RockBridge signs to purchase BC producing gas properties
TSX Venture Exchange: RBE
VANCOUVER, June 19, 2014 /CNW/ - RockBridge Resources Inc. ("RockBridge" or the "Company" – TSX-V symbol: RBE) is pleased to announce that it has a signed Offer to Purchase with respect to certain producing gas properties located in northeastern British Columbia. The properties encompass over 7 sections gross of land with the purchase involving non-operated working interests of 9% to 25% in several producing and non-producing wells.
The purchase fits within RockBridge's strategy of continued growth, primarily through acquisitions, and on completion will bring the Company's net production to about 100 BOEPD, a major increase from its current production. On completion of this purchase, the Company, with increased production and cash flow, fully intends to continue with its strategy of growth through further transactions.
The purchase is expected to close in August 2014 and is subject to customary conditions including due diligence, signing a formal purchase agreement and regulatory approval. More details will be provided as the transaction proceeds.
ON BEHALF OF THE BOARD
ROCKBRIDGE RESOURCES INC.
Steve Mathiesen, President & CEO
This news release may include statements about expected further events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. RockBridge cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what RockBridge currently foresees. Discussion on the various factors that may affect future results is contained in RockBridge' s recent filings, available on SEDAR. Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this news release.
Reference to BOE means barrels of oil equivalent and is derived by converting gas to oil at the ratio of six thousand cubic feet (mcf) of gas to one barrel (bbl) of oil. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 mcf: 1 bbl is based on an energy equivalency conversion method primarily applicable at the burner top and does not represent a value equivalency at the wellhead. References to BOEPD means barrels of oil equivalent per day.
SOURCE Rockbridge Energy Inc.For further information: For more information on RockBridge, please email firstname.lastname@example.org or call 604-687-4719.