RockBridge Reviews Strategic Alternatives, Provides Update
RockBridge Resources Inc. (RBE.V) announced 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.
RockBridge says the company is essentially debt-free with a small income stream from its existing oil and gas projects. The Woodrush oil and gas project in B.C. consists of nine 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% 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%.
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