Bridge Energy has released its Annual Report and Annual Statement of Reserves for the year to 31 December 2010.

Bridge Energy owns a portfolio of gas production and development assets in the UK Southern Gas Basin comprising:

Victoria Field area (operated 75% interest), was at year-end producing around 9.5 mmcf/d (1,500 boe/d) from the Phase I development. Phase II development will produce from 2P reserves of 6 mmboe with first gas expected winter 2011/12 Vulcan East and North West developments with 2P reserves of 12.7 mmboe and contingent resources of 23 mmboe (both operated 100% interest) respectively with first gas expected in 4Q 2012 (Vulcan East) and 4Q 2013 (Vulcan NW)

In addition, the Company has a high impact exploration portfolio principally in the Norwegian North Sea with a seven well programme commencing in the fourth quarter of 2011 through to the first quarter of 2013.

Commenting on Bridge Energy’s current position and outlook, Einar Bandlien, Chief Executive Officer, said: “Our production assets, once fully developed in 2014 will deliver some ten times current production levels, providing us with robust re-investable cashflow. Over the same period, we hope that our exciting tax-efficient exploration programme will confirm the prospects we have identified.

“Bridge Energy’s experienced management team has built a high quality platform for organic growth with a near term activity set giving us a series of high impact value triggers – in development and seven exploration wells in the next 24 months. We anticipate reporting further progress in the current financial year.”

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