Bridge announced 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.
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.
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