Bridge Resources Corp.
TSX VENTURE : BUK

Bridge Resources Corp.

December 21, 2007 10:05 ET

Bridge Resources Corp. Announces First Closing of Private Placement

CALGARY, ALBERTA--(Marketwire - Dec. 21, 2007) -

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 first tranche of its previously announced private placement (the "Offering"). Bridge, through Blackmont Capital Inc. and Macquarie Capital Markets Canada Ltd. raised gross proceeds of $37,896,805 in the first tranche closing. It is expected that the second and final closing will occur in early January, 2008. Bridge issued a total of 44,584,476 units at a price of $0.85 per unit, with each unit consisting of one common share and one common share purchase warrant. Each warrant is exercisable for a period of 24 months following the closing of the Offering and entitles the holder thereof to acquire one additional common share of Bridge at a price of $0.95 per share. The securities are subject to a four-month hold period.

Bridge is also pleased to announce that, through Blackmont Capital Inc. as sole arranger, it has entered into a term sheet for a $20,000,000 term loan facility (the "Loan Facility"). The Loan Facility is subject to customary conditions of closing. In connection with the Loan Facility, Bridge has agreed to issue upon drawdown, 200,000 warrants to acquire 200,000 additional common shares of Bridge at a price of $0.95 per share for a period of two years from the date of drawdown.

The Offering and the Loan Facility are 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 Secretary of State approval. In aggregate, Bridge's exploration blocks cover over 2,700 square kilometres and Bridge is currently interpreting several 3D seismic surveys to finalize drilling locations.

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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