Bridge Resources Corp.
TSX VENTURE : BUK

Bridge Resources Corp.

July 10, 2007 15:04 ET

Bridge Resource Corp. Update on Activities

CALGARY, ALBERTA--(Marketwire - July 10, 2007) - Bridge Resource Corp. ("Bridge") (TSX VENTURE:BUK) would like to provide the following update on drilling, development and corporate activities.

Bridge has rescheduled and confirmed the 4th and 5th slots with the AGR Peak-operated Ensco 100 rig with the first of Bridge's two wells now scheduled to spud end-January, 2008. The 48/21a-4 Durango development well, originally planned for Q3, 2007 was postponed for operational reasons, specifically the long-lead time to acquire a sub-sea wellhead and tree. Drilling prior to obtaining this completion equipment would have necessitated bringing a rig back on location for the completion of a suspended well, an inefficient and more expensive operation. Bridge has confirmed orders for all the required completion equipment.

Bridge has completed the Durango development screening study. The optimal plan of development comprises a single horizontal well tied back to the Perenco-operated Waveney Platform, 14.3 km northeast. Gas from Waveney is transported through the LAPS pipeline to the Bacton onshore terminal.

Reservoir modeling studies by Malkewicz Hueni Associates for the horizontal well design confirm the best estimate of recoverable resources at 40.5 bcfe calculated previously by RPS, an independent UK-based engineering and consultancy group. A plateau production rate of 30 million cubic feet and 1,000 barrels condensate per day is planned.

Bridge has also completed interpretation of a combined Rotliegend-Carboniferous exploratory prospect, named Aspen, that lies on its Blocks 47/19, 47/20a, and 47/25, 22 km west of Durango. If proved commercial, Aspen would provide development synergies with Durango Field.

Bridge is currently finalizing the two South Trent Prospects on its 23rd Round Block 43/24b for inclusion in its 2008 drilling portfolio. The South Trent Prospects combined potential net gas resources calculated previously in a report prepared by DeGolyer and MacNaughton Canada Limited (D&M), effective May 31, 2006 are 269 bcf unrisked or 66 bcf risked.

Prospective resources are those quantities of oil and gas estimated on a given date to be potentially recoverable from undiscovered accumulations. If discovered, they would be technically and economically viable to recover, there is no certainty that the prospective resource will be discovered. If discovered, there is no certainty that any discovery will be technically or economically viable to produce.

As part of the Century acquisition, Bridge received a carried interest in a Perenco-operated well. The 48/22b-6 test of the Cirrus Prospect in which Bridge had a 3.0625% carried no-cost interest encountered a non-commercial gas column in the target Rotliegend Sand reservoir and the well was plugged and abandoned.

Two officers and directors of Bridge, Edward J. Davies and Thomas J. Stewart, have both converted 1,275,000 rights into common stock bringing their respective holdings to 5,275,000 shares each. As a result of the conversion of the rights, Edward J. Davies now owns 5,275,000 Common Shares (12.9%) and options to acquire a further 350,000 Common Shares at a price of $1.50 per Common Share and Thomas J. Stewart now owns 5,275,000 Common Shares (12.9%) and options to acquire a further 350,000 Common Shares at a price of $1.50 per Common Share.

Bridge is pleased to announce that Mr. Steve Pritza has accepted the promotion to Chief Financial Officer, effective August 1, 2007. Mr. Pritza has been Corporate Controller for the Corporation since November 2007. Mr. Pritza will replace Mr. Dave Antony who will remain with the Corporation as the Chairman of the Board of Directors.

About Bridge

The Corporation is active in the exploration for hydrocarbons in the Southern Gas Area of the UK North Sea where it holds 100% interest in eleven offshore exploration blocks located in water depths of 15 to 50m. In aggregate, Bridge's exploration blocks cover 1,784 square kilometres and Bridge is currently interpreting several 3D seismic surveys to finalize drilling locations.

Safe Harbour

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 company. 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, 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.

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

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