CALGARY, ALBERTA--(Marketwire - April 19, 2010) - Bridge Resources Corp. (TSX VENTURE:BUK) and Paramax Resources Ltd. (TSX VENTURE:PXM) are pleased to announce that the third joint well in their Idaho drilling program, the Island Capitol 1-19, has been drilled to total depth of 4,385 feet and has encountered several gas-bearing sands.
Based on mud-log shows and wire-line logs, production casing has been run and cemented to test potential pay sands in a gross interval from 3,178 feet to 3,600 feet. Logs indicate the sands are clean with porosities in excess of 25%. The production testing will be undertaken with the same completion rig that has now arrived in Idaho to test the previously cased M.L. Investments 1-10 and Espino 1-2 wells.
The exploratory drilling program is both significantly ahead of schedule and under budget. The gross cost for all three wells drilled to date, including production casing, is less than $3 million. The fourth well in this initial five-well exploratory drilling program is expected to spud within two days. The Teunissen 1-17 is located 7 km southwest of the Espino 1-2 and has a projected total depth of 4,500 feet.
The first well to be tested with the completion rig will be the M.L Investments 1-10. The completion procedure schedule anticipates that flow testing will commence within two weeks.
Statements in this press release may contain forward-looking information including expectations of 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.
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