NEWS! PSH well reaches 8650 feetPortrush announces well reaches 8,650 feet
12:00 EST Friday, February 10, 2006
FSC / Press Release
Portrush announces well reaches 8,650 feet
Vancouver, British Columbia CANADA, February 10, 2006 /FSC/ - Portrush Petroleum Corporation (PSH - TSX Venture, PRRPF - OTCBB), (https://www.portrushpetroleum.com) today provided an update regarding its continuing operations on the Scanio-Shelton #6 well in the Mission River property in Texas.
The well has been drilled to a depth of 8,650 feet since the Company's last report. A 7.62-inch liner had been set at a depth of 8,170 feet and drilling resumed earlier this week. As drilling progressed indications of increasing pressure resulted in a decision to run an additional five-inch liner in the interval between 8,170 and 8,650. This casing string has now been cemented in place and preparations are underway to drill ahead to a planned total depth of around 10,500 feet. Mud weight has been increased to 15.0 pounds.
An intermediate logging program was completed over the Frio and Vicksburg formations in the interval between 8,170 and 8,650. Initial interpretation of the logs has indicated the presence of several hydrocarbon-bearing sandstones in this section.
The interval logged in this run and the previous logging run has examined the Frio and Vicksburg formations to a depth of 8,650 feet. There is potential for other sands to be present in the remaining 1,900 feet of section still to be examined as drilling continues to the planned total depth of 10,500 feet. The drilling contractor has allocated thirty days in total to drill the well.
A final interpretation of the overall hydrocarbon column encountered and hence estimated reservoir volumes will be made following completion of the drilling and full analysis of all the log data and fluid sampling recovered from the well.
The Mission River lease is operated by McAlester and 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. To date six wells have been drilled to approximately 6,500 feet and all six have been placed on production.
For all future Portrush investor relations needs, investors are asked to visit the Portrush IR Hub at https://www.agoracom.com/IR/Portrush where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to PSH@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.
About Portrush Petroleum Corporation:
To find out more about Portrush Petroleum Corporation visit our website at www.portrushpetroleum.com or visit our Investor Relations site at https://www.agoracom.com/IR/Portrush
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
Mr. Martin Cotter, President & Director
Telephone 604 696 2555
info@portrushpetroleum.com
Investor Relations
AGORACOM Investor Relations
www.agoracom.com/IR/Portrush
PSH@agoracom.com
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