Portrush Reaches Total Depth on Mission River Well

Portrush Petroleum Corp.

Portrush Petroleum Corp. said that its Scanio/Shelton No. 7 well in the Mission River property in Texas has reached total depth of 8,544 feet. The company has decided to complete the well.

In addition, the successes of Scanio/Shelton No. 7 and the results achieved from the sixth well have prompted Portrush to rapidly develop the field.

According to Portrush, development of the field will proceed with a multiwell drilling program as soon as a rig becomes available. The No. 7 well encountered several hydrocarbon-bearing sandstones at depth. The operator, however, is paying particular attention to two deep zones that have been pressure-tested. It anticipates these deep pays will be highly productive. Early indications suggest certain zones encountered in No. 7 correlate very well throughout the immediate area. The producing zone in No. 6 continues to produce at a rate of 1.7 million cubic feet of gas and 40 barrels of condensate a day and also appears to be present in this well.

A full suite of wireline logs was obtained, sidewall core samples were taken, and several pressure tests were completed within the main target zone.

The drilling rig will be released within 48 hours and the operator has scheduled to move a service rig on the property to complete the well. It is intended to perforate one of the hydrocarbon-bearing sandstones and place the well on production immediately.

A further announcement will be made in due course regarding the hydrocarbon types encountered and the likely size of the discovery once all the data gathered from the well have been recovered and fully evaluated. This will include initial production rates and an announcement regarding further drilling, which may commence as soon as 30 days from now.