Westbridge Energy Corporation

Westbridge Energy Corporation

October 16, 2013 09:00 ET

Westbridge Provides Results of Electromagnetic Feasibility Study on Namibian Assets and Gives Strategic Update

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 16, 2013) - Westbridge Energy Corporation ("Westbridge" or the "Company") (TSX VENTURE:WEB) is pleased to provide the results of an electro-magnetic ("EM") feasibility and modeling study conducted by PetroMarker ASA of Norway ("PetroMarker") over the Company's 22,484 square kilometers of contiguous offshore concessions in the Walvis Basin, Namibia and an update with respect to its strategic focus in the fourth quarter of 2013.

PetroMarker EM Feasibility Study

Westbridge engaged PetroMarker to carry out a feasibility study to confirm that an EM survey would be applicable for the Namibian acreage. PetroMarker ran several EM analysis scenarios based on multiple resistive models. The study concludes the probability of detecting the Paleogene - Neogene aged reservoirs (depth to target around 3,200 meters) is quite high. These reservoirs are comparable in age to discoveries in Angola and Brazil. The EM survey will significantly improve the prospectivity of Westbridge's acreage when used in combination with other technical tools and will allow for the detection of hydrocarbon filled structures when present.

Strategic Update

Westbridge has been actively sourcing and evaluating opportunities including, but not limited to, the potential farm-down of its Namibian acreage and the acquisition of assets to diversify its portfolio by adding current and near-term production.

Westbridge is currently the 2nd largest acreage holder in the Walvis Basin, the only basin in Namibia with proven oil prone source rocks that generate light sweet crude oil as recently evidenced by the Wingat-1 Well drilled by HRT. The Company's acreage was previously drilled by Norsk Hydro (now Statoil of Norway) and contains the same source rocks identified in the Wingat-1 Well. This means an active petroleum system exists within Westbridge's acreage. Westbridge's licenses are up dip and adjacent to the northwest corner of the blocks Tullow Oil Plc recently farmed into for a 65% operating interest in exchange for completing an estimated US$130 million of expenditures. The Westbridge acreage also boarders the eastern limit of the license Repsol SA of Spain intends to drill in February, 2014. The Company believes these characteristics uniquely position the licenses for potential partners compared to other blocks in the region.

In tandem with the objective to source a world-class partner for Namibia, the management team has been actively reviewing multiple opportunities to provide investor's exposure to advanced stage assets.

Management Commentary

Tosan Omatsola, President and Chief Executive Officer of Westbridge, comments: "The results of the EM feasibility study conducted by PetroMarker further affirm the potential for leading edge technologies to be applied to de-risk our acreage in Namibia. The results show this technology is capable of identifying hydrocarbon accumulations comparable to notable discoveries in Angola and Brazil". Further he comments: "Our team has also been actively advancing our stated mandate to create shareholder value through joint ventures and acquisitions. These processes are being managed by both our management and board, which collectively have accumulated over 100 years of financial experience and relationships."

About PetroMarker

PetroMarker was formed in 2004 by ORG Holding AS, to develop and operate the new marine electromagnetic survey method devised and patented within the group. PetroMarker's EM technology is based on the unique, fully patented, vertical electric method, TEMP-VEL, which offers better accuracy, higher sensitivity and deeper penetration, depending on geology. PetroMarker's activities range from feasibility studies prior to offshore investigations, preparation of offshore surveys in terms of survey configuration, planning, acquisition and processing of the data, to final interpretation and recommendations to oil companies and upstream vendors.

About Westbridge

Westbridge Energy Corporation is an international oil and gas exploration and development company with a robust portfolio of oil and gas licenses in the vastly underexplored and highly prospective oil prone Walvis Basin, offshore Namibia. The licenses cover five blocks (1811B, 1911A Rel., 1912B, 1910A Rel. and 2011A Rel.), which cover 22,484 square kilometers and contain over 10,000 line kilometers of high quality 2D seismic data. Westbridge is the Operator of the licenses and has an 80% working interest in 1811b and a 75% working interest in the remaining four licenses.

For additional information readers are invited to review additional corporate and property information available on SEDAR at www.sedar.com and Westbridge's website at www.westbridgeweb.com.

On behalf of Westbridge Energy Ltd.,

Tosan Omatsola, President and Chief Executive Officer

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 and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "schedule", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward-looking statements and information concerning the Company s future operations and prospects. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning equipment and crew availability, and joint venture partner financial capability. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the Company's actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, reservoir performance, labor, equipment and material costs, access to capital markets, interest and currency exchange rates, and political and economic conditions. Additional information on these and other factors is available in continuous disclosure materials filed by the Company with Canadian securities regulators. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.

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