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.