Westbridge Energy Corporation

Westbridge Energy Corporation

March 18, 2014 08:30 ET

Westbridge Provides Operational Update on US Partnership with Black Pearl

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 18, 2014) - Westbridge Energy Corporation (TSX VENTURE:WEB)(PINKSHEETS:WEGYF)(FRANKFURT:PUQ1) ("Westbridge" or the "Company") alongside partner Black Pearl Holdings, LLC ("Black Pearl") (the "Partners") are pleased to announce that they have completed the technical designs for the initial work programs at Bivens Field, Beauregard Parish, Louisiana ("Bivens Field") and Wharton County Field, Wharton County, Texas ("Wharton Field"). The initial work programs are focused on reworking the two producing wells at the Bivens Field and drilling a new production well at the Wharton Field. The Partners are now in the process of securing rigs and work crews to complete these operations.

Bivens Field, Louisiana: Update

The work programs at Bivens Field will focus on the Middle Wilcox 11,300' Sand in the Olympia Minerals #1 ("OM#1") well and the Middle Wilcox 10,600' Sand in the Olympia Minerals #2 ("OM#2") well. These two Middle Wilcox sands are currently producing approximately 40 BOEPD of combined production. Based on the technical analysis performed by the Partners, management believes these initial programs are anticipated to generate sufficient cash flow to sustain the working capital requirements of the Partners going forward.

The Partners plan to hydraulically fracture the 11,300' Sand in OM#1 well as originally proposed. A final fracture design has been chosen and approved by the Partners and a fracture crew is being mobilized to begin the work. The fracture design is forecasted to come in on budget. In addition to the fracture plan at the OM#1 well, the Partners have designed a plan to re-perforate the Middle Wilcox 10,600' Sand in the OM#2 well. The Partners will use Baker Hughes' STIMGun Propellant Assisted Perforating System to conduct this operation. The STIMGun System was chosen due to its unique ability to dynamically clean and stimulate the near-wellbore area and minimize expected water production. Using the STIMGun System will significantly reduce the originally planned cost of re-working the OM#2 well while producing the same expected production increase.

The Partners expect to begin operations on the OM#1 well and OM#2 well in the coming weeks and have selected Baker Hughes to complete the workover of both the OM#1 and OM#2 wells. Baker Hughes is a top-tier oilfield service company with a very long track record and extensive experience in completing, reworking and fracking Wilcox sands in Louisiana and the Texas Gulf Coast.

Wharton Field, Texas: Update

The Partners have completed preparations for the drilling of the Wharton County Field #3 ("WC#3") well at the Wharton County Field. The WC#3 well will be drilled to the productive Lower Frio Sand 40' to 50' up dip from the Wharton County Field #1 ("WC#1") well. The WC#3 well location will be 500' northeast of the WC#1 within the same seismic anomaly. A final well design has been chosen and approved by the Partners and negotiations have begun to secure a rig to drill the well. The Partners expect the entire 50' sand could be saturated with light oil and capable of achieving high flow rates. This expectation is based on the initial test rate of approximately 236 BOPD from the WC#1 well on an 8/64ths choke. The intention is to increase the choke to 10/64ths to further enhance the potential flow rate of the WC#3 well. The Partners intend to begin field operations on the WC#3 well as soon as a rig can be secured.

Wharton Field, Texas: New Partners

The Partners are pleased to announce they have entered into a binding participation agreement (the "Agreement") whereby Westbridge and Black Pearl will farmdown a 10% working interest in the Wharton County Field to Ferguson Family Properties LP ("FFP"), a successful oil and gas development partnership in Texas. Upon closing of the transaction, Westbridge will control a 45% working interest and Black Pearl will control a 45% operating interest in the Wharton County Field.

Pursuant to the terms of the Agreement with FFP, Westbridge and Black Pearl will receive 25% of the FFP interest, as a back-in right after pay-out from the WC#3 well. After pay-out, Westbridge will hold a 46.25% working interest and Black Pearl a 46.25% operating interest in the Wharton County Field. FFP will fund their proportionate share of all lease and drilling costs going forward as well as pay an entry fee of US$8,333.

This transaction is consistent with the Partner's strategy to source parties interested in entering into off balance sheet financial arrangements. The Partners are in advanced stage discussions to secure other farm in parties to participate in the development of the Wharton County Field.

Management Commentary

Tosan Omatsola, CEO of Westbridge and Mike Looney, CEO of Black Pearl, jointly comment: "Westbridge and Black Pearl are pleased with the pace with which our milestones are being achieved. The goal of developing our joint assets is being diligently pursued with the support of our joint operating committee, the advisory board and our talented technical consultants. We look forward to completing these initial work programs with the objective of increasing the production rate of our companies".

For additional information, readers are invited to visit Westbridge's website and follow the Company on Twitter and LinkedIn at:




On behalf of Westbridge Energy Corporation,
Tosan Omatsola
President and Chief Executive Officer
Peter Henry

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.

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