Bridge Resources Corp. fades away after it discovered the first oil and natural gas fields in Idaho.
The Canadian company’ 2010 discovery was much heralded when it found natural gas in seven holes drilled in Payette County. But like many entrepreneurs it was not destined to be the master of its ingenuity.
It sold most of its Idaho assets to pay off its creditors after the sale of its North Sea operations didn’t bring as much as it had hoped. Struggling with major banks in the middle of a European debt crisis during the largest financial crisis since the Great Depression was too much for a company struggling to turn its discoveries into a productive natural gas field.
Last week, the company that bought its assets, AM Idaho revealed itself. Bridge, now Idaho Natural Resources, which still holds in interest in the gas fields, announced it had paid off all of its local creditors when it completed the sale and the deal with its larger creditors.
That fulfills the commitment its chairman of the board Nick Clayton, made when he talked to me earlier this year. Now Idaho Natural Resources said in press release it is “now seeking opportunities to increase its exposure to the exploration for, and production of, oil and gas in the State.”