Bridge Resources Corp.
TSX VENTURE : BUK

Bridge Resources Corp.

September 09, 2010 09:29 ET

Bridge Resources Corp. Provides Operations Update

CALGARY, ALBERTA--(Marketwire - Sept. 9, 2010) - Bridge Resources Corp. ("Bridge") (TSX VENTURE:BUK) is pleased to provide the following update on its UK North Sea and US Western Idaho Basin operations.

UK North Sea

Bridge has commissioned Stellar Energy Advisors Ltd. ("Stellar") to sell its wholly-owned Bridge North Sea Ltd. subsidiary that includes the Southern North Sea Gas Area Durango, Aspen, and Wherry assets. Stellar formally launched the sale process September 3 with the data room open through October 15 and bids invited prior to November 19, 2010.

Stellar has also been engaged to seek a partner for the drilling of the large Steamboat Prospect in the Central North Sea Oil Area. This prospect was independently evaluated last month by Rose & Associates who assign a P50 potential of 163 MMBO. Interested parties have the option of farm-in or purchase of Bridge's other UK subsidiary, Bridge North Sea (Central) Limited, that holds the Steamboat asset. Bridge would retain a Steamboat royalty interest in the case of the subsidiary sale.

The Durango Field remains shut-in pending platform modifications. Back-out gas repayment for the month of August 2010 averaged 3.1 mmcfd net to Bridge with Pounds Sterling 400,000 ($620,000) revenue. The remaining gas credit balance is 0.257 bcf.

US Western Idaho Basin

Bridge commenced further drilling on the shallow gas Hamilton Project on August 8, 2010 and has since drilled and cased two wells, the Tracy Trust 3-2 and the White 1-10. A third new well, the Korn 1-22, will commence drilling imminently.

Bridge has been extensively testing the previous State 1-17 and Espino 1-2 concurrent with the new drilling operations. Both wells have flowed water-free gas and the down-hole gauges have now been retrieved for detailed pressure build-up analysis. Sequential testing of the Tracy Trust 3-2 has commenced to be followed by testing of the White 1-10.

The two original wells and the three new wells are located within a two mile radius. Following the Korn 1-22, Bridge will next drill a six-mile northern step-out, the May 1-13 well.

The new detailed seismic program over the Willow Project area has been acquired and processed. The data are currently being interpreted and drilling permit applications will be filed this month for four offset locations to the ML Investments 1-10 discovery.

Statements in this press release may contain forward-looking information including expectations of 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.

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