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Message: Announces Durango Reserves Update Effective March 31, 2009
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Announces Durango Reserves Update Effective March 31, 2009

posted on Apr 29, 2009 02:16AM
April 28, 2009
Bridge Resources Corp. Announces Durango Reserves Update Effective March 31, 2009
CALGARY, ALBERTA--(Marketwire - April 28, 2009) - Bridge Resources Corp. (TSX VENTURE:BUK) ("Bridge") is very pleased to announce that the Bridge North Sea Ltd. 100% working interest Durango 48/21a-4Z well continues to be an excellent producer, currently delivering 25 million cubic feet of gas and 700 barrels of condensate per day on a constrained 40% choke. The well has produced 2.06 BCFG and 58,431 BO through March 31, 2009 and this cumulative production volume now allows preliminary material balance reserve estimates to supplement previous volumetric reserve estimates.

GLJ Petroleum Consultants Ltd. ("GLJ"), a leading Canadian reserves appraiser, was commissioned by Bridge to determine Durango reserves and valuation and has provided the following preliminary independent estimates effective March 31, 2009 in accordance with National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities:

                                             BEFORE TAX NPV  BEFORE TAX NPV
                                              (undiscounted,  (10% discount,
Reserves Category          BCFG  MBO    BCFE         $US MM)         $US MM)
----------------------------------------------------------------------------
Proved Producing (P90)   16.963  413  19.441          143.2           106.7
----------------------------------------------------------------------------
Proved Plus Probable
 Producing (P50)         25.019  624  28.763          238.1           149.6
----------------------------------------------------------------------------
Proved plus Probable
 Plus Possible (PPP)          
 Producing (P10)         34.408  870  39.628          358.3           183.0
----------------------------------------------------------------------------
The GLJ reserve numbers exclude the 2.41 BCFE produced through March 31, 2009. GLJ also states that the flowing material balance estimate incorporated in the proved producing and proved plus probable producing numbers should be viewed as an absolute minimum. The net present values account for gas back-out under the current profile and are based on GLJ pricing forecasts as of March 31, 2009. However, the GLJ NPV numbers exclude the incremental value of the financial put commencing July 1, 2009 that hedges 4.8 BCFG over 12 months at 50p/therm (US$7.33/mcf).

The GLJ report will be posted May 1, 2009 on Bridge's website (www.bridgeresourcescorp.com) and will also be posted on SEDAR.

Durango is a key asset and Bridge has maximized insurance protection in the event of physical disruption anywhere in the production chain from the Durango subsea wellhead through to and including the onshore Bacton Processing Terminal. The policy provides for replacement of the host platform and also includes Loss of Production Insurance that would pay Bridge monthly for a rolling two years on forecast volumes at future monthly average oil and gas prices.

Billion Cubic Feet of Gas Equivalent: Where amounts are expressed on a billion cubic feet of gas equivalent ("bcfe") basis, natural gas volumes have been converted from barrels oil at a ratio of 6,000 cubic feet of natural gas to one barrel of oil. This conversion ratio is based upon an energy equivalent conversion method primarily applicable at the burner tip and does not represent value equivalence at the wellhead. Boe figures may be misleading, particularly if used in isolation.

The estimated values do not represent fair market value of the reserve estimates.
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