Bridge Resources Corp.

Bridge Resources Corp.

December 13, 2007 08:27 ET

Bridge Resources Corp. Announces $55,000,000 Private Placement to Commence North Sea Drilling Activity

CALGARY, ALBERTA--(Marketwire - Dec. 13, 2007) -


Bridge Resources Corp. ("Bridge" or the "Corporation") (TSX VENTURE:BUK) announces that it has entered into an agreement with Blackmont Capital Inc. and Macquarie Capital Markets Canada Ltd. as co-lead agents in North America, and Mirabaud Securities as co-lead agent in the United Kingdom, to complete a private placement financing of up to 64,706,000 units of Bridge at a price of $0.85 per unit (a "Unit"). Each Unit will be comprised of one common share of Bridge and one common share purchase warrant. Each whole common share purchase warrant will entitle the holder to acquire one common share of Bridge, for a period of two years following the closing of the financing, at an exercise price of $0.95 per common share. Closing is set for December 19, 2007, but may occur in one or more closings before or after that date.

It is anticipated that the net proceeds of the private placement will be used by Bridge for the commencement of its drilling program in early 2008 and for general corporate purposes.

For their services, the Agents will receive cash commission equal to 6% of the gross proceeds raised in this private placement.

Completion of the private placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.

About Bridge

The Corporation is active in the exploration for hydrocarbons in the UK North Sea where it holds 100% interest in 11 offshore exploration blocks located in the Southern Gas Area, and 100% interest in 6 offshore exploration blocks in the Central Oil Area. In addition, Bridge has reached agreement with Century Exploration (UK) Ltd and Charbella Energy Ltd to acquire a 50% interest in four additional Southern Gas Area blocks subject to Secretary of State approval. In aggregate, Bridge's exploration blocks cover over 2,700 square kilometres and Bridge is currently interpreting several 3D seismic surveys to finalize drilling locations. The Corporation expects to begin drilling operations early in 2008 on its inventory of drilling prospects.

This news release may contain forward-looking statements based on assumptions and judgments of management of Bridge regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. Bridge disclaims any intention or obligation to revise or update such statements except as may be required by law.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction. The common shares may be offered or sold in other eligible foreign jurisdictions and to U.S. buyers on a private placement basis pursuant to an applicable exemption from registration requirements in Rule 144-A or Regulation D of the United States Securities Act of 1933, as amended.

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

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