HOUSTON, June 19, 2006 (PRIMEZONE) -- Stonebridge Resources Exploration, Ltd. (Pink Sheets:SBRX), announced today the signing of a Partnership LOI for 50% equity participation in the 300,000 bbls of oil ($20,000,000) in the company's Eastern Kansas Oil assets.
Stonebridge intends to utilize the equity investment from the Partner to increase significantly the company's cash position and allow the company to focus on the mounting and encouraging results in the Port Arthur, TX Oil and Gas drilling. The excitement comes from the recently reworked well No. 4 that is currently indicating pressure of 9.000 psi. Stonebridge expects to announce complete details of the well No. 4 flow rates in the near future. As a result of this Partnership the company plans on immediately pursuing the rework of related wells on the TX property, the wells are at present expected to meet or exceed well No. 4 results. The efforts in KS will be continued and immediately pursued by the company's new veteran drilling and experienced oil and gas partner.
Stonebridge Oil and Gas revenues from the TX well No. 4 are anticipated to exceed $1,000,000 monthly.
About Stonebridge Resources Exploration, Ltd.
Stonebridge Resources Exploration, Ltd., www.otcsbrx.com has embarked on a new direction which is primarily engaged in the acquisition, development, exploration and production of crude oil and natural gas. Its focus has shifted to aggressively acquiring working interests in crude oil and natural gas properties. The company intends to use modern development methods along with improved drilling technologies to increase well production by up to 500%. The company's goal is to achieve a high return on its investment by limiting its acquisition costs and by practicing sound and intelligent approaches to oil and gas exploration and development.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.