VANCOUVER, BRITISH COLUMBIA–(Marketwired – Nov. 14, 2013) – RockBridge Resources Inc. (“RockBridge” or the “Company”) (TSX VENTURE:RBE) in October completed a share consolidation or rollback on a four for one new share basis, together with a private placement of 3.1 million post-consolidation units at $0.05 each. As a result, RockBridge currently has 15,993,414 shares outstanding, with its officers and directors holding or controlling 19.5% of the outstanding shares.
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 British Columbia consisting of 8 oil and gas wells. It also holds a 50% interest in the gas project and well in the Knopcik area of Alberta, with future plans dependent on improved gas prices. The Company also has interests in several other non-producing properties in Alberta.
The Company currently has net production of about 40 BOED or more, weighted about 65% to gas and 35% to oil and liquids, with net operating income of more than $20,000 per month, before company overhead. RockBridge has more than $200,000 in working capital, primarily in cash.
RockBridge, with its current share structure and solid financial position and cash flow, is now better poised to execute on its strategy of growth through acquisition, including conducting financings as appropriate. The Company is actively seeking to increase its production and revenue, primarily through acquisitions of producing assets in Western Canada or smaller companies with production. 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.