Paramax Resources Ltd.

Paramax Resources Ltd.
Bridge Resources Corp.

Bridge Resources Corp.

October 21, 2010 08:31 ET

Bridge Resources Corp. and Paramax Resources Ltd. Provide Update on Idaho Wells

CALGARY, ALBERTA--(Marketwire - Oct. 21, 2010) - Bridge Resources Corp. (TSX VENTURE:BUK) and Paramax Resources Ltd. (TSX VENTURE:PXM) are very pleased to provide the following update on Idaho development activities.

Hamilton Project

The second phase development program in the Hamilton area consisted of the successful drilling and completion of three follow up wells: Tracy Trust 3-2; White 1-10; and Korn 1-22. These wells followed the initial discovery wells, the Espino 1-2 and State 1-17. Following completion of the wells, an extensive testing program had been undertaken that confirmed the presence of four separate gas-bearing zones. The Espino and Tracy Trust wells have all four zones developed whereas the other three wells have three zones. Evaluation of the wells, that included flow testing, pressure build up tests, and gas analyses, allows the Companies to be in a position to begin operations for the commercial delivery of gas from the Hamilton area.

It is expected that these Hamilton area wells will be capable of delivering in excess of 5.0 mmcf/d into the nearby gas delivery system. The nearby pipeline infrastructure and low capital costs significantly enhance project economics. All wells have high shut-in pressures and the gas is of uniformly high quality with a btu range from 1012 to 1050. The five wells confirm a minimum gas-bearing area of 5,000 acres. Design of the gas gathering system has commenced.

Willow Project

The first development well as a follow up to the ML Investments ("ML") 1-10 discovery is expected to commence drilling on or around October 24 on receipt of final permits and agreements for three development wells. The well locations are based on new seismic data acquired and processed over Willow during the months of July and August. Access and drilling location preparation activities are underway.

The first development well, the ML 1-15, is 1.1 miles south of the ML 1-10 discovery. The second development well, the ML 1-14, is 0.8 miles southeast of the ML 1-15 and the third development well, the ML 1-13 is 1.1 miles due east of the ML 1-15. Several additional locations have been identified for ongoing development.

Drilling and completion of the ML 1-15 is expected to take approximately 15 days.

Statements in this press release may contain forward-looking information including expectations of commerciality of any discovery, 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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