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ISIN: US74378L2016 | WKN: A1C577 | Symbol: PVRS
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Healthbridge Completes 5.2 Million Dollar Financing for the Purchase and Development of Providence Oil and Gas Leases
Wednesday January 25, 9:30 am ET

VANCOUVER, British Columbia--(BUSINESS WIRE)--Jan. 25, 2006--Healthbridge, Inc. (OTCBB:HHBR - News; Berlin Stock Exchange:HBZ - News; "Healthbridge") today announced the completion of a USD 5,200,000 convertible debt and equity financing to fund the purchase of a ninety percent (90%) working interest in 6,272.5 acres (approx. ten square miles) of oil and gas leases located in Comanche and Hamilton Counties, Texas, by Providence Exploration, LLC, ("Providence") from Dallas-based Harding Company ("Harding"). Prior to closing of this financing; Healthbridge advanced a total of USD 3,075,000 to Providence for the purchase of certain leases as part of the joint exploration agreement with Texas-based Harding Company and to provide sufficient working capital. As previously announced, Healthbridge intends to acquire 100% of Providence in exchange for 16,500,000 shares of Healthbridge. Management expects to complete the acquisition of Providence within the next few weeks.

As of October 2005 Providence signed a joint exploration agreement with the 52 year old Dallas-based Harding Company ( Under the terms of the agreement the parties intend to explore, develop and produce oil and gas from the Marble Falls and Barnett Shale formations in targeted areas of the Fort Worth basin. Providence has the right to earn a 68.4% net revenue interest by fulfilling their financial commitments. Harding is appointed as operator.

Harding Company has drilled hundreds of wells in North Texas and has been drilling completing and producing gas from Barnet shale wells since 2002. The Barnett Shale is the largest producing natural gas formation in Texas, and produces more than 50% of all shale gas produced in the United States. The Barnett Shale formation underlies sixteen counties, including Comanche and Hamilton Counties.

According to the American Association of Petroleum Geologists, over 1 trillion cubic feet (TCF) of gas has already been produced from the Fort Worth basin area of the Barnett Shale formation, and current well completions average over 1.5 million cubic feet (MMCF) of gas per day. Using a geology-based assessment methodology, the U.S. Geological Survey estimates that there are 26.7 trillion cubic feet (TCF) of undiscovered natural gas yet to be produced from this formation.

Harding has scheduled seismic recording operations for early February. After the processing and interpretation of the data Providence plans to begin its Drilling Program in late March utilizing its own drilling equipment.

Healthbridge remains committed to providing Providence with additional capital to fund exploration and development activities on the leases and for general working capital.

Providence owns and operates one drilling rig and two well service rigs based in Young County, Texas.

Healthbridge is a public company; its common shares trade on the OTCBB under the symbol "HHBR" and on the Berlin Stock Exchange under the symbol "HBZ".

Forward-Looking Statements

A number of statements contained in this press release may be considered to be forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including timely development, competitive market conditions, successful integration of acquisitions and the ability to secure financing. The actual results Healthbridge may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Healthbridge encourages the public to read the information provided here in conjunction with its most recent filings on Form 10-KSB/A and Form 10-QSB. Healthbridge`s public filings may be viewed at


Healthbridge, Inc.
Nora Coccaro, 604-838-9797
Markus Mueller, +41 (44) 280-5066
Providence Exploration, LLC
Abraham Janz, 214-695-5848

Source: Healthbridge, Inc.

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