Bridge Resources Corp.

Bridge Resources Corp.

March 18, 2011 09:25 ET

Bridge Resources Corp. Updates Idaho Development Plans

CALGARY, ALBERTA--(Marketwire - March 18, 2011) - Bridge Resources Corp. (TSX VEBTURE:BUK) is very pleased to announce that its Bridge Energy Inc. subsidiary ("Bridge") and Paramax Resources Ltd., each with 50% working interest, have committed to the development of the Willow and Hamilton Fields in Payette County, Idaho. These two fields were discovered in 2010 and appraised by six additional wells.

Negotiations are proceeding with Northwest Pipeline GP for the installation of a meter station to interconnect this new natural gas supply to the interstate transmission system which will allow access to Idaho's natural gas customers as well as natural gas markets in the Pacific Northwest. Bitter Creek Pipeline, LLC, a subsidiary of MDU Resources Group (NYSE: MDU) has also commenced design and permitting for the installation of the pipelines and the midstream facilities upstream of the meter station.

Design and planning of the pending stimulation of the four additional Hamilton wells to determine well production rates and optimal pipeline size is complete. These are very small fracs to clean-up highly porous conventional sand reservoirs. The stimulation program is subject to State approval of fracing parameters, which is expected in April, and on availability of equipment which will be contracted once approval is received. 

In addition to the work on the Hamilton field, planning and design of the installation of the facilities and the 8.5 mile pipeline to tie-in Willow Field has begun.

Willow and Hamilton are the first commercial discoveries of oil and gas in Idaho. Bridge expresses its appreciation to the State of Idaho and the County of Payette for their support in achieving this goal.

Statements in this press release may contain forward-looking information including expectations of the results from divestitures or strategic alternatives, ongoing obligations with respect to UK Petroleum Production Licence Number P1061, expectations respecting the closing of the sale transaction, 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. While management believes that the expectations and assumptions underlying such forward-looking information are accurate, the reader is cautioned that the expectations and assumptions used in the preparation of such information may prove to be incorrect. Assumptions contained in such forward-looking information include, but are not limited to, the assumption respecting the percentage of profits Bridge will be entitled to from UK Petroleum Production Licence Number P1061 and assumptions respecting the closing of the sale transaction including the receipt of necessary regulatory and TSX Venture Exchange approvals. 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 Bridge. These risks include, but are not limited to: general risks associated with the oil and gas industry and the exploration, development and production of oil and natural gas; risks associated with changes in commodity prices and exchange rates; there can be no certainty that any profits will be generated from UK Petroleum Production Licence Number P106; there can be no certainty the regulatory, bank and TSX Venture Exchange approvals will be obtained in the time anticipated by Bridge or at all; and there can be no certainty that the sale transaction will close in the timelines currently anticipated by Bridge or at all. 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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