Bridge Resources Corp.

Bridge Resources Corp.

January 23, 2007 09:01 ET

Bridge Resources Corp. Announces New Rig Contract and Updates UK North Sea Operations

CALGARY, ALBERTA--(CCNMatthews - Jan. 23, 2007) - Bridge Resources Corp.'s (TSX VENTURE:BUK) wholly owned subsidiary Bridge North Sea Limited ("Bridge") has entered into an agreement with the AGR Peak Group for the jack up rig Ensco 100. With this agreement, Bridge will be able to commence drilling on its Southern North Sea prospects.

AGR Peak Group, which is based in Aberdeen Scotland, will provide full well project management, including rig and support services, for the operation. Since incorporation in 1997 in Aberdeen, UK, The Peak Group has grown to become an international organization with offices in Aberdeen, London, Houston, Dubai and Perth. Peak Well Management has the proven capability to deliver complete well drilling services. Peak has direct experience of planning and executing wells in every drilling environment and has earned a reputation for best in class performance. During 2006 Peak Well Management operated more than 30 wells in Europe, Africa, Middle East, Australia and the USA.

The agreement with Peak is for two consecutive drilling slots, the first of which is to commence on July 1, 2007. "We are very pleased to have a definitive start date for our drilling program" stated Edward Davies, CEO of Bridge, "and with a drilling partner such as Peak, who is experienced in gas drilling the UK North Sea we feel that our project will run efficiently and effectively".

Bridge is still awaiting notification in regard to the 24th Bid Round from the UK Department of Trade and Industry ("DTI") related to the 11 blocks that were applied for. DTI has publicly stated that it is completing their environmental review of all applications of the 24th Bid Round, but has not provided a date when the awarding will be complete.

Bridge is also awaiting final DTI approval of its acquisition of the 100% interest in Blocks 48/21a and 48/21b in the Southern Gas area of the UK North Sea and a 3.0625% carried interest in Block 48/22b North from Century Exploration (UK) Limited and Warwick Energy Limited. Bridge anticipates that this acquisition will close in the next 30 days.

About Bridge

The Corporation is active in the exploration for hydrocarbons in the Southern Gas Area of the UK North Sea where it holds 100% interest in four offshore exploration blocks located in water depths of 15 to 50m. In aggregate, these exploration blocks cover 900 square kilometres and Bridge is currently reprocessing existing 3D seismic surveys to finalize drilling locations.

The TSX Venture Exchange has in no way passed upon the merits of the Proposed Acquisition and has neither approved nor disapproved the contents of this press release. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.

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