TSX Venture Exchange: RBE
VANCOUVER, Sept. 29, 2016 /CNW/ - RockBridge Resources Inc. ("RockBridge" or the "Company" – TSXV symbol: RBE) provides this update on its current operations and its ongoing plans.
As previously announced on June 6, 2016, the Company sold its Alberta subsidiary to 1077398 B.C. Ltd. and has now recently sold several of its smaller properties. This recent sale has enabled RockBridge to improve its working capital. The Company's primary asset now is the Clarke Lake property, which includes non-operated working interests from 9.4% to 25% in several unit wells, two of which are currently producing approximately 64 BOEPD net to RockBridge, with further increased production of 15 BOEPD from a third well expected starting next month.
RockBridge continues to consider various viable strategic alternatives, including a possible merger with another oil and gas company.
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.