Bridge Resources Corp.

Bridge Resources Corp.

January 21, 2008 10:58 ET

Bridge Resources Corp. Provides Corporate Update and Details of Option Grant

CALGARY, ALBERTA--(Marketwire - Jan. 21, 2008) -


Bridge Resources Corp. (TSX VENTURE:BUK) ("Bridge" or the "Corporation") is pleased to report that it has now completed its private placement through Blackmont Capital Inc. and Macquarie Capital Markets Canada Ltd. The private placement resulted in the Corporation raising total gross proceeds of $44,271,576.

Bridge's first 2008 North Sea well, Durango 48/21a-4, is scheduled to commence late-February/early-March 2008 utilizing the Ensco 100 rig.

The Corporation has also approved the granting of an additional 2,780,000 stock options to various directors, officers and key consultants effective today. Of this amount 1,850,000 were issued to various directors and officers of the Corporation. The options have an exercise price of $1.00 per Common Share and expire on January 21, 2013. The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the granting of the options.

Bridge now has a total of 99,425,890 Common Shares outstanding, warrants to acquire 52,084,206 Common Shares at a price of $0.95 per Common Share and options to acquire 5,480,000 Common Shares outstanding.

The Corporation has also posted a new corporate presentation on its website.

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 approval by the Secretary of State. In aggregate, Bridge's blocks cover over 2,700 square kilometres.

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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