Home > Boards > US OTC > Oil/Gas/Natural Energy Production > Idaho Natural Resouces Corporation (BUKR)

Bridge Resources Corp. Announces Durango Reserves Update Effective

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Markss40 Member Profile
Followed By 324
Posts 22,737
Boards Moderated 2
Alias Born 01/23/02
160x600 placeholder
Markss40   Monday, 05/04/09 11:53:11 AM
Re: None
Post # of 19 
Bridge Resources Corp. Announces Durango Reserves Update Effective March 31, 2009
4/28/2009 7:16:59 PM - Market Wire

CALGARY, ALBERTA, Apr 28, 2009 (MARKET WIRE via COMTEX News Network) --

Bridge Resources Corp. (TSX VENTURE: BUK) ("Bridge")
is very pleased to announce that the Bridge North Sea Ltd. 100% working interest Durango 48/21a-4Z well continues to be an excellent producer, currently delivering 25 million cubic feet of gas and 700 barrels of condensate per day on a constrained 40% choke. The well has produced 2.06 BCFG and 58,431 BO through March 31, 2009 and this cumulative production volume now allows preliminary material balance reserve estimates to supplement previous volumetric reserve estimates.

GLJ Petroleum Consultants Ltd. ("GLJ"), a leading Canadian reserves appraiser, was commissioned by Bridge to determine Durango reserves and valuation and has provided the following preliminary independent estimates effective March 31, 2009 in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities:

(undiscounted, (10% discount,
Reserves Category BCFG MBO BCFE $US MM) $US MM)
Proved Producing (P90) 16.963 413 19.441 143.2 106.7
Proved Plus Probable
Producing (P50) 25.019 624 28.763 238.1 149.6
Proved plus Probable
Plus Possible (PPP)
Producing (P10) 34.408 870 39.628 358.3 183.0

The GLJ reserve numbers exclude the 2.41 BCFE produced through March 31, 2009. GLJ also states that the flowing material balance estimate incorporated in the proved producing and proved plus probable producing numbers should be viewed as an absolute minimum. The net present values account for gas back-out under the current profile and are based on GLJ pricing forecasts as of March 31, 2009. However, the GLJ NPV numbers exclude the incremental value of the financial put commencing July 1, 2009 that hedges 4.8 BCFG over 12 months at 50p/therm (US$7.33/mcf).

The GLJ report will be posted May 1, 2009 on Bridge's website (www.bridgeresourcescorp.com) and will also be posted on SEDAR.

Durango is a key asset and Bridge has maximized insurance protection in the event of physical disruption anywhere in the production chain from the Durango subsea wellhead through to and including the onshore Bacton Processing Terminal. The policy provides for replacement of the host platform and also includes Loss of Production Insurance that would pay Bridge monthly for a rolling two years on forecast volumes at future monthly average oil and gas prices.

Billion Cubic Feet of Gas Equivalent: Where amounts are expressed on a billion cubic feet of gas equivalent ("bcfe") basis, natural gas volumes have been converted from barrels oil at a ratio of 6,000 cubic feet of natural gas to one barrel of oil. 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.

The estimated values do not represent fair market value of the reserve estimates.

Statements in this press release may contain forward-looking information including expectations of 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.

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.

Bridge Resources Corp.
Edward J. Davies
(303) 831-9022
Email: ejd@bridgeep.com

Bridge Resources Corp.
Dave Antony
(403) 531-1710
Email: dantony@bridgeresourcescorp.com

Bridge Resources Corp.
Scott Koyich
Investor Relations
(403) 215-5979
Email: skoyich@bridgeresourcescorp.com
Website: www.bridgeresourcescorp.com

SOURCE: Bridge Resources Corp.

mailto:ejd@bridgeep.com mailto:dantony@bridgeresourcescorp.com mailto:skoyich@bridgeresourcescorp.com http://www.bridgeresourcescorp.com
Copyright 2009 Market Wire, All rights reserved.

Its a head fake in this market!
It's all about the charts......& DD

Public Reply | Private Reply | Keep | Last ReadPost New MsgNext 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
Current Price
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist
Consent Preferences