Cadence Announces Joint Venture with Bridas Energy USA on De Soto Parish Property.

Business Editors

WALLA WALLA, Wash.--(BUSINESS WIRE)--May 5, 2003

Cadence Resources Corp (OTCBB: CDNR) announced today that it has signed a joint venture agreement with Bridas Energy USA to develop its oil & gas property located in De Soto Parish, Louisiana.

Cadence holds oil & gas leases on approximately 3200 acres of contiguous property in De Soto Parish in the highly productive Bethany-Longstreet field. The terms of the deal call for Bridas to drill the first well on the property to a total depth of not less than 10,000 feet targeting productive horizons of the Hosston and Cotton Valley formations. This well is expected to cost approximately $1.3 million dollars. In this first well Cadence will be carried to production for a 25% working interest.

"Bridas has told us they plan to spud the first well by the end of May, and should reach total depth by June 30th", said Lucius Geer, Cadence's Project Manager.

On subsequent wells within the 640 acre section containing the first well, the Company will earn a 25% percent working interest by funding 25% of the drilling, completion, and facilitation expenses. On other wells outside of the original 640-acre section, the Company will earn a 45% working interest by funding 45% of the expenses. On average, the leaseholds the Company controls carry an approximate 80% net revenue interest.

Bridas Energy USA, based in Houston, Texas has operations in the Texas-Louisiana gulf coast area. Bridas Energy USA is a wholly owned subsidiary of Bridas Corporation, a BVI corporation with its head offices in Buenos Aires, Argentina. Bridas Corporation's worldwide activities include operations in all areas of energy production including exploration, production, transportation, storage, and shipment, as well as power generation.

"We are very pleased to have finalized this joint venture with Bridas," said Howard Crosby, President of Cadence. "Their financial, technical, and managerial expertise is exactly what is needed in the development of our Louisiana properties. We are looking forward to a very successful, long-term relationship with them and believe the successful development of these properties on these terms will create substantial value for our shareholders."

Certain statements contained herein may contain forward-looking statements that involve risks and uncertainties. Therefore, actual results may differ materially from those projected or implied. As a result, these forward-looking statements represent the Company's best judgment as of the date of this news release.