Westbridge Prepares to Drill and Attracts New Partners at Wharton
County Field
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 4, 2014) -
Westbridge Energy Corporation
(TSX-VENTURE:WEB)(PINKSHEETS:WEGYF)(FRANKFURT:PUQ1) ("Westbridge"
or the "Company") and Black Pearl Holdings, LLC ("Black Pearl") are
pleased to announce the contracting of a rig to drill the Wharton
County #3 ("WC#3") well at the Wharton County Field, Wharton
County, Texas and the securing of two new farm-in partners.
Westbridge and Black Pearl are also pleased to announce the
resolution of a probate related matter and the leasing of all lands
required to move forward with drilling the WC#3 well.
Drilling Rig Secured for Wharton County #3 Well
Westbridge and Black Pearl have secured a drilling rig to
complete a development well at the Wharton County Field from
Coastal Drilling LLC. The rig is scheduled to spud the well during
the week of June 16th. This 1,000 horsepower rig is anticipated to
reach the target total depth of 10,000-feet in approximately 14
days. Thereafter, the completion of the well will take
approximately an additional 7 days. All engineering and onsite
operations associated with the well are being managed by Traton
Engineering, a full service engineering and consulting firm with
expertise in all phases of oil and gas operations throughout the
world.
The WC#3 well will target the Lower Frio section
stratigraphically trapped against the Boling Salt Dome. Based on
detailed technical analysis, Westbridge and Black Pearl anticipate
a large portion of the 50 foot section of reservoir sand will be
saturated with light oil and capable of achieving high flow rates.
This expectation is based on an initial production rate of 236
barrels of oil per day from the Wharton County #1 ("WC#1") well on
an 8/64ths choke before the well watered out due to mechanical
problems associated with the completion.
The project is located approximately 50 miles southwest of
Houston, Texas and contains all the necessary infrastructure
required to monetize both the oil and gas. In addition to the WC#3
well, the Wharton County Field potentially has 5 to 6 follow-up
drilling locations.
New Partners at Wharton County Field
Westbridge has entered into a binding agreement alongside Black
Pearl whereby Westbridge and Black Pearl will convey a 10% working
interest in the Wharton County Field to Texas Onshore AB ("TX
Onshore") and an additional 10% working interest to MEO Petroleum,
LLC ("MEO"). In combination with the 10% conveyance announced on
March 18, 2014 and the 30% conveyance announced on March 31, 2014,
Westbridge now controls a 20% working interest and Black Pearl
controls a 20% operating interest in the Wharton County Field.
Pursuant to the terms of the transaction, Westbridge and Black
Pearl will each receive half of a 5.0% back-in right after the
payout from the WC#3 well. After taking into account the back-in
rights of the previously announced and current transactions,
Westbridge will hold a 27.5% working interest and Black Pearl a
27.5% operating interest in the Wharton County Field. TX Onshore
and MEO will each fund their proportionate share of all lease and
drilling costs going forward as well as pay an entry fee of
US$20,000. These funds will be applied to the cost of the WC#3
well.
As a result of these transactions, Westbridge will now fund 40%
of the upcoming drilling costs associated with the WC#3 well.
Management Commentary
Mr. Tosan Omatsola, President and CEO of Westbridge, comments:
"Westbridge and Black Pearl are pleased to be working with Traton
Engineering and welcome the new partners to the Wharton County
Field. Our ability to attract experienced and competent industry
partners is testament to the merits of this field and its potential
to produce high quality oil."
About Traton Engineering
Traton Engineering is a full service engineering and consulting
firm with expertise in all phases of petroleum operations
throughout the world. Traton's engineers provide their clients with
engineering services from initial drilling design through long-term
reservoir management. Drilling, production, and completions
supervisors supported by engineering and clerical personnel are
capable of lending expertise to any situation encountered. Traton's
personnel have extensive experience in generating well programs and
cost estimates for drilling, completion, and workover operations
for single or multi-well projects in any locale, at any depth. The
company has successfully engineered and supervised hundreds of
projects in various producing regions, both domestically and
internationally.
About Texas Onshore AB
Texas Onshore AB was founded in 2005 by the brothers Thord and
Ulf Lernesjö, both with more than 17 years of experience in the US
oil and gas industry. Today the company has more than 1,000
shareholders and has been listed on the Stockholm stock exchange
since 2012. Texas Onshore, Inc., a subsidiary of Texas Onshore AB,
is responsible for U.S. operations. The company's operations and
assets in the United States are in Texas, Wyoming and
Louisiana.
About MEO Petroleum, LLC
MEO is a privately-owned Texan entity controlled by Dr. Ebi
Omatsola. Dr. Omatsola has over 40 years of international oil and
gas experience and is one of the most renowned African oil and gas
explorationists having found over 3 billion barrels of oil and gas
equivalent during his career. Dr. Omatsola has worked at leading
firms including Shell, ENI and Conoil. Dr. Omatsola is currently
the Vice-Chairman of Conoil Producing. He holds BSc, MSc and PhD
degrees in Geology from the Universities of Ibadan, Nigeria, the
University of Stockholm and Uppsala University in Sweden
respectively. Dr. Omatsola is currently a Distinguished Advisor to
Westbridge.
For additional information readers are invited to review
additional corporate and property information available at
Westbridge's website at:
www.westbridgeweb.com
On behalf of Westbridge Energy Corporation,
Tosan Omatsola, President and Chief Executive Officer
Darren Collins, Vice President, Business Development
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statements
This news release contains "forward-looking statements" within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and "forward looking information" within the
meaning of the British Columbia Securities Act, the Alberta
Securities Act and the Ontario Securities Act. Generally, the words
"expect", "intend", "estimate", "will" and similar expressions
identify forward-looking information. By their very nature,
forward-looking statements are subject to known and unknown risks
and uncertainties that may cause our actual results, performance or
achievements, or that of our industry, to differ materially from
those expressed or implied in any of our forward looking
information. Statements in this press release regarding
Westbridge's business or proposed business, which are not
historical facts, are forward-looking information that involve
risks and uncertainties, such as estimates and statements that
describe Westbridge's future plans, objectives or goals, including
words to the effect that Westbridge or management expects a stated
condition or result to occur. Since forward-looking statements
address events and conditions, by their very nature, they involve
inherent risks and uncertainties. Actual results in each case could
differ materially from those currently anticipated in such
statements. Investors are cautioned not to place undue reliance on
forward-looking statements, which speak only as of the date they
are made. All of the Company's Canadian public disclosure filings
may be accessed via www.sedar.com and readers are urged to review
these materials, including the technical reports filed with respect
to the Company's oil and gas properties. The foregoing commentary
is based on the beliefs, expectations and opinions of management on
the date the statements are made. The Company disclaims any
intention or obligation to update or revise forward-looking
information, whether as a result of new information, future events
or otherwise.
Westbridge Energy CorporationTosan OmatsolaPresident and Chief
Executive Officer+1 604 638
9378tomatsola@westbridgeweb.comWestbridge Energy CorporationDarren
CollinsVice President, Business Development+1 604 638
9378dcollins@westbridgeweb.comwww.westbridgeweb.com
Westbridge Renewable Ene... (QX) (USOTC:WEGYF)
Historical Stock Chart
From Dec 2024 to Jan 2025
Westbridge Renewable Ene... (QX) (USOTC:WEGYF)
Historical Stock Chart
From Jan 2024 to Jan 2025