The Corporation has also changed its name to Bridge Resources Corp. ("Bridge") and will commence trading under its new name and the symbol "BUK" on the TSX Venture Exchange Inc. on September 14, 2006.
The Corporation now has 36,164,870 Common Shares issued and outstanding.
Bridge holds a 100% interest in the four offshore exploration blocks located in water depths of 15 to 50m in the Southern UK North Sea. In aggregate, these exploration blocks cover 900 square kilometers.
Bridge was awarded two licenses comprising the four blocks in the UK 23rd Bid Round effective December 22, 2005. All four blocks have work commitment requirements. Since the award of the blocks, Bridge has completed all work requirements to date. These include the purchase of 920 km2 3D, which in excess of the 600 km2 commitment, and the purchase of over 2,000 km 2D seismic. Final seismic reprocessing is currently underway to optimize drilling locations on both licenses.
The primary reservoir targets on all four blocks are Carboniferous sandstones that produce in several UK North Sea fields and the Permian Rotliegendes. The drilling of all wells is subject to certain conditions which include but are not limited to drilling plan approvals and rig availability; at this time Bridge does not have a rig under contract to drill these wells.
A report was prepared by DeGolyer and MacNaughton Canada Limited (D&M), effective May 31, 2006, estimating the prospective resources of the four prospects in the 100% owned North Sea Blocks. The report generated a range of estimated-unrisked gross prospective gas resources from 236 BCF to 645 BCF, with the best estimate of 420 BCF of recoverable gas. The report further estimated a geologic risk adjusted gross prospective gas resource of 86 BCF of gas for the prospects. The D&M North Sea report has been prepared in accordance with National Instrument 51-101 as it pertains to the evaluation of prospects and resource. The company filed the D&M North Sea report on SEDAR and encourages readers to review the report in its entirety for additional information.
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