HOUSTON, Dec. 8, 2006 (PRIME NEWSWIRE) -- Stonebridge Resources Exploration Inc. (Pink Sheets:SBRX) updates that the No. 4 well in Port Arthur is on line at a flow rate of 350 mcf per day producing approximately 70 barrels of oil per day. The Port Arthur well has been producing steadily since Oct 2, 2006.
In addition, the Company expects to begin work on the No. 211 well located in Port Arthur. The re-working will commence as the Company completes the new funding agreement for the project which should be finalized by the first of the year.
Stonebridge officials report that they have just completed 4 wells in Kansas that have been perforated and fraced. These wells are expected to produce between 20 to 30 barrels of oil per day over a period of 6- 10 months.
The Company is extremely pleased to announce that they have commenced engineering work that should provide precise information as to the completion of our wells to produce Coal Bed Methane Gas from the Kansas Acreage. There is total of 20 billion cubic feet of Coal Bed Methane Gas held in that area. The Company anticipates completion within the first quarter of the New Year. Coal Bed Methane is a lucrative commodity that is environmentally safe and recently in high demand.
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.