TSX Venture Exchange: RBE
VANCOUVER, June 6, 2016 /CNW/ - RockBridge Resources Inc.
("RockBridge" or the "Company" – TSXV symbol: RBE) currently
carries on its business with its non-operated producing oil and gas
assets, being the majority of the Company's production, being owned
by RockBridge, the public company. Its Alberta subsidiary, RockBridge Energy Alberta
Inc. (RockBridge Alberta) owns all the operated assets including a
number of abandoned wells.
RockBridge has agreed to sell RockBridge Alberta to 1077398 B.C.
Ltd. (the Purchaser), the principal of which is Steve Mathiesen, the CEO of the Company. The
Company earlier this year made several efforts to sell RockBridge
Alberta to third parties; however, with various issues including
creditor and abandonment liabilities, Alberta Energy Regulator
issues and negative cash flow, there was no material interest.
The terms of the sale of RockBridge Alberta to the Purchaser
include the sale of its shares and the sale of the balance of the
loans made by RockBridge to the subsidiary. The consideration
includes $100 for the shares,
$10 for the loan, and 50% of any
amounts received in the next two years with respect to any sale of
RockBridge Alberta shares, any dividends received or any loan
proceeds received. The Company has agreed to continue to provide
management and administrative services to RockBridge Alberta to
December 31, 2106 at no cost and has
agreed to indemnify the Purchaser from any liabilities related to
the abandonment or reclamation of assets. The Company Board has
approved the sale, subject to regulatory approval.
For the Company itself, management continues to consider viable
strategic alternatives, including a possible merger with another
oil and gas company, or the possible sale of its oil and gas
assets.
ROCKBRIDGE RESOURCES INC.
"Steve Mathiesen"
Steve
Mathiesen, President & 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.
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 news release.
SOURCE RockBridge Resources Inc.