Paramax Resources Ltd.

Paramax Resources Ltd.
Bridge Resources Corp.

Bridge Resources Corp.

March 24, 2010 09:00 ET

Bridge Resources Corp. and Paramax Resources Ltd. Provide USA Drilling Program Update

CALGARY, ALBERTA--(Marketwire - March 24, 2010) - Bridge Resources Corp. (TSX VENTURE:BUK) and Paramax Resources Ltd. (TSX VENTURE:PXM) are pleased to announce that the first well in their joint drilling program in the Boise Basin, Idaho, the Willow Prospect M.L. Investments #1-10, has been successfully cased to 6,515 feet in preparation for production testing.

The drilling rig is now on the second location, Espino #1-2, to evaluate the 4,500 foot Plymouth Prospect. The well is expected to spud on March 26 and should take 5 days to reach planned total depth. Following the drilling of the Espino #1-2 well, the rig will drill the Island Capitol #1-19 well to evaluate the 5,000 foot Bolton Prospect. A completion rig will be mobilized mid-April following the drilling of the Island Capitol #1-19 well. It has been determined that the use of a completion rig for the production testing of successful wells is more efficient and economic.

The Espino #1-2 and Island Capitol #1-19 are 10 km south and 8 km northeast of the M.L. Investments #1-10 discovery respectively. The three wells are on separate structures but testing common reservoirs. The drilling locations are based on reprocessed seismic as well as geological information from previously drilled wells. The successful drilling of the M.L. Investments #1-10 confirmed the seismic interpretation and provides reservoir information that will be incorporated into development drilling plans.

Subject to production test confirmation, log analysis and seismic mapping indicate that the M.L. Investments #1-10 has encountered 40 foot conventional gas sand pay in two zones and a 400 foot fractured shale interval. The completion program will establish the potential flow rates.

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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