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Bridge Resources Corp. Announces Filing of Annual Disclosure and Durango Production Update


9:02 AM ET, July 8, 2009


CALGARY, ALBERTA, Jul 08, 2009 (MARKETWIRE via COMTEX) -- Bridge Resources Corp. ("Bridge") (BUK) has filed its annual financial statements, management discussion and analysis and Form 51-101F1 - Statement of Reserves Data and Other Oil and Gas Information, under National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities, and related documents for the year ended March 31, 2009. The oil and gas information is included in the Annual Information Form filed by the Corporation July 7, 2009. Such filings can be accessed electronically from the SEDAR website at www.sedar.com.

Bridges's 100% working interest Durango 48/21a-4Z well has produced over 4 BCFG and 100,000 BO through June 30, 2009. Gas prices are currently low in the UK, at around 26 pence/therm ($4.25/mcf). Effective July 2009 however, Bridge receives the difference between the current average monthly price and 50 pence/therm ($8.30/mcf) on an average monthly amount of 400 MMCFG over a twelve month period. Bridge receives this financial put differential payment regardless of whether gas is produced or not. The first monthly payment received July 6 was for Pounds Sterling 842,000 (US$1,372,000). Durango production statistics are as follows:

Three Months ended Year ended June 30, 2009 March 31, 2009 -------------------------------------Average daily production Gas (MMcf/d) 21.5 16.5 Condensate (bbl/d) 504 445 BOE per day 4,084 3,193----------------------------------------------------------------------------Total production Gas (MMcf) 1,954 2,061 Condensate (bbl) 45,876 55,661 BOE 371,591 399,161----------------------------------------------------------------------------Production adjustments Net Gas backout (MMcf) 807 1,124 Gas loss/fuel (MMcf) 146 173----------------------------------------------------------------------------Production sold Gas (MMcf) 996 763 Condensate (bbl) 43,448 40,902 BOE 209,448 168,094----------------------------------------------------------------------------Realized prices Gas ($/Mcf) $ 4.48 $ 7.04 Condensate ($/bbl) $ 49.41 $ 37.69----------------------------------------------------------------------------
The Durango well was temporarily shut-in July 2 for separator and meter maintenance operations. With the supplementary financial put payment now in effect, Bridge may elect to reduce production levels during low gas price months in order to conserve reserves for future higher price periods.

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 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 exploration, 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.

Contacts:Bridge Resources Corp.Edward J. DaviesPresident(303) 831-9022Email: [e-mail] Resources Corp.Dave AntonyChairman(403) 531-1710Email: [e-mail] Resources Corp.Scott KoyichInvestor Relations(403) 215-5979Email: [e-mail]: www.bridgeresourcescorp.com

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Bridge Resources Corp. Announces U.S.A. Diversification


9:28 AM ET, July 14, 2009


CALGARY, ALBERTA, Jul 14, 2009 (Marketwire via COMTEX) -- Bridge Resources Corp. (BUK) ("Bridge" or "the Corporation" ) is pleased to announce that it has reached agreement with each of Paramax Resources Ltd. and Bridge Energy LLC to acquire a 100% working interest in approximately 100,000 acres in a major new opportunity in the USA. (the "Transaction"). The acreage is located in the Boise Basin of Idaho and Oregon and offers conventional oil and gas and shale gas prospects (the "Boise Basin Project").

The Transaction marks a strategic shift in direction for Bridge, balancing low cost, high potential, early cash flow opportunities with the high cost, longer lead time North Sea opportunities undertaken by Bridge to date which form Bridge's existing portfolio. The Transaction provides several drillable prospects with a cost and risk profile commensurate with the current price environment and Bridge's stage of growth.

Bridge anticipates that the first four Boise Basin wells will be drilled in Q4, 2009 with depths ranging down to 7,000 feet. Total cost for the four well drilling program is estimated to be approximately US$4,000,000. The drilling prospects all have convenient access to both a local gas distribution system and a regional trunk gas pipeline for early production. Oil would be trucked to the Salt Lake City refinery.

As a result of the Transaction, Bridge believes that it is opportune to review strategic alternatives for its North Sea Southern Gas Basin exploration portfolio. Bridge has engaged RBC Capital Markets to assist with this review.

Bridge may also evaluate international opportunities with a bias to oil production.

Transaction Summary

Bridge has agreed to acquire all the shares of Paramax Energy Inc. ("Paramax USA") from Paramax Resources Ltd. Paramax USA holds a 50% interest in the Boise Basin Project. The consideration to be paid to acquire all the shares of Paramax USA is 6,500,000 common shares of Bridge. Paramax USA acquired its 50% interest in the Boise Basin Project in August 2008 from an arm's length party for US$1,500,000 plus an additional 1,053,000 shares of Paramax Resources Ltd. Paramax USA has since expended in excess of $500,000 on the Boise Basin Project. David Antony is a director of both Bridge and Paramax Resources Ltd. Trevor Wong-Chor is the Corporate Secretary of both Bridge and Paramax Resources Ltd.

Bridge has also agreed to acquire from Bridge Energy LLC ("BELL") all of BELL's leasehold oil and gas assets. BELL holds the remaining 50% interest in the Boise Basin Project. The consideration to be paid to BELL is 6,500,000 common shares of Bridge. BELL and Paramax USA have the same cost basis in the Boise Basin Project . The shareholders of BELL are Edward J. Davies and Thomas J. Stewart (47.5% each) and Energy West Corporation (5%).

Energy West Corporation is an arm's length party. Each of Edward J. Davies and Thomas J. Stewart are directors and officers of Bridge but they will have no remaining interest in the Boise Basin Project other than through their Bridge shareholdings. Their direct and indirect shareholdings in Bridge will increase from 5,275,000 to 8,362,500 common shares each.

The independent members of the Board of Bridge have considered a number of factors including an independent valuation in determining that the consideration for the Transaction is fair and reasonable.

The Corporation has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 are available for the Transaction.

Cautionary Language

The Transaction is subject to execution of a definitive agreement and regulatory approval. There can be no assurance that the Transaction will be completed as proposed or at all.

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 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 exploration, 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.

SOURCE: Bridge Resources Corp.

Bridge Resources Corp.Edward J. DaviesPresident(303) 831-9022Email: [e-mail] Resources Corp.Dave AntonyChairman(403) 531-1710Email: [e-mail] Resources Corp.Scott KoyichInvestor Relations(403) 215-5979Email: [e-mail]: www.bridgeresourcescorp.com