VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 15, 2013) – RockBridge Resources Inc. (“RockBridge” or the “Company”) (TSX VENTURE:RBE) is pleased to announce that its wholly owned subsidiary, RockBridge Energy Alberta Ltd., has completed the purchase of certain oil and gas properties in southern Alberta from the receiver of Avatar Energy Ltd. of Calgary. The acquisition includes working interests from 25% to 95% in 6 wells producing a net of approximately 36 BOEPD, weighted 35% to crude oil and natural gas liquids and 65% to natural gas. The purchase also includes certain tax pools, one gas property with a shut-in well awaiting tie in and 8 abandoned wells in various stages of reclamation.
The purchase had an effective date of April 1, 2013 and the consideration included $80,000 cash paid on closing, subject to adjustments. The largest producing property, operated by a third party, is located in the Pembina area and includes the potential for up to 5 Cardium horizontal oil wells and other possible opportunities for improved production.
RockBridge continues with its consideration and review of other strategic alternatives for the Company with the objective of enhancing shareholder value, which may include new management, other new projects or other possible transactions. There is no set timetable for this process and the Company cautions that there can be no assurance that this review will result in any further transactions.
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.