RockBridge Resources Inc. announce that its wholly owned subsidiary, RockBridge Energy Alberta Ltd., has entered into a formal purchase and sale agreement with the receiver of Avatar Energy Ltd. of Calgary, to purchase certain oil and gas properties in southern Alberta. The acquisition includes working interests from 25% to 95% in 6 wells producing a net of approximately 36 BOEPD, weighted 35% to crude oil and natural gas liquids and 65% to natural gas. The purchase also includes one gas property with a shut in well awaiting tie in. As a condition to the acquisition, the receiver required that RockBridge also acquire and take responsibility for a further 8 abandoned wells and their reclamation.

Consideration for the acquisition is $80,000 cash on closing, subject to adjustments, together with assumption of liabilities associated with the reclamation of the 8 abandoned wells. The transaction is subject to approval of the TSX Venture Exchange and other customary conditions. The transaction has an effective date of April 1, 2013 and is expected to close in July 2013.

Tags: RockBridge Resources Inc.