Rockbridge Reports on Continuing Development of Oil & Gas Projects
VANCOUVER, BC – RockBridge Resources Inc. (RockBridge- TSXV symbol- “RBE”) announces that production at the Woodrush oil and gas project, located in the Peace River Arch of British Columbia, increased substantially for the month of May with the operator reporting gross revenues of $1.7 million and an operating netback of $1.08 million. The project, in which RockBridge has a minor interest, produced 1,083 barrels of oil equivalent per day during May. The 332% improvement over the average gross monthly production during Q1-2010 follows 2 recent discoveries and the plans are to accelerate field development with additional drilling later this year.
RockBridge has interests in 2,880 acres in the prolific Pembina Cardium field located about 50 miles southwest of Edmonton, which includes 35.71% in 1,120 acres, with work continuing by the operator in preparation for a planned horizontal drilling program to commence later this year, plus a 50% interest in the other 1,760 acres in the Pembina field. The operator has in total, identified 14 low risk horizontal drilling locations on the properties for development over several years.
RockBridge President, Gary Mathiesen, stated “We are very pleased with the progress in the development of RockBridge’s oil and gas projects and will continue to actively participate in the work on the projects with a view to increasing the long term cash flow and property values for our shareholders. Not only are we pleased with our oil and gas assets, we are also active on our Rare Earth property in Newfoundland giving RockBridge multiple projects ongoing simultaneously.”
About RockBridge
RockBridge has a diversified and broad resource base including 54 Newfoundland mineral claims prospective for rare earth elements with its 2010 work program underway, 6 B.C. mineral claims and 9 Yukon mineral claims prospective for gold, together with varying interests in 19 oil and gas wells and properties in Alberta and B.C. including the Pembina Cardium properties slated for development later this year and the expanding Woodrush project in which RockBridge has a 1.0% interest.
For more information on RockBridge, please visit the website at www.rockbridgeresources.com
