Bridge Energy ASA : Bridge Energy Announces term sales agree...

04 Jan 2012

Aberdeen, 4 January 2012
Bridge Energy ASA
("Bridge" or "the Company")

Bridge Energy Announces term sales agreement for Duart field crude oil production

Bridge, the Oslo Axess-listed oil and gas exploration and production company (OAX: BRIDGE) is pleased to announce that it signed an agreement in December 2011 for the crude oil sales from the Duart field with Shell Trading and Shipping Company ("STASCO"). The acquisition of a 50% equity interest in the Duart field from Nexen was completed in December 2011.

The terms of the sales agreement with STASCO are favourable to both Bridge Energy and Shell and are based around a regular monthly sales figure based on actual production quantities and market spot prices per month. In addition to this, the sale of 171,525 bbls of accumulated stock in relation to the production from the field since 1st January 2011 for a total consideration of US$18.4MM (or for US$107/bbl) has been agreed with STASCO.

Jim Brunton, MD of Bridge UK commented:
"We are very pleased to have agreed the sales contract with Shell for the production from our Duart field. STASCO are one of the oldest and most respected trading partners in the oil industry and we look forward to working with them in the future."

Jim Brunton, Managing Director UK
[e-mail]
Aberdeen                                               [phone]

Einar Bandlien, CEO
[e-mail]         [phone]

FTI Consulting
Billy Clegg/Edward Westropp                 [phone]
[e-mail]

Notes to Editors

Bridge Energy the Oslo Axess-listed (OAX: BRIDGE) oil and gas exploration and production company holds production licences in the UK (North Sea) Continental Shelf and exploration assets in both the UK and Norwegian Continental Shelves.

The Company holds 26 licences, 7 as operator, and to date drilled 13 exploration and appraisal wells, including seven discoveries. Average production for 1H 2011 was 6.84 mmcf/d (1,141boe/d).

Underpinned by existing production from its operated Victoria and non-operated Duart fields, Bridge boasts a high impact exploration portfolio with a strong inventory of undeveloped gas discoveries which represents a sustainable business platform for production and exploration growth in the North Sea.