Bridge Resources Corp V.BUK

RE: RE: Mackie target $1.05

[SCORPION17]

RECOMMENDATION – Maintain BUY on Crystal’s Potential

The high rate test of the M.L. well proves that the Crystal play (50% W.I.)

in Idaho is highly economic. We believe the 5-well exploration program

could add substantial reserves and production in 2010. We maintain our

BUY recommendation and we have increased our target price from
.70

to $1.05, equivalent to our new risked NAV.

VALUATION CATALYSTS – Crystal Drilling Success

1. Drilling results of the Teunissen 1-17 exploration well.

2. Production test of the Espino 1-2 well and the Capitol 1-19 well.

3. Establishment of first production in Idaho.

4. The sale of North Sea natural gas assets, which eliminates the

company’s debt. Bids are due in June 2010.