A Canadian firm sold many of its North Sea assets today in order to focus more on its North American drilling operations, including some in Idaho. You may remember Bridge Resources and its efforts to drill for gas in Payette County. In 2010, Bridge spent $20 million to drill 11 wells on private land in Payette. Bridge said three of the 11 wells could produce "sweet" gas. Simply put, "sweet" gas can be put directly into pipelines for immediate consumption. Bridge's next foray into drilling in Payette could include a process called hydraulic fracturing, or "fracking."
Today, Bridge sold its North Sea subsidiary for $8.7 million cash. A company announcement said the cash would be put toward credit at Bridge's U.S. subsidiary.