HOUSTON, March 21, 2006 (PRIMEZONE) -- Stonebridge Resources Exploration, Ltd. (Pink Sheets:SBRX) announced today that it has amended its previously signed Memorandum of Understanding to merge with Christian Operating Company to include additional Texas oil and gas assets that will significantly enhance Stonebridge's total asset purchase of Christian Operating Company.
Stonebridge's original MOU called for the merger with Christian Operating Company, and the purchase of approximately 300,000 bbls of oil reserves and more than 22 billion cubic feet of coal bed methane gas reserves held by production in Kansas.
The supplementary assets include three deep wells of natural gas on 640 acres in Port Arthur, Texas, which comprise more than 150,000 cubic feet per day of natural gas, with approximately 20 years of reserves. This equates to approximately 45,000,000 cubic feet per month, which the company expects will represent more than $270,000 in monthly revenue. The oil/condensate projected to be produced from these mining activities -- usually about 100 bbls per thousand cubic feet -- is expected to generate another $270,000 per month in revenue.
The newly-added assets also comprise more than 1,000,000 bbls of oil reserves and 10 billion cubic feet of gas. This MOU enrichment also will add over $750,000 in additional equipment.
"This MOU enhancement of our merger with Christian Operating Company continues Stonebridge's significant improvement in shareholder value," said Stonebridge Chairman Dr. Steve Van Hauen, Jr.
About Christian Operating Company
Christian Operating Company is a regional oil and gas company based in Houston, Texas. The company owns approximately 300,000 barrels of oil reserves and is producing from those reserves. Additionally, Christian has reserves of approximately 22 billion cubic feet of coal bed methane, which remain undeveloped at this time.
About Stonebridge Resources Exploration Ltd.
Stonebridge Resources Exploration Ltd., http://www.otcsbrx.com, is primarily engaged in the acquisition and development of oil and gas assets in continental North America. Stonebridge intends to continue to acquire in the oil and gas field and hopes to rework the new assets with technology to increase production and expand reserves.
Safe Harbor: The foregoing contains forward-looking statements. For this purpose any statements contained in this document that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, such words as "may," "will," "believes," "estimates," "continue," or comparable terminology intends to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties and actual results may differ materially depending upon a variety of factors stated in the Company's filings with the Securities and Exchange Commission.