VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 20, 2013) - Westbridge Energy Corporation (TSX VENTURE:WEB)(PINKSHEETS:WEGYF)(FRANKFURT:PUQ1) ("Westbridge" or the "Company") is pleased to announce it has entered into a Definitive Agreement (the "Definitive Agreement") with Black Pearl Holdings, LLC ("Black Pearl") for the purchase of working interests in the Bivens Field Project, Wharton County Field Project and Lavaca County Project. Subject to the final approval of the TSX Venture Exchange (the "Exchange"), Westbridge has completed its transaction with Black Pearl and can now move forward with launching multiple work programs and defining the structure whereby Westbridge and Black Pearl will merge in 2014. All requisite documentation has been filed with the Exchange including a National Instrument 51-101 technical report and the Definitive Agreement.
Tosan Omatsola, CEO and President of Westbridge, comments: "The signing of the Definitive Agreement with Black Pearl represents a significant milestone for Westbridge and its shareholders. Over the last several months, Westbridge has executed on its stated objective to source current and near term production as well as raised an amount of capital sufficient to complete the initial work programs. Subject to the final approval of our transaction, we will now move forward with launching our work programs and merging Westbridge and Black Pearl to create a combined entity with considerable production, development and exploration assets."
Michael Looney, CEO and President of Black Pearl, comments: "The management team of Black Pearl is very pleased to have consummated its partnership with Westbridge and looks forward to combining our businesses in 2014. We believe the combination of Westbridge and Black Pearl will enable us to secure both the private and public market capital required to fully exploit the more than 500 prospects generated from the 100,000 linear miles of 2D data licensed from ExxonMobil in the Gulf Coast states of the US."
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
Peter Henry, Director
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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