Bridge Resources Corp.
TSX VENTURE : BUK

Bridge Resources Corp.

October 18, 2007 13:07 ET

Bridge Resources Corp. Completes Acquisition of Iceni Oil and Gas Limited and Enters Central North Sea Oil Area

CALGARY, ALBERTA--(Marketwire - Oct. 18, 2007) - Bridge Resources Corp. (TSX VENTURE:BUK) ("Bridge") is pleased to announce that it has completed the previously announced acquisition of Iceni Oil and Gas Limited ("Iceni"), a private UK company. Bridge acquired all the issued and outstanding shares of Iceni in exchange for 4,000,000 units ("Units") of Bridge (the "Acquisition").

Each Unit consists of one common share of Bridge ("Common Share") and one-quarter of a right to acquire, in certain instances, a Common Share for no additional consideration ("Right"). The Rights will be converted into Common Shares on January 1, 2008 in the event that the Common Shares do not trade on the TSX Venture Exchange at a price of $1.10 or higher for 10 consecutive trading days between the date of closing and December 31, 2007. If the Common Shares do trade at a price of $1.10 or higher for 10 consecutive days as aforesaid, the rights will terminate on the day following such 10th consecutive day.

Following the completion of the Acquisition, Bridge has 47,341,682 Common Shares issued and outstanding.

Pursuant to the Acquisition, Bridge has acquired a 100% interest in Blocks 14/15-b, 15/11-b, 14/24-a, 16/11-b, 16/16-b and 20/20 in the Central North Sea oil area (the "Blocks"). The Blocks cover 894 sq km (221,000 acres) and are located in proven Paleocene and Jurassic producing fairways in the Moray Firth Basin, where there has been historic and recent major discoveries. Five of the six Blocks have existing 3D seismic coverage and oil shows have been recorded in a number of previous wells on the Blocks. The historical well data will be used to calibrate the existing seismic to identify drilling locations. The Blocks do not contain reserves as such term is defined in National Instrument 51-101.

Two of the acquired Blocks are held under a 23rd Round licence that requires a one well drilling election prior to December 22, 2007 with the well to be drilled by December 22, 2009. The remaining four Blocks were acquired by Iceni in the 24th Round and require drilling elections for three wells by April 1, 2009 with drilling to be completed by April 1, 2011.

About Bridge

The Corporation is active in the exploration for hydrocarbons in the in the UK North Sea where it holds 100% interest in 15 offshore exploration blocks located in the Southern Gas Area, and 100% interest in 6 offshore exploration blocks in the Central Oil Area. 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. The Company expects to begin drilling operations early in 2008 on its inventory of drilling prospects.

The TSX Venture Exchange has in no way passed upon the merits of the Acquisition and has neither approved nor disapproved the contents of this press release.

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 accept as may be required by law.

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

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