Bridge Resources Corp.

Bridge Resources Corp.

April 17, 2008 09:01 ET

Bridge Resources Corp. Provides Update on Activities

CALGARY, ALBERTA--(Marketwire - April 17, 2008) - Bridge Resources Corp. (TSX VENTURE:BUK) ("Bridge" or the "Corporation") announces the progress that has been made on both the Durango well in the Southern UK North Sea Gas Area and on the North Piper well in the UK North Sea Central Oil Area.


The Durango 48/21a-4z horizontal well is structurally on target and is expected to reach the reservoir depth later this month. Once the reservoir depth of 8,800 feet is reached, a 700 foot horizontal reservoir section will be drilled. Following confirmation of gas pay from the logging-while-drilling equipment, protective sand screens will be run across the reservoir section and the well will be completed. The well will be flow-tested as part of the completion operation.

The project remains on schedule for first gas production in October 2008 with the following development activities completed:

- the subsea wellhead and tree have been completed and delivered to Great Yarmouth on schedule, ready for installation as part of the well completion operation. This equipment allows all well completion operations to be concluded in a single stage rig operation with the Ensco 100.

- all other long lead-time items comprising line pipe, umbilical components, and specialized valves have been purchased and are ready for installation.

- The 14.3 km pipeline route to Waveney Platform has been surveyed and confirmed to be free of any sea floor obstacles or environmentally sensitive areas.

- the Waveney Platform facilities have been inspected and the integrity of the spare production riser has been confirmed.

- the tariff for use of Waveney Platform and the pipeline system has been negotiated.

- the condensate processing tariff fee has been negotiated.

- the environmental and technical components for the Plan of Development approval have been submitted to the UK Department for Business, Enterprise and Regulatory Reform. Plan of Development approval is anticipated in June.

- ADIL has been appointed as the overall project manager and Technip has been appointed as the primary contractor for pipeline and umbilical installation.

North Piper Central Oil Area Prospect

Bridge announces an anticipated spud date of its North Piper 15/11b-6 well on or about July 10, 2008. Bridge has entered into an agreement with Senergy Limited, a UK based drilling company, to drill the well using the Stena Spey semi-submersible rig.

Bridge currently holds a 100% working interest all its Central North Sea blocks. Bridge has signed a letter of intent to farm out a 25% working interest in the North Piper 15/11b-6 well in exchange for the payment of 37.5% of the drilling costs. Bridge is reviewing an additional farm out option for another 25% of the well, but it intends to retain both operatorship of the well and at least a 50% working interest. Estimated well cost is Pounds Sterling 8,200,000.

Investor Relations

Bridge is pleased to announce that subject to TSX Venture Exchange acceptance, the company has retained DSK Consulting Ltd. ("DSK") of Calgary, Alberta, to provide investor relations and financial communication services.

DSK is a full and comprehensive provider of investor relations services. DSK will assist Bridge in fostering productive continuing dialogues with analysts, brokers, investors and other investment professionals. DSK will receive a monthly retainer of Cdn$6,000. Bridge will also issue as compensation to DSK a total of 100,000 incentive stock options (the "Options"), which will be granted immediately and are exercisable at Cdn$1.05 per share. The options shall vest in accordance with TSX Venture Exchange guidelines and Bridge's stock option plan and will expire 30 days after the expiration of the contract. DSK and Scott Koyich, a principal with DSK has been offering investor relation services for over 10 years.

About Bridge

Bridge operates 14 blocks in the UK Southern North Sea Gas Area and 6 blocks in the Central North Sea Oil Area comprising 2,288 gross and 2,193 sq km.

Safe Harbour

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 company. 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, 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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.

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