Bridge, Paramax Wrap Up Ops in Idaho

Bridge and Paramax Resources announced that their initial five well exploratory program in the Western Idaho Basin has been completed significantly ahead of schedule and under budget at a gross cost of $4.5 million.

The drilling results were at the top end of expectations, comprising two discoveries confirmed by production testing, the M.L. Investments 1-10 and Espino 1-2, and two potential discoveries pending production test confirmation, the Island Capitol 1-19 and State 1-17.

The Espino 1-2 well has been perforated in Pliocene sands below 1,600 feet and has cleaned-up to start producing water-free gas. Flow rate tests will be conducted over several days.

The completion rig will move from the Espino well to next test comparable shallow gas sands in the State well located 7 km southwest. These two wells straddle the Interstate gas pipeline and provide the earliest production opportunity. Bridge and Paramax plan a multi-well development program commencing Q3 2010 with the intent of achieving production as efficiently as possible.

Bridge and Paramax are preparing to acquire detailed seismic over the structures tested by the M.L. Investments and Island Capitol wells prior to development drilling, also planned for Q3 2010.

The Schwartz 1-10 was a test of a different trap type in a more remote part of the basin. Gas shows during drilling were deemed non-commercial and the well has been abandoned