CALGARY, ALBERTA--(Marketwire -12/14/11)- Bridge Resources Corp (TSX-V: BUK.V - News) and its joint venture partner Paramax Resources Ltd (TSX-V: PXM.V - News) are pleased to announce that the process undertaken by Meagher Energy Advisors, the US firm specializing in asset acquisitions and divestitures, to review strategic options for the Western Idaho assets of the Joint Venture, including the Willow-Hamilton Development area, was successfully completed on December 13th.
A number of proposals were received and the Joint Venture partners are now in negotiations to finalize the definitive terms and conditions of a sale of the Willow-Hamilton Development area. Separately, Bridge is in negotiations regarding a farm-in to its leasehold acreage position outside of the Willow-Hamilton Development area. It is hoped that these negotiations will be completed shortly whereupon a further public announcement will be made.
Statements in this press release may contain forward-looking information. While management believes that the expectations and assumptions underlying such forward-looking information are accurate, the reader is cautioned that the expectations and assumptions used in the preparation of such information may prove to be incorrect.. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Bridge. These risks include, but are not limited to: general risks associated with the oil and gas industry and the exploration, development and production of oil and natural gas; and risks associated with changes in commodity prices and exchange rates. Industry related risks could include, but are not limited to, operational risks in development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, or reservoir performance, health and safety risks and the uncertainty of estimates and projections of production, costs and expenses. The reader is cautioned not to place undue reliance on this forward-looking information.
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