Bridge Resources Corp.
TSX VENTURE : BUK

Bridge Resources Corp.

November 12, 2009 08:55 ET

Bridge Resources Corp. Completes Acquisition of 50% Interest in Boise Basin Project

CALGARY, ALBERTA--(Marketwire - Nov. 12, 2009) - Bridge Resources Corp. ("Bridge" or "Corporation") (TSX VENTURE:BUK) through its wholly-owned subsidiary Bridge Energy Inc. has completed the acquisition (the "Acquisition") of the assets of Bridge Energy LLC (the "Vendor") which comprise a 50% working interest in approximately 100,000 acres located in the Boise Basin of Idaho and Oregon and offers a large number of oil and gas prospects (the "Boise Basin Project"). The acquisition was previously announced on July 14 and August 21, 2009. The consideration to be paid to the Vendor is 6,500,000 common shares of Bridge issued at a deemed price of $0.24 per share for an aggregate consideration of $1,560,000.

The Acquisition is a non-arm's length transaction, in that Edward J. Davies and Thomas Stewart are the majority members of the Vendor.

The board of directors of the Corporation has approved the Transaction, with Messrs, Davies and Stewart abstaining from voting on the matter. The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the Transaction.

Bridge and Paramax Resources Ltd. now each hold a 50% working interest over 100,000 acres in the most prospective part of the basin and are working together jointly to drill five wells this winter season.

Statements in this press release may contain forward-looking information including expectations of future operations, commerciality of any gas discovered, 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 exploration, 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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