PSH)(US:PRRPF)http://www.portrushpetroleum.com
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