CALGARY, ALBERTA--(Marketwire - March 31, 2011) - RockBridgeResources Inc. (TSX VENTURE:RBE) ("RockBridge" the "Company"), announces that itis undertaking a non-brokered private placement of Convertible Debenturesoffered in Units of $50,000. Each Convertible Debentures Unit will have a termof 2 years, pay an interest of 7 percent semiannually, and be convertible into312,500 Common Shares of the Company. The Unit holder will also receive 156,250Warrants exercisable to purchase one regular Common Share at
.25 for one year.The maximum size of the offering is $350,000 and the closing date is to bedetermined by the Company. The Company will pay qualified finders a negotiatedfinder's fee.
The Company announces that it has modified its non-brokered private placementof Common Shares previously announced on March 17, 2011. The offering will beenlarged to 4,000,000 Units at
.14 per Unit comprised of one regular CommonShare and one-half Common Share Warrant. Each whole Warrant is exercisable topurchase one regular Common Share at
.25, up to one year from the closing ofthe offering. The Company has agreed to pay investment dealers or otherqualified finder's fees of up to 8% cash and, to brokers, 8% broker warrantsexercisable for one Common Share at a price of
.14 up to one year from theclosing of the offering.
The private placements are subject to regulatory approval and all securitiesissued will be subject to a four (4) month hold period. Proceeds of the privateplacement will be utilized to fund RockBridge's completion, equipping, and landacquisition operations at its Pembina Cardium Oil properties.
Operations Update
RockBridge successfully completed drilling its 100/2- 30-48-3-W5M HorizontalCardium well in late February. The horizontal section of the well was maintained100% within the Cardium zone and encountered excellent drilling sample derivedporosity and inferred permeability. Oil staining was present and consistentthroughout the length of the horizontal section. Completion operations werecommenced on the well in March. It is anticipated that the well will be equippedwith a single well battery and flow lines during and after break up. Productionsresults are anticipated in May 2011.
RockBridge President and CEO, Richard J. Wolfli, stated, "RockBridge isextremely pleased with the results of the 2-30 well so far. Based on the logsand rock samples, we could not expect better indicators at this point."
ABOUT ROCKBRIDGE
RockBridge holds 35.7% to 50% working interests in 4.5 sections in thePembina Cardium oil field in Alberta. The Company and its partner haveidentified 15 to 20 low risk horizontal drilling locations on the properties.RockBridge has a 1.0% interest in the expanding Woodrush BC oil project andvarious non-operated interests in Alberta and British Columbia.
ON BEHALF OF THE BOARD
ROCKBRIDGE RESOURCES INC.
Richard J. Wolfli, President and CEO
This news release contains forward-looking statements thatinvolve risks and uncertainties. Forward-looking statements or information arebased on current expectations, estimates and projections that involve a numberof risks and uncertainties which could cause actual results to differ materiallyfrom those anticipated by RockBridge. The forward-looking statements orinformation contained in this news release are made as of the date hereof andRockBridge does not undertake any obligation to update publicly or revise anyforward-looking statements or information, whether as a result of newinformation, future events or otherwise, unless so required by applicablesecurities laws.
Neither the TSX Venture Exchange nor its Regulator Services Provider (as thatterm is defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or the accuracy of this release.