2011-02-18-2011-02-16-2011-03-16

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
9MM
Description

Bought subsidiary Bridge North Sea Ltd., gaining U.K. North Sea assets including WI in U.K. Petroleum Production Licence P.1061.

Bridge Resources Corp., Calgary, (Toronto Venture: BUK) has completed the sale of Bridge North Sea Ltd., its wholly owned subsidiary, to Perenco U.K. Ltd. for GBP 5.5 million (approximately US$8.8 million).

In conjunction, Bridge expects to receive approximately 18% of any profits Perenco generates from U.K. Petroleum Production Licence P.1061, which contains Bridge North Sea's primary asset, the Durango gas condensate field.

The deferred consideration equates to a 25% net-profit interest on a tax-adjusted basis. Bridge will also retain the revenues from the balance of back-out gas accrued to Bridge North Sea.

Stellar Energy Advisors Ltd. was financial advisor to Bridge.