TSX Venture Exchange: RBE
VANCOUVER, May 22, 2014 /CNW/ - RockBridge Resources Inc. ("RockBridge" or the "Company" – TSXV symbol: RBE) is pleased to provide an update on its current operations and its plans for continued growth. The Company's oil and gas reserves have an estimated net present value of $1.574 million for proven and probable reserves discounted at 10%.
Currently, RockBridge has working interests from 25% to 100% in 5 producing wells in Alberta, 3 of which it is the operator, together with a 1% interest in the Woodrush project in northern BC consisting of 8 oil and gas wells. It also holds a 50% interest in a gas project and suspended well in the Knopcik area of Alberta, together with interests in several other non-producing properties in Alberta.
The Company's production continues at a steady pace, weighted about 65% to gas and 35% to oil and liquids. RockBridge enjoys strong cash flow benefitting from sustained higher gas prices..
RockBridge remains focussed on its strategy of growth through acquisition The Company is committed to continue to actively seeking to increase its production and revenue, primarily through acquisitions of producing assets in Western Canada. The Company is constantly reviewing potential acquisitions, has made and will continue to make offers as appropriate, and is in discussions with several parties on potential transactions. As well, it is currently considering several options to increase production at its existing properties.
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 Resources Inc.
For further information: For more information on RockBridge, please email [email protected] or call 604-687-4719.