TSX Venture Exchange: RBE
VANCOUVER, Nov. 13, 2014 /CNW/ - RockBridge Resources Inc. ("RockBridge" or the "Company" – TSXV symbol: RBE) is pleased to announce that it has completed the purchase of certain gas properties in the Clarke Lake area of north-eastern British Columbia from the receiver of an Alberta oil and gas company. The acquisition includes non-operated working interests from 9.4% to 25% in several unit wells, 2 of which are currently producing approximately 2.3 million cubic feet per day of natural gas (approximately 390 mcf per day net to RockBridge, or 65 BOEPD).
The purchase had an effective date of May 9, 2014 and the purchase price was $240,000 cash paid on closing, subject to adjustments. There may be some opportunities to improve production from the acquired properties including repairs to one of the wells currently shut in.
With the Clarke Lake acquisition, RockBridge is currently producing approximately 100 BOEPD, weighted to more than 85% to natural gas. "We are very pleased to have completed this transaction and to take further advantage of the continuing strong gas prices." stated the Company's Senior-Vice President, Dario Sodero. "The transaction strengthens our production profile and with strong cash flow and improved profitability, facilitates continued growth. "
RockBridge remains focussed on its strategy of growth through acquisition. The Company is committed to continuing to actively seek to increase its production and revenue, primarily through acquisitions of producing assets in Western Canada. As well, it is 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], call 604-687-4719.