The company said that, following this, all wells on its Mission River property in Texas have been placed on production and the field is producing at a rate of approximately 3.8 million cubic feet of gas per day (mcf/d) and 127 barrels of oil a day.
The operator receives an 11.44% premium on gas sales due to the high British thermal unit value of the gas. Four additional wells are planned for the lease.
Portrush’s monthly revenue from the field at this rate of production and based on its 10% working interest is approximately $100,000 per month. A reserve report is being completed and the operator anticipates drilling the first of the four new wells in early November 2008. Three of the wells will be drilled to 8,700 feet and one will be drilled to 6,500 feet.
The gathering system will require upgrading to handle any anticipated increase in production volumes arising from these additional wells.
