Bridge Resources Corp V.BUK

Restricted by condensate , not gas

[molymoney]

Bridge Resources Corp. Provides Durango Well Update
2/18/2009 12:16:46 AM - Market Wire

CALGARY, ALBERTA, Feb 18, 2009 (MARKET WIRE via COMTEX News Network) --

Bridge Resources Corp. (the "Corporation" or "Bridge") (TSX VENTURE: BUK) is pleased to announce that its Bridge North Sea Ltd. 100% interest Durango well continues to demonstrate excellent productivity. Flow rates have exceeded the target 30 million cubic feet of gas per day with the well currently producing at approximately 26 million cubic feet of gas and 807 barrels of condensate per day (approximately 5,140 barrels oil equivalent per day). This stable high flow rate is constrained by the maximum amount of condensate that can be handled efficiently by the separator on the production platform prior to delivery into the LAPS pipeline to the onshore Bacton terminal. Bridge is discussing additional equipment upgrades with the platform operator to further increase production levels. Recent gas prices have averaged 63p/therm (approximately US$9.00/mcf equivalent).

An updated National Instrument 51-101 - Standards for Disclosure for Oil and Gas Activities, assessment of reserves and valuation of the Durango well and field will be completed and announced prior to March 31, 2009.

In order to address the amount of gas back-out of existing wells feeding the LAPS pipeline caused by the high pressure and volume Durango well, Bridge has agreed to allocate certain production revenue to such existing legacy LAPS well interest holders in order to make up for the diminished production of such legacy wells during the higher pressure and volume production period of the Durango well. The intention is that Bridge will recapture this production revenue at a future date from such legacy wells in an equitable manner. This back-out issue is being addressed by a formal Joint Reservoir Management Group to confirm equitable gas balancing and repayment procedures.

Barrel of Oil Equivalent: Where amounts are expressed on a barrel of oil equivalent ("boe") basis, natural gas volumes have been converted to boe at a ratio of 6,000 cubic feet of natural gas to one barrel of oil equivalent. This conversion ratio is based upon an energy equivalent conversion method primarily applicable at the burner tip and does not represent value equivalence at the wellhead. Boe figures may be misleading, particularly if used in isolation.

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. Davies
President
[phone]
Email: [e-mail]

Bridge Resources Corp.
Dave Antony
Chairman
[phone]
Email: [e-mail]

Bridge Resources Corp.
Scott Koyich
Investor Relations
[phone]
Email: [e-mail]
Website: www.bridgeresourcescorp.com

SOURCE: Bridge Resources Corp.

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