Bridge Resources Corp. Announces Increase in Idaho Oil and Gas Reserves and Resources
January 25 2011 - 9:28AM
Marketwired
Bridge Resources Corp. ("Bridge") (TSX VENTURE: BUK) is pleased to
announce an increase in its oil and gas reserves and resources in
the Western Idaho Basin. The reserves, resources, and valuations
were prepared by AJM Petroleum Consultants, Calgary, Alberta
("AJM") effective December 31, 2010 in accordance with the Canadian
Oil and Gas Evaluation Handbook and National Instrument 51-101.
Bridge drilled 11 gross (5.5 net) wells in the Western Idaho
Basin in the period March through November 2010. Of these 11 wells,
7 were completed and have been assigned reserves: 5 as gas wells in
the Hamilton Field and 2 as gas condensate wells in the Willow
Field. The total cost for drilling 11 wells including completion
and testing was $12 million ($6 million net to Bridge).
In accordance with NS 51-101 guidelines, AJM has assigned
reserves only to individual calculated well drainage areas. The
guidelines require that potentially larger drainage areas at an
early stage of development be accounted for as contingent
resources. Resultant Bridge net revenue interests, after royalty
deductions, are summarized in the following table:
Prior report This report Increase
May 31, 2010 Dec 31, 2010 Percent
1P (Proved) Reserves BCFG 1.2 2.5 109
1P (Proved) Reserves MBO 12.6 31.3 148
NPV10 Valuation $MM 5.8 10.0 83
2P (Proved + Probable) Reserves BCFG 1.6 5.1 218
2P (Proved + Probable) Reserves MBO 16.8 41.7 148
NPV10 Valuation $MM 7.4 17.9 142
1C (Low) Contingent Resources BCFG 15.7 22.8 46
1C (Low) Contingent Resources MBO 66 159 141
NPV10 Valuation $MM - 80.9 -
2C (Best) Contingent Resources BCFG 28.7 35.6 24
2C (Best) Contingent Resources MBO 167 280 68
NPV10 Valuation $MM - 125.6 -
3C (High) Contingent Resources BCFG 54.3 58.4 7
3C (High) Contingent Resources MBO 425 514 21
NPV10 Valuation $MM - 206.7 -
Contingent Resources exclude Reserves. The Proved plus Probable
Reserves are thus valued at $17.9 million and the Best Case
Contingent Resources are valued at $125.6 million.
The gross gas-in-place contingent resource estimates range from
88 BCF (Low) through 137 BCF (Best) to 235 BCF (High). The increase
in the contingent resources is due to the Willow DJS 1-15 and DJS
1-14 wells. The DJS 1-15 well flow tested gas and condensate with
no water from 156 feet of perforations in a 240 feet sand and shale
interval.
The Willow DJS 1-14 well was plugged however it did test high
quality gas from 6 feet of net pay underlain by 63 feet of
oil-stained water-bearing sand. This sand interval correlates to
the main reservoir in the Hamilton Field. In the Willow Field, the
Hamilton Sand in the DJS 1-14 well correlates to and is down-dip
from an indicated hydrocarbon zone in the original Willow ML 1-10
discovery well. The ML 1-10 was completed in a deeper zone such
that this shallower Hamilton Sand remains untested behind pipe in
this well bore.
Current Idaho operations activities include preparations to
stimulate four Hamilton wells; acquisition of land on the Northwest
Pipeline for location of a meter station; and pipeline right-of-way
surveys.
Statements in this press release may contain forward-looking
information including expectations of the results from divestitures
or strategic alternatives, 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. 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.
Contacts: Bridge Resources Corp. Edward Davies 303-831-9022
ejd@bridgeep.com Bridge Resources Corp. Thomas Stewart 303-831-9022
tstewart@bridgeep.com www.bridgeresourcescorp.com
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