Bridge Resources Corp.

Bridge Resources Corp.

December 21, 2010 09:25 ET

Bridge Resources Corp. Announces Sale of North Sea Assets

CALGARY, ALBERTA--(Marketwire - Dec. 21, 2010) - Bridge Resources Corp. (TSX VENTURE:BUK) is pleased to announce that it has executed a Heads of Agreement with Perenco UK Limited for the sale of its wholly-owned subsidiary Bridge North Sea Limited ("BNSL"). The primary asset in BNSL is the Durango Gas Condensate Field.

The effective date of the transaction is January 1, 2011 and transaction details will be provided following execution of a formal Sale and Purchase Agreement.

Bridge has been represented in the transaction by Stellar Energy Advisors Limited.

Statements in this press release may contain forward-looking information including expectations of the results from divestitures or strategic alternatives, 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.

Contact Information