RE: Is Bridge Resources bankrupt?
A lot of speculation but I guess this was caused the initial drop today.
I talked to Mike Smith this weekende and got some good information that I want to share.
Below clearly states that Paramax has the funds to get below things done, so this thing with bridge just might be something very good for us. We might be able to buy their 50% really cheap!!!
Our next operational steps are as follows:
1) Stimulation program to boost deliverability (permits obtained last Monday)
2) Drill and compete well in section 3, immediately offsetting ML1-10
3) Sign contract with Williams, begin construction of gas gathering system, with commercial production in Q1 2011.
4) Obtain down-spacing approval from 640 to 160 acre spacing
We have the funds to complete these activities, and with successful execution, should regain market confidence.
I hope that I have answered the questions to your satisfaction. If you would like any further clarification, please do not hesitate to contact me.
Mike