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BEAR RIDGE RESOURCES LTD
Bear Ridge Announces Asset Dispositions and Provides Operational Update on Its Tupper Gas Pool Discovery
CALGARY, ALBERTA, Nov 28, 2006 (CCNMatthews via COMTEX News Network) --
Bear Ridge Resources Ltd. (TSX:BER) is pleased to announce the strategic disposition of oil and gas assets and provide an operations update on the company\'s new pool gas discovery at Tupper in Northeast BC.
Strategic Property Disposition
On November 6, 2006 Bear Ridge announced the discovery of a significant new gas pool at Tupper in Northeast BC and indicated its intention to sell certain non core properties in order to improve the Company\'s balance sheet and ensure that Bear Ridge is positioned to capture the significant upside potential identified at Tupper.
Bear Ridge is pleased to announce that it has entered into Purchase and Sale Agreements to sell certain non-core properties for cash proceeds of $34.2 million. Closing is scheduled for early December, 2006 and disposition proceeds will be used to reduce debt.
The non-core properties that are being sold produced an average of 790 boe per day for the month of October, 2006 and included approximately 1.4 mmboe of proved plus probable reserves. Sale metrics are $43,300 per boed and $24.40 per boe based on proved plus probable reserves.
Tupper Operational Update
Subsequent to the November 6, 2006 press release on the Company\'s Tupper gas pool discovery, Bear Ridge successfully placed an 80 ton poly CO2 frac in the Upper Montney zone in its second vertical delineation well at c-86-A. The well tested at rates exceeding 4.3 mmcf per day from the Basal and Upper Montney zones on a commingled basis.
Bear Ridge also reports that its third Tupper vertical delineation well, a-51-A, was successfully cased as a potential Montney gas well in late November, 2006. Completion operations on this well are currently underway with three separate fracs planned for the Basal and Upper Montney zones in the a-51-A wellbore.
The Company has commenced field surveys for a 50 kilometer pipeline right-of- way and is currently evaluating proposals from midstream companies to construct facilities to process Tupper natural gas volumes commencing October 1, 2007.
Financial Resources and Market Guidance
As a result of the above $34.2 million non-core property dispositions, Bear Ridge expects its year-end debt will be reduced to approximately $74 million from our previous forecast of $106 million. The Company expects that its credit facilities will be reduced by approximately $15 million to $95 million.
Based on the sale of approximately 790 boe per day, together with forecasted year end production additions of 150 boe per day from the sold properties, Bear Ridge is now expecting to exit 2006 at a production rate of approximately 3,550 boe per day. Bear Ridge plans to provide 2007 market guidance in mid December, 2006 once the third Tupper delineation well is completed and the Company is in a position to set its 2007 capital program.
Bear Ridge is a technically-driven exploration and production company operating in Northeast BC and the West Central and Peace River Arch regions in Alberta. Bear Ridge executes a drillbit growth strategy focused on large scale, 3D-driven exploration projects. The Company\'s shares are listed for trading on the Toronto Stock Exchange under the symbol "BER".