Bridge Resources Corp.

Bridge Resources Corp.

December 06, 2010 09:01 ET

Bridge Resources Corp. Provides Update

CALGARY, ALBERTA--(Marketwire - Dec. 6, 2010) - Bridge Resources Corp. ("Bridge" or "Company") (TSX VENTURE:BUK), through Stellar Energy Advisors Ltd., has received a proposal for the divestiture of its UK wholly-owned subsidiary Bridge North Sea Limited. The cash component of this proposal will not allow full repayment of the Company's outstanding debt. As a result, the Company is discussing the proposal with their lenders.

Concurrently, the Company is reviewing a range of strategic alternatives which will include, among other things, exploring potential asset divestments, equity alternatives, strategic alliances, joint venture opportunities, mergers or a corporate sale transaction. 

No decision on any particular alternative has been reached at this time and there can be no assurance that the process or any process will result in any change in the Company's current operations or that the Company will pursue any particular transaction. The Company does not intend to make any further announcement regarding the process or the asset disposition process unless and until its Board of Directors has approved a specific transaction or other course of action or otherwise deems disclosure of developments is appropriate.

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.

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