RE: RE: RE: Recap. the facts .. Does not look good ....same persons , same area , and each company they run are broken !!!
If you find a good news let me know cause the delay of the financing ( probably they won't have the amount desired and that's why they settled for delaying the payment of their debt ...see the previous Altima news release in July ) . If the well would be so good would they need financing ?? If the well is so good why financing is so tough ??
RockBridge Resources Inc. (TSXV: RBE) is a junior oil and gas company based in Calgary, Alberta with a strategy to exploit high impact and development oil plays and liquids-rich deep basin gas plays in West Central Alberta. Its goal is to build a high quality operation with a production base of 3,000 – 3,500 boepd through acquisitions/mergers and drill bit success.
Rockbridge has entered into an agreement to acquire privately held Crimson Energy on a share swap basis. The combined company (the “Company”) will have an average daily production of 135 boepd and P + P (proved + probable) reserves of 1,140 MBOE with a third party engineering value of $10.1MM. The combined company will have varying interests in 10 sections of land in the greater Pembina area of West-Central Alberta with a good mix of Cardium light oil and high impact Nisku light oil projects.
The Company also has a 63% working interest in a multi-zone liquids-rich deep basin discovery well in the Ferrier area and varying working interest in seven sections of land with multi-zone potential. In addition, there is significant potential in the Cardium sand underlying some of the company’s acreage that is similar to
Highlights
- Exploiting high impact and development oil plays along with liquids-rich deep basin gas plays in West -Central Alberta
- Experienced management and technical team focused on replicating past successes:
- Intrepid Energy: grew from 0 to 3,000 boepd and $120MM reserve value in ~ 5 years
- Segue Energy: generated an IRR > 23% to shareholders sold to Duvernay Oil (12X Return on Sale to Shell)
- Crimson Energy: asset value grew by over $8MM in 2010/2011 through acquisitions, divestitures and the Ferrier multi-zone discovery well
- Achieve > 30% IRR for shareholders
Value Drivers
- Pembina Cardium Proven Play: Company lands situated among existing Cardium horizontal wells
- Low Cost Operator: Spartan, operator of the Company’s working interest lands at Pembina has a proven successful track record in the play with costs down to $2.6MM per well all inclusive. Processing and transportation costs at Ferrier are under $1.00/MCF
- Pembina/Violet Grove high impact Nisku Oil Play: area originally developed by ConocoPhillips using 3D seismic. Potential of 5.3 MM barrels of recoverable oil and ConocoPhillips has had 100% success in finding reefs with 67% completed as successful oil wells
- The company has 3D seismic over Ferrier and Violet Grove lands to high grade drilling locations and mitigate risk
- Liquids content in the gas at Ferrier more than doubles the value per MCF produced
- Alberta Government royalty incentives including a maximum 5% royalty for the first 50,000 barrels of production and Deep Drilling Royalty credits of $750M for a typical multi zone well at Ferrier and $1.3MM for a Cardium horizontal well at Ferrier
- Drilling is moderate risk with substantial upside
Alberta and British Columbia
The Company has interests in 26 producing wells for a total production of 135 boepd.
Its focus areas are:
- Pembina Oil Prospects (Cardium/Nisku)
- East Pembina
o 18 - 50% interest in six and three quarter sections of Cardium oil right rights in East Pembina with Spartan Oil as operator
- Violet Grove Nisku Oil Potential
o 50-100% interest in four sections of Nisku Oil rights in the Pembina/Violet Grove area
- Ferrier Deep Basin liquids-rich potential
- Multi-zone potential
- Cardium Resource potential
- Notikewin Horizontal drill potential
Pembina Cardium and Nisku Oilfields
The Pembina Cardium Oilfield is the largest and one of the most prolific oilfields in western Canada with about 7.8 billion barrels of oil in place. The reservoir trap is stratigraphic with no underlying water or gas cap. Initial development was with vertical wells followed by waterflooding with average oil recovery in the 20% range. In late 2008 multi-stage fractured horizontal well development was initiated to recover additional oil and by late 2011 over 1,400 horizontal oil wells have been drilled or licensed into this formation. In the East Pembina area there are over 230 producing horizontal oil wells and a study conducted by Macquarie Equities Research in November 2011 indicates that average initial oil rates are around 150 bopd. The study classifies East Pembina as one of the lower-risk Cardium plays. Cardium multi-zone fractured horizontal oil development continues to be among the most active plays in the Western Canada Sedimentary Basin.
The Pembina Nisku play was initially developed in the late 1970s using 2D seismic. In the early 2000’s, 3D seismic technology led to the discovery of new prolific patch reefs. Initial production rates were in the 2,000 bopd range making it one of the hottest plays in industry at that time. From 2001 to 2010, 58 new Nisku pools have been discovered with over 290 Nisku exploration and development wells drilled on the play. In the Violet Grove area, ConocoPhillips completed substantial technical work interpreting seismic and identifying Nisku drilling prospects. ConocoPhillips success rate to date has been 100% in finding new reefs and 67% in completing successful oil wells. The Company successfully acquired 3 of ConocoPhillips top rated Nisku prospects which were licenced but remain undrilled.
2012/2013 Work Program
- Drill five Pembina Cardium horizontal wells
- Drill Violet Grove (Pembina) Nisku Oil Prospect (with JV partner)
- Drill Chambers/Ferrier
Development Potential
Additional development potential on existing lands include:
- 16+ horizontal Cardium oil wells
- Two seismically defined Nisku oil drilling locations
- 21 multi-zone and horizontal drill locations in the liquids-rich deep basin
- Total unrisked potential at 9.9 MMBOE and discounted value of over $269MM
Management Team (Post Merger)
Jim O’Byrne, Chairman
Bernie Goruk, President & CEO, Director
M.J. (Mike) O’Byrne, Sr. VP, Business Development & Land
Mark Cutten, CFO
Bob Mummery, P. Geol, Exploration/Exploitation
Dave Pederson, P. Eng, Reservoir/ Exploitation Engineering; A&D
Don Anderson, CET, Field Operations & Corp. Compliance
Keith Glenday, P. Geol, Sr. Geologist
Chambers/Ferrier (Deep Basin)
Crimson has a working interest (WI) in 3 producing gas wells and 6 SI/Standing wells in the Chambers/Ferrier Area. The producing wells in section 1-41-10W5M, (3-01 and 9-01) are operated by TAQA North and produce approximately 4 boepd net to Crimson (6.625% WI). An offsetting well in 8-02 is currently shut-in and is a candidate for a possible workover/recompletion.
The Ferrier 14-06-41-10W5M discovery well was drilled by Husky and Crimson in late 2008 and completed by Crimson in late 2009/early 2010. The well was tested in three zones at a combined rate of approximately 1500 mcf per day and 35bbls/mmcf per day of NGL's and condensate. The well was put on production to the Keyera operated Strachan Deep Cut Gas Plant in October 2011. March 2012 production from the well averaged approximately 80 boepd. Crimson has a 63.1455% WI (APO) in the well and in the offsetting 6-05 wellbore.
Crimson also has varying working interests (8.28-15.6%) in 3 standing wells in the Chambers area (41-11W5M).