Bridge Resources Corp.

Bridge Resources Corp.

July 08, 2009 09:01 ET

Bridge Resources Corp. Announces Filing of Annual Disclosure and Durango Production Update

CALGARY, ALBERTA--(Marketwire - July 8, 2009) - Bridge Resources Corp. ("Bridge") (TSX VENTURE:BUK) has filed its annual financial statements, management discussion and analysis and Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information, under National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, and related documents for the year ended March 31, 2009. The oil and gas information is included in the Annual Information Form filed by the Corporation July 7, 2009. Such filings can be accessed electronically from the SEDAR website at

Bridges's 100% working interest Durango 48/21a-4Z well has produced over 4 BCFG and 100,000 BO through June 30, 2009. Gas prices are currently low in the UK, at around 26 pence/therm ($4.25/mcf). Effective July 2009 however, Bridge receives the difference between the current average monthly price and 50 pence/therm ($8.30/mcf) on an average monthly amount of 400 MMCFG over a twelve month period. Bridge receives this financial put differential payment regardless of whether gas is produced or not. The first monthly payment received July 6 was for Pounds Sterling 842,000 (US$1,372,000). Durango production statistics are as follows:

Three Months ended Year ended
June 30, 2009 March 31, 2009
Average daily production
Gas (MMcf/d) 21.5 16.5
Condensate (bbl/d) 504 445
BOE per day 4,084 3,193
Total production
Gas (MMcf) 1,954 2,061
Condensate (bbl) 45,876 55,661
BOE 371,591 399,161
Production adjustments
Net Gas backout (MMcf) 807 1,124
Gas loss/fuel (MMcf) 146 173
Production sold
Gas (MMcf) 996 763
Condensate (bbl) 43,448 40,902
BOE 209,448 168,094
Realized prices
Gas ($/Mcf) $ 4.48 $ 7.04
Condensate ($/bbl) $ 49.41 $ 37.69

The Durango well was temporarily shut-in July 2 for separator and meter maintenance operations. With the supplementary financial put payment now in effect, Bridge may elect to reduce production levels during low gas price months in order to conserve reserves for future higher price periods.

Statements in this press release may contain forward-looking information including expectations of future operations, commerciality of any gas discovered, 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 exploration, 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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