Bridge Resources Corp.

Bridge Resources Corp.

February 22, 2010 09:00 ET

Bridge Resources Corp. Monetizes Remaining Gas Hedge

CALGARY, ALBERTA--(Marketwire - Feb. 22, 2010) - Bridge Resources Corp. (TSX VENTURE:BUK) ("Bridge") advises that it has sold its remaining monthly UK gas put for June, 2010 and applied the proceeds to further debt reduction.

Bridge repaid £4.235 million on its primary RBS-KBC-NAB debt facility on February 19, 2010 and is now making a further principal repayment of £1.257 million that will reduce the loan balance to £28.71 million ($44.50 million).

Following these payments, the debt facility current borrowing base model requires reduced 2010 minimum principal repayments of £1,127 million on June 30 and £2,490 million on December 31. Bridge's current cash balance exceeds this combined £3.62 million ($5.60 million) obligation.

Bridge continues to focus on accelerated debt reduction initiatives for both its primary debt facility and the secondary debenture facility.

Bridge will grant, subject to regulatory approval, options to purchase 2,380,000 common shares of the Corporation to various directors, officers, employees and consultants. Of this amount 1,750,000 of the options were issued to directors and officers of the Corporation. The options have an exercise price of $0.30 per Common Share and expire on February 21, 2015. Bridge has determined that exemptions from the various requirements of the TSX Venture Exchange Policy 5.9 are available for the grant of these Options.

Statements in this press release may contain forward-looking information including expectations of future operations, 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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