Bridge Resources Corp.

Transaction Type
North Sea
Post Date
Estimated Price

Calgary-based Bridge Resources Corp. (Toronto Venture: BUK), through Stellar Energy Advisors Ltd., has received a proposal for the divestiture of its U.K. subsidiary Bridge North Sea Ltd. However, the cash component of this proposal will not allow full payment of the company's outstanding debt, and Bridge is in discussions with its lenders regarding the proposal.

Concurrently, the company is reviewing a range of strategic alternatives, which will include exploring potential asset divestments, equity alternatives, strategic alliances, joint-venture opportunities, mergers or a corporate sale transaction.

No decision on any particular alternative has been reached at this time and there can be no assurance that the process or any process will result in any change in Bridge's current operations or that it will pursue any particular transaction.