Monday, May 7, 2012

New Partners Take Over Bridge Assets, Resuming Exploration

Posted By on Mon, May 7, 2012 at 9:02 AM

Snake River Oil and Gas, which waited on the sidelines as Bridge Resources became Idaho's first successful natural gas explorer and then failed under crumbling walls of debt, has partnered with a Houston-based company to purchase most of Bridge's Idaho assets.

AM Idaho, a subsidiary of Alta Mesa Holdings of Houston, had not been disclosed as the successful buyer of Bridge's assets in early March, when the troubled Canadian-based company was trading its shares for less than 10 cents. But the Houston operation was unveiled when Snake River President Richard Brown announced its new partnership last week.

The companies have stated their intentions of re-analyzing seismic data in the region surrounding Payette and Washington counties, where Bridge and Snake River had been negotiating hundreds of land and mineral leases with Idaho landowners.

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