Bridge Resources Corp. Updates Idaho Development Plans
19 March 2011 - 12:25AM
Marketwired
Bridge Resources Corp. (TSX VEBTURE: BUK) is very pleased to
announce that its Bridge Energy Inc. subsidiary ("Bridge") and
Paramax Resources Ltd., each with 50% working interest, have
committed to the development of the Willow and Hamilton Fields in
Payette County, Idaho. These two fields were discovered in 2010 and
appraised by six additional wells.
Negotiations are proceeding with Northwest Pipeline GP for the
installation of a meter station to interconnect this new natural
gas supply to the interstate transmission system which will allow
access to Idaho's natural gas customers as well as natural gas
markets in the Pacific Northwest. Bitter Creek Pipeline, LLC, a
subsidiary of MDU Resources Group (NYSE: MDU) has also commenced
design and permitting for the installation of the pipelines and the
midstream facilities upstream of the meter station.
Design and planning of the pending stimulation of the four
additional Hamilton wells to determine well production rates and
optimal pipeline size is complete. These are very small fracs to
clean-up highly porous conventional sand reservoirs. The
stimulation program is subject to State approval of fracing
parameters, which is expected in April, and on availability of
equipment which will be contracted once approval is received.
In addition to the work on the Hamilton field, planning and
design of the installation of the facilities and the 8.5 mile
pipeline to tie-in Willow Field has begun.
Willow and Hamilton are the first commercial discoveries of oil
and gas in Idaho. Bridge expresses its appreciation to the State of
Idaho and the County of Payette for their support in achieving this
goal.
Statements in this press release may contain forward-looking
information including expectations of the results from divestitures
or strategic alternatives, ongoing obligations with respect to UK
Petroleum Production Licence Number P1061, expectations respecting
the closing of the sale transaction, 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. While management believes
that the expectations and assumptions underlying such
forward-looking information are accurate, the reader is cautioned
that the expectations and assumptions used in the preparation of
such information may prove to be incorrect. Assumptions contained
in such forward-looking information include, but are not limited
to, the assumption respecting the percentage of profits Bridge will
be entitled to from UK Petroleum Production Licence Number P1061
and assumptions respecting the closing of the sale transaction
including the receipt of necessary regulatory and TSX Venture
Exchange approvals. 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 Bridge. These risks
include, but are not limited to: general risks associated with the
oil and gas industry and the exploration, development and
production of oil and natural gas; risks associated with changes in
commodity prices and exchange rates; there can be no certainty that
any profits will be generated from UK Petroleum Production Licence
Number P106; there can be no certainty the regulatory, bank and TSX
Venture Exchange approvals will be obtained in the time anticipated
by Bridge or at all; and there can be no certainty that the sale
transaction will close in the timelines currently anticipated by
Bridge or at all. 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.
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 Davies 303-831-9022
ejd@bridgeep.com www.bridgeresourcescorp.com
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