Bridge has now completed the sale of its wholly owned UK subsidiary Bridge North Sea Ltd. ("BNSL") to Perenco UK Limited in accordance with the terms and conditions previously announced on February 16, 2011.
Bridge is also pleased to announce that it has agreed financial restructuring terms with the Royal Bank of Scotland plc. ("RBS"), National Australia Bank Limited ("NAB"), and KBC Bank NV ("KBC") for its senior debt facility. The loan term through June 30, 2014 is unchanged and the interest rate is LIBOR plus a blended rate of 5.15% (6.0% combined). Future 25% net profits income (18% after tax) from Durango Field will be applied to reduce the current loan principal of Pounds Sterling 27.588 million.
The cash component from the sale of BNSL, Pounds Sterling 5,500,000 ($8,900,000 equivalent) less Stellar Energy Advisors Ltd. commission and fees, will be credited to Bridge Energy Inc., a wholly-owned US subsidiary of Bridge, for Idaho development. This amount will fund Bridge's 50% share of development costs through first production.
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