Portrush to Acquire 29% of McAlester Mission River Project

Portrush Petroleum Corporation and the McAlester Fuel Company have entered into a binding agreement whereby Portrush has the right to acquire up to an additional 19% interest in the McAlester Mission River re- development project located in the lower gulf coast of Texas, bringing its total working interest in the project to 29%.

McAlester has agreed to immediately commission a reserve report on the project to confirm the valuation used in the transaction. Portrush will acquire its additional interest in two stages using a combination of cash and shares.

"We believe our relationship with Portrush will continue to grow as new oil and gas prospects are identified by our technical team", said Mr. E.G. (Gregg) Wallace, Jr., exploration manager for McAlester.

Our Privacy Pledge

Most Popular Articles

Brent Crude Oil : $50.79/BBL 1.30%
Light Crude Oil : $49.96/BBL 1.10%
Natural Gas : $2.77/MMBtu 2.12%
Updated in last 24 hours