Chart is a bullish one:
http://www.stockta.com/cgi-bin/analysis.pl?symb=PRRPF&num1=3&cobrand=&mode=stock
http://stockcharts.com/def/servlet/SC.web?c=prrpf Latest news: (seems like time for new news) http://biz.yahoo.com/bw/040629/295802_1.html
Portrush Gas Well Increases Production
Tuesday June 29, 2:22 pm ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--June 29, 2004--Portrush Petroleum Corporation (OTCBB:PRRPF - News; TSX VENTURE:PSH - News):
The Scanio Shelton No.2, the first well of the twelve well project has been re-completed in order to maximize daily gas and condensate production from a new set of perforations in the G-2 Series.
The re-completion work was completed on Saturday June 26th and on June 27th the well produced 1,072,000 cubic feet of gas, 2020 psig, 9/64" choke, plus 19.25 barrels of condensate, no water. The well continues at this rate of production and the company is receiving $6.17 per mmbtu.
A retrievable (drillable) cast iron bridge plug was set above the original perforations allowing a new, original pressured zone (2430 psi) to be introduced into the wellbore. The old surface equipment from the well was unable to safely handle the gas production from the well, which is capable of consistent tubing flowing pressures in the 1850 - 2200 pounds per square inch range. The new surface equipment was installed to allow for increased flow capacity from the well which was placed on production on May 29 and produced approximately 500,000 cubic feet of gas per day from the old perforations. The well was drilled in the Mission River Oilfield in the Gulf Coast region near Corpus Christi, in Refugio County, Texas.
Drilling the next well, The Scanio/Shelton well No.4, commenced on Monday June 28th. The drilling contractor is at present running surface casing at a depth of 710 feet. The well is expected to reach total depth of 6,500 feet in seven days.
Wells number 5, 6, 7 and 8 Scanio/Shelton drillsite locations have been picked and will be staked and permitted this week.
Drillsite contractors are on site on the Scanio/Shelton well No.5. The site should be ready for drilling Wednesday noon June 30th. This is the next location to be drilled following or contemporaneous with well No.4 subject only to weather conditions and drilling company's equipment allocation. Further drilling of additional wells is subject only to the same conditions. Well No. 5 conceivably may begin drilling operations while well No.4 is being drilled.
It is anticipated the remaining eleven wells will be drilled without any further delay, other than that caused by inclement weather conditions and flooding.
The Mission River Oilfield is a portion of a massive complex of productive oil and natural gas fields in the lower Gulf Coast region, including the famous "Tom O'Connor" Oilfield which has produced approximately one billion barrels of oil and three TCF of gas.
Infrastructure essential for marketing the production are in place and operable. Portrush will continue to update on this project and our Michigan project as information is obtained from the operator.
Drilling of an additional well in the Lenox project in Michigan is planned to commence next month. A route to provide right of way for a gas pipeline on the property has being finalised.
The company relies on litigation protection for "forward looking statements".
ON BEHALF OF THE BOARD
M.Cotter, President
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
--------------------------------------------------------------------------------
Contact:
Portrush Petroleum Corporation
M.Cotter
President
(800) 828-1866
Website: www.portrushpetroleum.com
------------------
Jimbo...
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
