RockBridge Provides Company Operations Update
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2012) - RockBridge Resources Inc. ("RockBridge" or the "Company") (TSX VENTURE:RBE) is pleased to provide this update on its operations with respect to its two previously announced joint venture agreements with Crimson Energy Ltd.("Crimson") of Calgary.
On the Violet Grove/Pembina Area, Alberta project, RockBridge and Crimson have fracture stimulated the 9-34-47-8 W5 Test Well and now await the results of the flow and build up. RockBridge holds a 50% working interest in the 9-34 Test Well and the lands thereto.
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 in the second quarter (Q2) of 2012.
On the Knopcik Area, Alberta project, announced in RockBridge's February 9th news release, the Alberta Department of Energy has deemed the 5-10-74-11 W6M Well capable of commercial production and accordingly has continued one and three quarters (1 3/4) sections of land beyond its primary term.
RockBridge along with its partner, Crimson, intends to finish further completion and testing work on the 5-10 Knopcik Well in Q3 this year.
With respect to RockBridge's Pembina Cardium project, RockBridge remains on track with its partner in to spud a second horizontal Cardium well prior to August 1, 2012 on their joint 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.
RockBridge will be holding its Annual General Meeting in Calgary on Tuesday, April 17, 2012 and invites all interested parties to attend to get an update on company affairs. Meeting particulars will be provided closer to the AGM date.
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.
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.