VANCOUVER, British Columbia, Nov. 24, 2004 (PRIMEZONE) -- Portrush Petroleum Corporation (OTCBB:PRRPF) (TSX Venture Exchange:PSH) wishes to announce that drilling of the next seven locations on its Mission River project in Texas has been delayed due to inclement weather in the area. Heavy rains for the past two weeks have wreaked havoc in the drilling areas of the project with some locations eighteen inches under water. The drill pads have been constructed and remain intact. Many active drilling rigs in the county, around 31, have been evacuated.
Our next drilling location, location number nine, has been permitted and is drill ready. The well will be drilled to approximately 6,500 feet to test the "Massive (Vicksburg) formation." This location allows us to encounter thicker, more porous, permeable productive zones.
The Mission River Oilfield is in the Gulf Coast region, near Corpus Christi, in Refugio County, Texas. Portrush has a 10% working interest in the project. Five wells have been completed and placed on production. The operator has advised drilling will re-commence as soon as a rig comes available and weather permits.
The company has been approached and is in discussions with an operator that wishes to farm in to the Cranberry/Botha prospect in northwest Alberta. Portrush earned its interest by participating in the drilling of four wells in 2001. The four wells targeted the Mississipian Pekisko Formation with secondary potential at the overlying Bluesky Formation. The wells were completed but were considered uneconomical at the time because of much lower oil and gas prices. The ultimate area of interest could encompass 72 sections (46,000 acres) of land. The proposal under discussion envisages re-completion of the existing wells and drilling additional wells. Portrush would be carried for its share of the first phase of development.
If the current round of negotiations is successful the project will be underway by year-end.
Oil production from the two producing wells in the Lenox Niagaran reef oil reservoir north of New Haven Michigan continues with both wells now on pump and less gas being flared. Portrush has a 22.5% working interest in the project. Agreement on the right of way for the gas pipeline has been reached and permits to construct the pipeline are being filed. A decision on further development based on recently acquired seismic will be made shortly.
Information on the company can be obtained by calling M. Cotter (800) 828 1866 or at www.portrushpetroleum.com.
The company relies on litigation protection for "forward-looking statements."
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.