VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 8, 2013) - RockBridge Resources Inc. ("RockBridge" or the "Company") (TSX VENTURE:RBE) announces that its Board of Directors has commenced a review of strategic alternatives for the Company with the objective of enhancing shareholder value.
Strategic alternatives may include a reorganization of the Company, new management with a material vested interest, 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 transaction.
In the meantime, RockBridge continues, essentially debt free, with a small income stream from its existing oil and gas projects. The Woodrush oil and gas project in BC consists of 9 wells, which in 2012 averaged more than 380 BOE per day, and with water flooding under way, the operator is targeting production to rise to 700 BOE per day. The Company holds a 1.0% interest in Woodrush, along with a 50% interest in a small producing oil well in the Bantry area of Alberta and interests in other non-operated projects in Alberta.
RockBridge also holds a 50% working interest in the gas project in the Knopcik area of Alberta, with its joint venture partner, Crimson Energy Ltd. holding the other 50% WI. The Knopcik well was completed in the Nikanassin formation in 2006 and a test in early 2012 yielded a flow rate of 600 mcf per day of gas. An evaluation of the reserves conducted in accordance with NI 51-101 Standards determined the gross proven and probable undeveloped reserves to be 970 mmcf of gas. Future plans are to re-stimulate, test and tie in the well when gas prices improve.
ON BEHALF OF THE BOARD
ROCKBRIDGE RESOURCES INC.
Mike O'Byrne, President & CEO
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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.
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.