VANCOUVER, BRITISH COLUMBIA — (Marketwire) — 02/09/12 — RockBridge Resources Inc. (“RockBridge” or the “Company”) (TSX VENTURE: RBE) is pleased to provide this update on its operations and announces that it has now signed two joint venture agreements with Crimson Energy Ltd. (“Crimson”) of Calgary and has commenced operations on both projects.
On the Violet Grove / Pembina Area, Alberta project, RockBridge executed a Well Completion and Option Agreement with Crimson and now holds a 50% working interest in the 9 – 34 – 48 – 7 W5 Test Well and the lands related thereto. Crimson as the Operator has re-entered and perforated the 9 – 34 well and has advised RockBridge it intends to fracture stimulate and test the 9 – 34 well before the end of Q1 this year.
Pursuant to the Violet Grove Agreement, RockBridge has the right, subject to further financing, to farm-in on a high impact, light oil project (the “Option Well”), paying 25% of the well costs to earn a 15% working interest in three sections of land. Crimson as the Operator expects to spud the Option Well prior to May 15th 2012.
On the Knopcik Area, Alberta project, RockBridge has executed a Well Completion Agreement with Crimson and now holds a 50% working interest in two sections of land and the 5 – 10 – 74 – 11 W6M Well located thereon. A brief flow test has been run on the 5 – 10 Well with initial flow rates over as 1 mmcf/day. RockBridge is pleased with the initial test results and along with its partner, Crimson, intends to finish further completion and testing work on the 5-10 Well in Q3 this year.
On the proposed Bald Mountain Alberta acquisition, the Company is waiting on further engineering evaluations to be completed prior to closing acquisition. Of interest to the Company, the Bald Mountain acreage has been directly offset by a Canadian Natural Resources Limited Montney formation horizontal well. The Company is very encouraged by the apparent enthusiasm of Canadian Natural for the Montney opportunity offsetting the Bald Mountain acreage.
On the Pembina Area, Cardium project, RockBridge continues to receive income from four producing Cardium wells on its Pembina acreage including its first Cardium horizontal well at 2 – 30 – 48 – 3 W5M. RockBridge has been advised by its partner in Pembina that it anticipates spudding a second horizontal Cardium well prior to August 1, 2012 on RockBridge–s northern Pembina land block. This proposed horizontal well will offset two (2) Whitecap Resources Inc. producing horizontal wells located in the section directly to the south of the RockBridge.
On the Woodrush project consisting of 10 wells located in the Peace River Arch area of NE British Columbia, the operator reported in Q3 2011 “it is pleased with the drilling results at Woodrush and expects to expand oil production in Q4 (2011) and beyond.” The Woodrush Halfway oil pool is currently producing about 500 bbls/day of oil and the operator advises that the gross production is expected to increase to a level of 1,200 to 1,400 BOEPD in the coming months. RockBridge holds a 1.0% interest in the project.
About RockBridge
RockBridge, along with the joint venture projects with Crimson, has 35% to 50% working interests in 5 sections in the Pembina Cardium field in Alberta. In addition, RockBridge has a 1.0% interest in the expanding Woodrush project in BC and various non-operated interests in Alberta.
For more information on RockBridge, please email .
ON BEHALF OF THE BOARD ROCKBRIDGE RESOURCES INC.
Mike O–Byrne, 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.
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.
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 press release.
Contacts:
RockBridge Resources Inc.
Mike O–Byrne
CEO
604 687-4719