Bridge Resources Poised to Sell Assets From Idaho Gas Drilling Operations


Bridge Resources, the Canadian-based company that proceeded to drill for natural gas in Southwest Idaho while its financial strength came into question (its stock, which traded at $1.50 a share on the Toronto Venture Exchange in 2008, currently trades for less than 10 cents), has announced to its investors that it has reached an agreement to sell most of its working interest in its leased Idaho acreage to a Houston-based company (the name was undisclosed in the announcement).

The pending deal, which needs to be approved at a special meeting of Bridge shareholders on March 30, would include cash and interest in future proceeds from future developments in Payette County. Bridge owes significant funds to the former members of its management team and the Royal Bank of Scotland, its senior lending syndicate.