HOUSTON, March 6, 2006 (PRIMEZONE) -- Stonebridge Resources Exploration, Ltd. (Pink Sheets:SBRX) is pleased to announce today that it has executed its first MOU with Christian Intergy.
Christian Intergy is a regional oil and gas company based in Houston, Texas.
Christian Intergy has approximately 300,000 barrels of oil reserves and is producing from those reserves. Additionally, Christian Intergy has reserves of approximately 22 billion cu. ft. of coal bed methane, which remain undeveloped at this time.
Harold Pizel, President of Stonebridge Resources Exploration, Ltd. states that "the MOU with Christian Intergy is the first of several contracts the company is currently negotiating."
This first MOU is strategic and has three elements: Firstly it provides Stonebridge with a revenue stream; second, a proven base of oil reserves; and thirdly, a large untapped methane gas reserve.
Included in the merger is approx. $5,000,000 in conventional oil and gas rolling stock, along with work over rigs and related equipment.
The Merger is expected to close in the second quarter of 2006. Chairman Dr. Steve Van Hauen, Jr., who recently joined Stonebridge, states that the merger with Christian Intergy is the cornerstone which will initiate the development of the company into a viable oil national company.
"We look forward to closing the MOU as soon as possible and look forward to a long relationship with Stonebridge," stated Christian Intergy's Chairman and CEO Phillip Christian.
About Stonebridge Resources Exploration Ltd.:
Stonebridge Resources Exploration Ltd., 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.