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Portrush Petroleum (OTCBB: PRRPF) |
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Portrush Petroleum is a publicly traded (PSH-TSX, PRRPF - OTCBB), rapidly growing oil and natural gas exploration and production company focused on its core properties in the Michigan Basin and the Mission River Development project situated in Refugio and Goliad Counties, Gulf Coast, Texas.
The Michigan Basin project is situated in the Lenox area, Macomb County, southeastern Michigan approximately 50 miles north of the city of Detroit, Michigan, adjacent to the route of the Vector pipeline. The Mission River project situated on the Gulf Coast of Texas is a joint venture with McAlester Fuel Company that comprises of three (3) tracts of land totaling 620 acres, which are contiguous with one another.
On April 5, 2004, Portrush Petroleum announced that it concluded a private placement for three million, one hundred thousand units at twenty cents a unit. Each unit will consist of a share and one share purchase warrant. Eight warrants and an additional twenty cents will entitle the holder to purchase one additional share for a period of one year. The warrants will entitle the holders to purchase a total of 387,500 shares at 20 cents a share. The funds will be used to fund the company's participation in the Mission River project in Texas. A 7.5% commission is payable in cash or shares.
The Green Baron Report views the completion of this private placement as a major vote of confidence in the company and the new well development projects. Investors like this typically look for a tremendous return on their money, and to be able to purchase stock at or near this private placement level is a somewhat rare and ideal situation. On March 17, 2004 Portrush announced that the McAlester Fuel Company of Houston, Texas has advised the first three drill-site locations on the Mission River development project in the Texas Gulf Coast have been surveyed and work is progressing to prepare the roads and complete the drill-pads. Portrush has a 10% working interest in the development. The McAlester Fuel Company, the operator of the project has informed the company that the drilling contractor will move on the property as soon as the drilling site pads are completed. Additional developments currently underway include property acquisitions, seismic work, and geological modeling. The on going work is intended to fully develop the reef structure and develop the shallow gas potential of the project. The upper gas zones have been encountered in all three holes previously drilled. |
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