Bridge Resources Corp.
TSX VENTURE : BUK

Bridge Resources Corp.

September 20, 2011 09:00 ET

Bridge Resources Corp. Announces Corporate Developments

CALGARY, ALBERTA--(Marketwire - Sept. 20, 2011) - Bridge Resources Corp. ("Bridge") (TSX VENTURE:BUK) announces the following corporate developments that are expected to facilitate Bridge moving forward with its Willow-Hamilton Development Project in Idaho:

Settlement of Disputed Project Costs

Bridge has reached agreement with its Joint Venture partner Paramax Resources Ltd ("Paramax") on a full and final settlement in respect of disputed Project costs incurred in the period up to the end of June 2011. Effective June 30, 2011 Bridge will record a payable to Paramax of $250,000. This settlement will allow Bridge and Paramax to move forward and to focus on developing the Willow-Hamilton Project.

The Joint Venture Area of Mutual Interest will be reduced to the 160-acre spacing development area for the Willow and Hamilton Fields as approved by the State of Idaho. Paramax will assign its 50% working interest in all acreage outside this development area to Bridge. Bridge will then hold approximately 101,000 gross acres and approximately 90,000 net acres in the State of Idaho. Bridge will therefore gain approximately 39,000 net acres as a result of the settlement.

Willow-Hamilton Development Status

The future development of the Project is awaiting final approval of the meter station site and the well stimulation program. Hearings with the State and County regulatory bodies in Idaho are continuing and once final approval is received a detailed timeline and cost structure will be confirmed.

Corporate Management Changes

Ed Davies, Chief Executive Officer; Tom Stewart, Vice President; and Kim Parsons, Manager Exploration have resigned from Bridge effective immediately. Mr Davies has also resigned as a Director of Bridge and certain subsidiary entities. Nick Clayton, the current Chairman of Bridge, has agreed to act as interim CEO pending appointment of a new permanent CEO.

Statements in this press release may contain forward-looking information. While management believes that the expectations and assumptions underlying such forward-looking information are accurate, the reader is cautioned that the expectations and 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 Bridge. These risks include, but are not limited to: general risks associated with the oil and gas industry and the exploration, development and production of oil and natural gas; and risks associated with changes in commodity prices and exchange rates. 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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