Bridge Resources Corp.
TSX VENTURE : BUK

Bridge Resources Corp.

January 15, 2008 12:56 ET

Bridge Resources Corp. Announces Final Tranche Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - Jan. 15, 2008) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

Bridge Resources Corp. ("Bridge" or the "Corporation") (TSX VENTURE:BUK) is pleased to announce that it has closed the second and final tranche of its previously announced private placement (the "Offering"). Bridge, through Blackmont Capital Inc. and Macquarie Capital Markets Canada Ltd. (the "Agents"), issued a total of 7,134,730 units of the Corporation ("Units") at a price of $0.85 per Unit for gross proceeds of $6,064,521 in the second and final tranche closing. Each Unit consists of one common share of Bridge ("Common Share") and one Common Share purchase warrant ("Warrant"). Each Warrant is exercisable for a period of 24 months following the closing of the second tranche of the Offering and entitles the holder thereof to acquire one additional Common Share at a price of $0.95 per Common Share. The securities are subject to a four-month hold period.

The total gross proceeds raised under the Offering is $43,961,326, of which $37,896,805 was received by the Corporation from the first tranche of the Offering which closed on December 21, 2007.

The Agents acting in connection with the Offering received a fee of 6% of the proceeds.

Following the completion of the second tranche of the Offering, Bridge has 99,060,890 Common Shares issued and outstanding. The Offering is subject to final TSX Venture Exchange acceptance.

About Bridge

The Corporation is active in the exploration for hydrocarbons in the UK North Sea where it holds 100% interest in 11 offshore exploration blocks located in the Southern Gas Area, and 100% interest in 6 offshore exploration blocks in the Central Oil Area. In addition, Bridge has reached agreement with Century Exploration (UK) Ltd and Charbella Energy Ltd to acquire a 50% interest in four additional Southern Gas Area blocks subject to approval by the Secretary of State. In aggregate, Bridge's blocks cover over 2,700 square kilometres. Bridge's first North Sea well, 48/21a-4, is scheduled to commence late-February/early-March 2008 utilizing the Ensco 100 rig.

This news release may contain forward-looking statements based on assumptions and judgments of management of Bridge regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. Bridge disclaims any intention or obligation to revise or update such statements except as may be required by law.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The common shares may be offered or sold in other eligible foreign jurisdictions and to U.S. buyers on a private placement basis pursuant to an applicable exemption from registration requirements in Rule 144-A or Regulation D of the United States Securities Act of 1933, as amended.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.

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