Bridge Resources through its new wholly-owned subsidiary Bridge Energy Inc. has submitted applications to drill five wells in the Boise Basin, Idaho commencing in Q4, 2009. The wells range in depth from 4,500 to 7,000 feet and will be targeting both shallow gas and deeper oil reservoirs. Several older wells flowed gas to surface at measured rates up to 400,000 cubic feet per day and two of the four deeper wells in the basin recorded oil shows. These will be the first wells drilled on these prospects based on modern reprocessed seismic.
Paramax Resources Ltd. has elected to retain its 50% non-operated interest and is obligated to participate in the drilling program at this equal working interest level. Upon completion of the acquisition, which is anticipated to occur in September 2009, Bridge will operate the project and will hold a 50% working interest. Based on geological and seismic interpretation, Bridge and Paramax will each hold a 50% working interest over 100,000 acres in the most prospective part of the basin. The closing of the 50% interest in Boise basin assets by Bridge remains subject to TSX Venture Exchange acceptance.
As a result of the upgraded designation of the Corporation as a Tier 1 Issuer pursuant to the Policies of the TSX Venture Exchange a total of 5,959,250 Common Shares will be released from escrow by the Transfer Agent in accordance with escrow agreement dated September 8, 2006 with the all remaining 1,625,250 Common Shares remaining in escrow to be released on, or about, September 8, 2009.
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