Portrush Announces Completion of Mission River 3D Field Work
Portrush Petroleum Corporation said that the operator of the Mission River, Texas, property has completed the field work on a 3D seismic shoot. Additional drilling will commence on the property as soon as the data is processed.
Portrush holds a 10% interest in the Mission River property and the seismic shoot covered the entire 620 acres. It is anticipated the seismic data will support the multi-well deep drilling program on the property. The information will be used to locate the wells and determine the optimum number of wells that will be required to drain the reservoir. To date two deep wells have been drilled and successfully placed on production.
The company has filed a notice of intention to undertake a normal course issuer bid with the British Columbia Securities Commission for up to 5% of the company's issued share capital (2,200,000 common shares) over a 12-month period. The commencement date of the plan will be November 24, 2006.
In respect to the Lenox property in Michigan, the company has received a report recommending drilling of a third well on this property. The company is reviewing this proposal in addition to another proposal to develop a similar pinnacle reef project located in the province of Ontario.