Bridge Resources Corp.

Bridge Resources Corp.

February 20, 2009 09:01 ET

Bridge Resources Corp. Files Interim Financials for Period Ended December 31, 2008 Reporting First Gas Sales Revenue

CALGARY, ALBERTA--(Marketwire - Feb. 20, 2009) - Bridge Resources Corp. (the "Corporation" or "Bridge") (TSX VENTURE:BUK) announces that it has released its unaudited interim financial statements, and management discussion and analysis ("MD&A") for the nine months ended December 31, 2008. The financial statements and MD&A are available for viewing on SEDAR at


The 100% Durango field reached first gas on November 27, 2008. The field is currently producing at rates of approximately 5,100 boe/d.

The Corporation recorded revenue from the sales of hydrocarbons of USD$1,610,708 for the three months ended December 31, 2008 which comprised 35 days of production.

The third quarter earnings were positively affected by an unrealized foreign exchange gain resulting in net income for accounting purposes of USD$21,440,739.

Cash flow from operations for the three month period ended December 31, 2008 was a negative USD$640,342. The Corporation anticipates it will have positive cash flow from operations in the future quarters as the production from the Durango 48/21a-4z well, which began producing on November 27, 2008, is reaching its projected daily maximum sustainable production rate and the start-up issues and delays that occurred in December 2008 are corrected.

Summary of Quarterly Results
Three months ended
December 31, 2008
Average daily production
Gas (MMcf/d) 12.73
Liquid (bbl/d) 346.83
Boe/d 2,468.02

Total production
Gas (MMcf) 445.45
Liquid (bbl) 12,138.90

Production adjustments
Gas Backout (MMcf) 261.97
Gas line loss/fuel (MMcf) 44.15
Liquids in tanks at end of period (bbl) 6,666.33

Production sold
Gas (MMcf) 139.33
Liquid (bbl) 5,472.57

Realized prices (USD$)
Gas ($/Mcf) $ 10.54
Liquid ($/bbl) $ 26.09

Gas ($) $ 1,467,901
Liquid ($) $ 142,807
Total revenue ($) $ 1,610,708

Operating expenses per boe ($/boe) $ 13.01

Daily production based on 35 days of production: November 27, 2008 -December 31, 2008. Operating expenses included transportation, depreciation and depletion.

Barrel of Oil Equivalent: Where amounts are expressed on a barrel of oil equivalent ("boe") basis, natural gas volumes have been converted to boe at a ratio of 6,000 cubic feet of natural gas to one barrel of oil equivalent. This conversion ratio is based upon an energy equivalent conversion method primarily applicable at the burner tip and does not represent value equivalence at the wellhead. Boe figures may be misleading, particularly if used in isolation.

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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