Westbridge Energy Corporation

Westbridge Energy Corporation

March 12, 2015 09:16 ET

Westbridge Sells Interest in Wharton County Field and Grants Shares for Debt

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 12, 2015) - Westbridge Energy Corporation (TSX VENTURE:WEB)(FRANKFURT:PUQ1)(OTC PINK:WEGYF) ("Westbridge" or the "Company") reports it has improved its capital position by selling its interest in the Wharton County Field and settling an outstanding debt by issuing shares of the Company.

Sale of Wharton County Interest

The Company has entered into a definitive Purchase and Sale Agreement ("PSA") to sell its current working interest in the Wharton County Field to a private US company, in exchange for a back-in right equal to 25% of its current working interest upon payout of the Gary Heirs #3 well ("GH#3"). The acquirer will also assume all current and future liabilities and costs associated with the field, until the realization of Westbridge's back-in right. Upon the realization of the back-in right, Westbridge will pay its proportionate share of costs going forward. Westbridge will also retain its current cost recovery from the GH#3 until payout. The GH#3 is currently shut-in as a result of uneconomic production levels due to the decline in oil prices. The operator has indicated their intention to recomplete the GH#3 with the objective of achieving an economic level of production.

Shares for Debt

Westbridge also announces that it has received conditional approval of the TSX Venture to proceed with a previously agreed upon shares for debt transaction. Pursuant to the shares for debt transaction, the Company will issue 600,000 common shares at a deemed price of $0.12 per share in order to settle a debt in the amount of $72,450. The shares will be issued to an entity controlled by the President and CEO of the Company. The shares are being issued at a 100% premium to the closing price of the Company's shares on TSX Venture Exchange, as at March 11, 2015.

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,

Darren Collins, 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" 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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