HOUSTON, June 14, 2006 (PRIMEZONE) -- Stonebridge Resources Exploration, Ltd. (Pink Sheets:SBRX) announced today the acquisition of potential reserves of 17-23 billion cubic feet of coal bed methane gas ($100,000,000) and 300,000 bbls of oil ($20,000,000) on over 8,800 acres in Eastern Kansas in Anderson, Bourbon, Crawford, Labette and Neosho Counties.
Stonebridge intends to focus on coal bed methane development projects similar to Devon Energy's program which was located approximately 10 miles from some of Stonebridge's key acreage. Further strategy includes conducting an initial reworking of 108 existing wells in a development program targeting the best acreage position in Neosho County, Kansas. The existing wells will be readily reworked as the wells are at low depths of 780'-1400'.
Stonebridge has the potential to drill an additional 158 wells on existing acreage. There are several advantages of utilizing the existing well bores where feasible, because it will be radically less expensive than drilling new wells and operating costs will be lowered by utilizing on site existing depleted wells for salt water disposal.
When fully completed and operating the Kansas Oil and Gas revenues are expected to exceed $2,000,000 per month.
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.