TSX Venture Exchange: RBE
VANCOUVER , Jan. 29, 2015 /CNW/ - RockBridge Resources Inc. ("RockBridge" or the "Company" – TSXV symbol: RBE) is pleased to provide a review of its activities in 2014 and its plans for continued growth.
RockBridge had an active year, as detailed below, with the acquisition of gas properties in the Clarke Lake area, , completion of a pooling and farmout agreement on its Pembina/Brazeau property with resulting new well, the sale of the quarter section of its Bantry property and participation in successful drilling at its Woodrush project, bringing its current production to approximately 115 barrels of oil equivalent per day (BOEPD), weighted to about 85% natural gas and 15% to oil and liquids.
The Company's oil and gas reserves have an estimated net present value, as at the fiscal year end of September 30, 2014 , of $4.069 million for proven and probable reserves discounted at 10%.
The Company completed the purchase of natural gas properties in the Clarke Lake area of north-eastern British Columbia with an Effective Date of May 9, 2014 . The acquisition included non-operated working interests from 9.4% to 25% in several unit wells, 2 of which are currently producing approximately 2.48 million cubic feet per day of natural gas (approximately 420 mcf per day net to RockBridge, or 70 BOEPD).
RockBridge holds a 48% working interest in the Pembina/ Brazeau property, currently producing oil and gas from the Cardium formation. The Company, in August 2014 , completed a pooling and farmout agreement on the property with a Calgary oil and gas company with plans to complete up to 2 horizontal Belly River wells. It has now successfully completed the first well, which is currently producing about 500 BOEPD (net 12 BOEPD to RockBridge with its 2.4% overriding royalty).
On the 100% owned Bantry property, the Company, in October 2014 , completed the sale of its quarter section interest to a private Calgary company, with plans for up to 2 horizontal wells in 2015, in exchange for cash and a 5% overriding royalty. RockBridge retains its ownership of the producing Bantry well.
RockBridge holds a minor interest in the Woodrush project in northern BC, consisting of several producing oil and gas wells. The Company participated with the operator in December 2014 with the successful drilling of one step out oil well and one gas well. The operator has now reported that the production additions have resulted in approximately 700 BOEPD in total at Woodrush (net 7 BOEPD to RockBridge), with plans in 2015 for 2 workovers on existing wells along with other field operations.
RockBridge also currently holds working interests in 3 other producing wells in Alberta , 2 of which it is the operator, together with a 50% interest in a gas project and suspended well in the Knopcik area of Alberta and interests in several other non-producing properties in Alberta . It further holds a 100% interest in the Ribstone property, with its gas well shut in, pending discussions with nearby pipeline and plant owners.
The Company maintains a good working capital position with strong cash flow and has no bank or long term debt, other than the $56,875 of convertible debentures which have been extended to January 2016 . RockBridge currently has 15,993,414 common shares outstanding, along with stock options for 1,260,000 shares and, as of February 1, 2015 , no warrants outstanding.
RockBridge remains focussed on its strategy of growth through acquisition. The Company is committed to actively seek an increase in its production and revenue, primarily through acquisitions of producing assets in Western Canada. It is also considering several options to increase production at its existing properties.
ON BEHALF OF THE BOARD
ROCKBRIDGE RESOURCES INC.
"Steve Mathiesen"
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.
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.