Bridge Resources Corp. Provides North Piper Well Status Report
Wed Jul 23, 9:00 AM
ca.news.finance.yahoo.com
CALGARY, ALBERTA--(Marketwire - July 23, 2008) - Bridge Resources Corp. (TSX VENTURE: BUK.V) and its wholly-owned UK subsidiary Bridge North Sea (Central) Limited (both "Bridge") have executed agreements with BFW Capital Management Limited and its wholly-owned UK subsidiary BFW Drilling Limited (both "BFW"), and Vancouver-based Lariat Energy Ltd and its wholly-owned UK subsidiary Lariat Energy UK Limited (both "Lariat") for the drilling of the North Piper 15/11b-6 exploratory well.
BFW Capital Management Limited is a privately-held Aberdeen-based corporation founded by Dr. James Buckee, former CEO of Talisman Energy, Full Cycle Energy Investment Management Limited, a leading Toronto-based energy investment fund manager, and Wellington West Capital Markets, a major Canadian Investment Dealer. Lariat Energy Ltd is a public company traded on the TSX Venture Exchange.
Under the respective agreements BFW and Lariat may each earn up to 25% working interest in Licence P1291, comprising Blocks 14/15b and 15/11b, by paying 37.5% of the 15/11b-6 well cost up to a gross AFE cost of Pounds Sterling 11,847,471. Any costs above this amount, including well testing, would be shared proportional to working interest. Bridge remains operator of the licence.
The drilling of the well will be managed by Senergy Limited using the Stena Spey semi-submersible rig with a forecast spud date on or around August 1, 2008. The prospect is 22 km northwest of Piper Field in water depth of 472 feet. Planned well depth is 7,700 feet with reservoir objectives comprising Eocene-Upper Paleocene Sands at 2,400 feet; Lower Paleocene Sands at 4,800 feet; and the primary target Jurassic Piper Sands at 7,000 feet. The well design includes an extra string of shallow casing to facilitate evaluation of any pay in the Eocene-Upper Paleocene Sands.
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 company. 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.
Contacts
Edward J. Davies
Bridge Resources Corp.
President
(303) 831-9022
Email: ejd@bridgeresourcescorp.com
Dave Antony
Bridge Resources Corp.
Chairman
(403) 531-1710
Email: dantony@bridgeresourcescorp.com
Scott Koyich
Bridge Resources Corp.
Investor Relations
(403) 215-5979
Email: skoyich@bridgeresourcescorp.com
Website: www.bridgeresourcescorp.com |
