Bridge Resources Corp.
TSX VENTURE : BUK

Bridge Resources Corp.

March 25, 2010 16:10 ET

Bridge Resources Corp. Announces Strategic Re-Focus

CALGARY, ALBERTA--(Marketwire - March 25, 2010) - Bridge Resources Corp. ("Bridge") (TSX VENTURE:BUK) announces that it has retained Stellar Energy Advisors Ltd. ("Stellar") to market for sale its UK Southern North Sea Gas Area portfolio comprising 100% working interests in the Durango Field, the Aspen extension prospect, and the Wherry development project. Bridge will pursue a corporate sale of its wholly-owned Bridge North Sea Limited subsidiary which includes all these assets and unused tax credits.

The proceeds from the sale, which is expected to be finalized in June, will be used to retire the remaining debt and to provide additional capital for the accelerated development of the high potential USA Onshore Boise Basin Project and other related new ventures. Bridge's debt comprises Pounds Sterling 28,715,244 payable to a banking syndicate and a C$20,000,000 convertible loan facility.

Since the restart of the Durango well in February, 2010, Bridge has established that the average maximum Durango production rate to avoid back-out gas payment to other LAPS producers is 7.5 mmcfd. This rate is achieved on the lowest production choke since inception of production. Durango is currently shut-in pending separator upgrade on Waveney Platform to maintain LAPS entry specifications. In the interim, Bridge continues to receive back-out gas repayment revenue.

Stellar is a UK based independent organization that specializes in the divestment of international oil and gas properties. Bridge does plan to retain its UK Central North Sea Oil Area interests and has also engaged Stellar to seek joint venture partners for its highly prospective Steamboat Oil Prospect.

Bridge issued an update on its USA drilling program in a release dated March 24, 2010.

Statements in this press release may contain forward-looking information including expectations of future operations, completion of any sale, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income and oil taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Corporation. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, or reservoir performance, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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