Bridge, Paramax Complete 3rd Well in Idaho

Bridge Resources and Paramax Resources announced that the third joint well in their Idaho drilling program, the Island Capitol 1-19, has been drilled to total depth of 4,385 feet and has encountered several gas-bearing sands.

Based on mud-log shows and wire-line logs, production casing has been run and cemented to test potential pay sands in a gross interval from 3,178 feet to 3,600 feet. Logs indicate the sands are clean with porosities in excess of 25%. The production testing will be undertaken with the same completion rig that has now arrived in Idaho to test the previously cased M.L. Investments 1-10 and Espino 1-2 wells.

The exploratory drilling program is both significantly ahead of schedule and under budget. The gross cost for all three wells drilled to date, including production casing, is less than $3 million. The fourth well in this initial five-well exploratory drilling program is expected to spud within two days. The Teunissen 1-17 is located 7 km southwest of the Espino 1-2 and has a projected total depth of 4,500 feet.

The first well to be tested with the completion rig will be the M.L Investments 1-10. The completion procedure schedule anticipates that flow testing will commence within two weeks.