Bear Ridge Resources Ltd.
TSX : BER

Bear Ridge Resources Ltd.

April 04, 2007 08:00 ET

Bear Ridge Provides Tupper Update and Appoints Interim CEO

CALGARY, ALBERTA--(CCNMatthews - April 4, 2007) - Bear Ridge Resources Ltd. (TSX:BER) ("Bear Ridge" or "the Company") is pleased to report the successful completion and testing of its fourth vertical well in the Company's Montney gas project at Tupper in northeast British Columbia. Bear Ridge holds a 100 per cent interest in the c-48-A well, which has tested at rates exceeding 1 mmcf per day primarily from the Basal Montney. The Upper Montney interval in this well bore is scheduled to be completed after break-up in the summer of 2007. This well is the fourth successful Basal test, which has further delineated the Basal Montney reservoir at Tupper. The Company's fifth 100 per cent interest well on its Tupper block, a-23-C, is currently drilling at a depth of 2,500 meters with total depth of approximately 3,000 meters expected to be reached in a weeks time. Bear Ridge has submitted its application to the BC Oil & Gas Commission for construction of a 46 kilometer sales pipeline and the Company plans to submit its gas plant application in a few weeks time. Regulatory approval for both applications is expected to follow shortly thereafter.

As previously announced, Bear Ridge has retained Tristone Capital Inc. to assist in identifying strategic alternatives to maximize shareholder value, including potential mergers or the sale of the Company. All material preparations have been effectively completed and data room presentations to interested parties are expected to commence shortly. Given the stage of the strategic alternatives process, and their limited further role therein, each of Russell Tripp, Chief Executive Officer and a director, and Douglas Hibbs, President, have resigned their respective positions with the Company in order to pursue other opportunities. Alan Steele, Chief Financial Officer, who joined Bear Ridge on February 5, 2007, has been appointed to the additional role of interim Chief Executive Officer. He will be primarily responsible for all day-to-day operations and will be the key interface with the board of directors of the Company on all matters, including the strategic alternatives process.

Corporate

Bear Ridge is a an exploration and production company operating in Northeast BC and the West Central and Peace River Arch regions in Alberta. The Company's shares are listed for trading on the Toronto Stock Exchange under the symbol "BER".

Additional information regarding Bear Ridge and its business and operations is available on Bear Ridge's website www.bearridge.ca and Bear Ridge's SEDAR profile at www.sedar.com

Forward Looking Statements - Certain information regarding Bear Ridge Resources Ltd. set forth in this document, including management's assessment of Bear Ridge Resources Ltd.'s future plans and operations, contains forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Bear Ridge Resources Ltd.'s control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, current fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers, the lack of availability of qualified personnel or management, stock market volatility and ability to access sufficient capital from internal and external sources. Bear Ridge Resources Ltd.'s actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that Bear Ridge Resources Ltd. will derive there from.

Contact Information

  • Bear Ridge Resources Ltd.
    R. Alan Steele
    Chief Financial Officer and Interim Chief Executive Officer
    (403) 537-8440
    (403) 537-8450 (FAX)
    or
    Bear Ridge Resources Ltd.
    2200, 330 - 5 Avenue SW
    Calgary, Alberta T2P 0L4
    Website: www.bearridge.ca