NewBridge International Has Acquired It's Main UK Competitor
NewBridge International Resources Corp. to merge with Century Exploration (UK) Limited and Warwick Energy Limited
[UKPRwire, Sun Nov 18 2007] NewBridge International Resources Corp. (CDNX:BUK.V - News) (the "Corporation" or "Bridge") is pleased to announce that it has closed the previously announced acquisition with Century Exploration (UK) Limited and Warwick Energy Limited, to acquire a 100% interest in Blocks 48/21a and 48/21b in the Southern Gas area of the UK North Sea (the "Gas Field Asset") and a 3.0625% carried interest in Block 48/22b North (collectively the "Assets") for a sum of US$3,000,000 cash and 4,000,000 Common Shares of the Corporation (the "Proposed Acquisition"), and the grant of an 8% net royalty interest in the Gas Field Asset (the "Proposed Acquisition"). The shares will be subject to a four month hold period.
In regard to the 3.0625% carried interest in Block 48/22b North that was acquired, Bridge has been informed that Perenco, the operator of Block 48/22b is expecting to spud its South Waveney Cirrus well in May 2007.
About NewBridge International Resources Corporation
The NewBridge International Corporation is active in the exploration for hydrocarbons in the Southern Gas Area of the UK North Sea where it holds 100% interest in eleven offshore exploration blocks located in water depths of 15 to 50m. In aggregate, these exploration blocks cover 422,000 square kilometres and Newbridge International is currently reprocessing existing 3D seismic surveys to finalize drilling locations.
Statements in this press release may contain forward-looking information including expectations of future operations, operating costs, commodity prices, administrative costs, commodity price risk management activity, acquisitions and dispositions, capital spending, access to credit facilities, income and oil taxes, regulatory changes, and other components of cash flow and earnings. The reader is cautioned that 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 the company. These risks include, but are not limited to, the risks associated with the oil and gas industry, commodity prices and exchange rate changes. Industry related risks could include, but are not limited to, operational risks in exploration, development and production, delays or changes in plans, risks associated to the uncertainty of reserve estimates, 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.
The TSX Venture Exchange has in no way passed upon the merits of the Newbridge Acquisition and has neither approved nor disapproved the contents of this press release.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this information.
Contact:
Contacts:
NewBridge International Resources Corp.
Edward J. Davies
President
(303) 831-9022
Email: ejd@bridgeresourcescorp.com
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Company: Newbridge International
Contact Name:
Thomas Moore
Contact Email:
webmaster@newbridgeinternational.com
Contact Phone:
44 203 051 2832
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