Rockbridge Buys Acreage in Pembina
RockBridge announced that in addition to a deal struck with EnCana Corporation in the first quarter of this year to acquire rights to the NW quarter of section 28-48-3W5, the Company has now also acquired the NE quarter of section 28-48-3W5 at a crown land sale. The net working interest for RockBridge in the entirety of section 28-48-3W5 will now be 37.5%. The Company is also pursuing additional acquisitions and land swaps in its two core Pembina Cardium properties to rationalize and maximize future drilling locations and reserves capture. For example the above acquisition has added two horizontal drilling locations to the company's inventor increasing it from 20 to 22. The Company has been approached by nearby parties to farm-in on our acreage; however, to date no transaction has been consummated.
RockBridge President and CEO, Richard J. Wolfli, stated, "We are consolidating and rationalizing our southern Pembina Cardium lands to maximize the exploitation schemes and the total reserves we can exploit and prove on the acreage. This is important in crystallizing value for the resource in future drilling or farm-out opportunities."