|By Marketwired .||
|January 13, 2014 07:00 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 01/13/14 -- Westbridge Energy Corporation (TSX VENTURE: WEB)(PINKSHEETS: WEGYF)(FRANKFURT: PUQ1) ("Westbridge" or the "Company") is pleased to announce it has received final approval from the TSX Venture Exchange and closed its acquisition of interests from Black Pearl Holdings, LLC ("Black Pearl") as announced on October 22, 2013, and satisfied the escrow conditions to gain access to the initial $2,069,570 tranche of its $3.0 million private placement. Westbridge will now move forward with securing the remaining funds of its private placement, launching its work programs in Texas and Louisiana, and evaluating its option to merge with Black Pearl.
Initial Work Programs
Westbridge and Black Pearl (the "Partners") intend to complete the initial work programs over the first quarter and early second quarter 2014 with the proceeds from the first closing of the private placement. These programs will focus on reworks at the Bivens Field, Beauregard Parish, Louisiana and drilling a development well at the Wharton County Field, Wharton County, Texas. The results from these programs are anticipated to generate sufficient cash flow to sustain the ongoing working capital requirements of the Partners and provide a foundation of cash flow to reduce the overall risk of future exploration and development initiatives.
Initially, the Partners will re-perforate the Olympia Minerals #2 ("OM#2") well and hydraulically fracture the Middle Wilcox 10,600' Sand at the Bivens Field. Subsequent to completion of this initial portion of the program, the Partners will hydraulically fracture the Middle Wilcox 11,300' Sand in the Olympia Minerals #1 ("OM#1") wellbore. Results from this program are expected to increase the flow rates from these wells. This expectation is based on the initial test rates of over 160 BOPD and 800 MCFGPD from the OM#2 well and 240 BOPD and 1,000 MCFGPD from the OM#1 well.
Subsequent to the completion of the initial activities at Bivens Field, the Partners will spud the Wharton County Field #3 well ("WC#3") at the Wharton County Field. This well is planned to test the productive Lower Frio Sand 40' to 50' up dip from the Wharton County Field #1 well ("WC#1"). The WC#3 well location will be 500' northeast of the WC#1 and within the same seismic anomaly. There is reason to believe that the entire 50' sand will be saturated with light oil and capable of achieving high flow rates. This expectation is based on the initial test rate of approximately 250 BOPD from the WC#1 on an 8/64ths choke before watering out. The Partners intend to increase the choke to 10/64ths to further enhance the potential flow rate of the WC#3.
National Instrument 51-101 Technical Report
A National Instrument 51-101 ("NI 51-101") has been filed on SEDAR for the Bivens Field and Wharton County Field. Upon acquiring leases in the Lavaca County 3D seismic area, the Company will also prepare a NI 51-101 report for the Lavaca County Project within 45 days of acquiring these leases.
The initial gross and net share of proved and probable reserves and net share of the future net revenue before tax is summarized as follows:
Proven and Probable Reserves
Light & Medium Oil Natural Gas Natural Gas Liquids Reserves 100% Gross Net 100% Gross Net 100% Gross Net Category Mbbl Mbbl Mbbl MMcf MMcf MMcf Mbbl Mbbl Mbbl Proved Producing 0 0 0 902 280 205 208 65 47 Proved Undeveloped 0 0 0 3,947 1,226 895 784 244 178 Total Proved: 0 0 0 4,850 1,506 1,099 992 308 225 Probable Undeveloped 348 175 124 13,054 5,162 3,766 1,288 507 370 Total Proved + Probable: 348 175 124 17,904 6,668 4,866 2,280 815 595
Net Revenue Before Tax
Discount Rate 0% 5% 10% 15% 20% Category $M $M $M $M $M Proved Producing 3,311 2,623 2,134 1,774 1,503 Proved Undeveloped 12,914 8,150 5,335 3,602 2,495 Total Proved: 16,224 10,773 7,469 5,377 3,999 Probable Undeveloped 33,679 26,568 21,397 17,528 14,561 Total Proved + Probable: 49,903 37,341 28,866 22,905 18,560
The results from this technical report provide the Company an initial base to expand upon. The Company anticipates these numbers will expand with the addition of the deep sands to be tested at the Bivens Field in the third quarter of 2014 and an expanded development plan at the Wharton County Field. The deep sands at Bivens Field are the most productive in the trend as evidenced by the over 20 MMBO and 64 BFC of historic production 8 miles to the north of Bivens Field at Neale Field. In addition to the deep sands at Bivens Field, the initial reserve numbers at the Wharton Field only include the completion of a single development well whereas the Partners believe 4-5 wells will be required to fully develop the field.
Option to Merge
Westbridge is continuing to evaluate its option to merge with Black Pearl as announced on November 27, 2013. Under the terms of the merger option, Westbridge has 156 days remaining to exercise its option to issue a total of 84.5 million shares to Black Pearl or its nominees in exchange for 100% of the assets or shares of Black Pearl. Upon consummation of the merger, the combined entity would hold domestic US assets in Texas and Louisiana, international assets in Namibia, and full access to 100,000 linear miles of 2D seismic data licensed from ExxonMobil and 85 square miles of 3D seismic in Lavaca County, Texas. The 2D data spans 7 states in the US Gulf Coast region and has been used to identify over 500 drill targets to date.
Upon exercise of the merger option, the completion of the merger will be subject to conditions including, but not limited to:
-- The completion of a definitive agreement; -- Completion of satisfactory due diligence on all legal, financial, geological and technical documentation; -- TSX Venture Exchange approval; and -- Approval of the boards of Westbridge and Black Pearl.
As a condition to the completion of the acquisition of interests from Black Pearl, the Company completed an initial tranche of its non-brokered private placement (the "Private Placement") financing of subscription receipts for gross proceeds of $2,069,570 by issuing 34,492,833 subscription receipts at a price of $0.06 per subscription receipt (the "Subscription Receipts"). Each Subscription Receipt will now be exchanged into one unit of Westbridge (a "Unit") comprising of one common share in the capital of the Company (a "Share") and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to acquire one Share at a price of $0.09 for 24 months from the closing date on December 17, 2013. The Warrants will also be subject to an acceleration provision whereby if at any time after four (4) months and one (1) day from the closing of the Private Placement, and the conversion of the Subscription Receipts, the closing price of the Company's shares on the TSX Venture Exchange exceeds $0.25 (on a volume weighted basis) for 30 consecutive trading days, the Company shall have the right to accelerate the exercise period of the Warrants to a date that is not less than 30 days from the date the Company provides notice to the warrant holders of its election to accelerate the exercise period. The common shares and warrants issued are subject to a hold period expiring April 18, 2014.
Total commissions of $40,110 and 668,000 finder's warrants have been paid by Westbridge to finders/agents as consideration for arranging the initial tranche of the Private Placement. Each finder's warrant entitles the holder to purchase one commons share of Westbridge at a price of $0.09, subject to the same terms as the Warrants. The finder's warrants and any shares acquired upon exercise of the finder's warrants are subject to a hold period expiring April 18, 2014.
Westbridge continues to actively work with multiple investors interested in the Private Placement and targets closing on the balance of its $3 million financing in the near term.
Board and Management Appointments
Westbridge is also pleased to announce the formal appointment of Mr. Michael Looney, President & CEO of Black Pearl to the board of Westbridge and Mr. Darren Collins to the position of Vice President, Business Development.
Mr. Michael Looney has over 38 years of experience as a petroleum geologist and geophysicist with extensive experience developing partner relationships, and directing exploration and development efforts in the Gulf Coast states of the US. Prior to Black Pearl, he worked for ExxonMobil, Hunt Energy, Terra Resources, and Edge Petroleum. Mr. Looney formed his first company in 1985 and is credited with over 500 BCF in discoveries. He holds a Bachelors and Masters degree in geology from the University of Texas at Austin.
Mr. Darren Collins is a corporate finance and business development professional with experience at notable investment and advisory firms in Toronto, Canada and London, United Kingdom. Over the last 7 years, Mr. Collins has been involved with companies that have completed more than a billion dollars worth of transactions in the resource sector. He holds a Bachelor of Commerce degree in finance from Dalhousie University.
Mr. Tosan Omatsola, President & CEO of Westbridge, comments: "The closing of this transaction with Black Pearl is the direct result of the efforts of multiple parties and I would like to thank all those involved in bringing this transaction together. I would also like to welcome Michael to our board and Darren to our management team. These additions will broaden the technical and financial expertise of Westbridge and support the Company in realizing its corporate objectives. The Company now moves forward with launching work programs in Louisiana and Texas, evaluating its option to merge with Black Pearl and securing a financial partner for its assets in Namibia."
Mr. Michael Looney, CEO and President of Black Pearl, comments: "Over the final quarter of 2013 and early in 2014, Black Pearl and Westbridge have formed a strong business relationship as evidenced by the completion of this transaction and our intentions to complete a merger in 2014. As a shareholder of Westbridge and representative of Black Pearl, I am also very pleased to officially join the board of the Westbridge and look forward to being an active participant in creating value for all parties involved in this venture."
For additional information readers are invited to review additional corporate and property information available at Westbridge's website at:
On behalf of Westbridge Energy Corporation,
Tosan Omatsola President and Chief Executive Officer +1 604 638 9378 [email protected] Peter Henry Director +1 818 970 6940 [email protected]
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.
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.
Cloud and datacenter migration innovator AppZero has joined the Microsoft Enterprise Cloud Alliance Program. AppZero is a fast, flexible way to move Windows Server applications from any source machine – physical or virtual – to any destination server, in any cloud or datacenter, using its patented container technology. AppZero’s container is also called a Virtual Application Appliance (VAA). To facilitate Microsoft Azure onboarding, AppZero has two purpose-built offerings: AppZero SP for Azure,...
Aug. 30, 2015 11:00 AM EDT Reads: 153
Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is designed for their business. In 2015, organizations such as United Airlines, Sony...
Aug. 30, 2015 10:30 AM EDT Reads: 425
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 30, 2015 10:30 AM EDT Reads: 859
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Trel...
Aug. 30, 2015 10:15 AM EDT Reads: 208
Red Hat is investing in Tesora, the number one contributor to OpenStack Trove Database as a Service (DBaaS) also ranked among the top 20 companies contributing to OpenStack overall. Tesora, the company bringing OpenStack Trove Database as a Service (DBaaS) to the enterprise, has announced that Red Hat and others have invested in the company as a part of Tesora's latest funding round. The funding agreement expands on the ongoing collaboration between Tesora and Red Hat, which dates back to Febr...
Aug. 30, 2015 10:00 AM EDT Reads: 326
IBM’s Blue Box Cloud, powered by OpenStack, is now available in any of IBM’s globally integrated cloud data centers running SoftLayer infrastructure. Less than 90 days after its acquisition of Blue Box, IBM has integrated its Blue Box Cloud Dedicated private-cloud-as-a-service into its broader portfolio of OpenStack® based solutions. The announcement, made today at the OpenStack Silicon Valley event, further highlights IBM’s continued support to deliver OpenStack solutions across all cloud depl...
Aug. 30, 2015 10:00 AM EDT Reads: 212
Everyone talks about continuous integration and continuous delivery but those are just two ends of the pipeline. In the middle of DevOps is continuous testing (CT), and many organizations are struggling to implement continuous testing effectively. After all, without continuous testing there is no delivery. And Lab-As-A-Service (LaaS) enhances the CT with dynamic on-demand self-serve test topologies. CT together with LAAS make a powerful combination that perfectly serves complex software developm...
Aug. 30, 2015 09:45 AM EDT Reads: 177
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes ab...
Aug. 30, 2015 09:15 AM EDT Reads: 598
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and a...
Aug. 30, 2015 09:15 AM EDT Reads: 432
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership ab...
Aug. 30, 2015 08:45 AM EDT Reads: 334
WSM International, the pioneer and leader in server migration services, has announced an agreement with WHOA.com, a leader in providing secure public, private and hybrid cloud computing services. Under terms of the agreement, WSM will provide migration services to WHOA.com customers to relocate some or all of their applications, digital assets, and other computing workloads to WHOA.com enterprise-class, secure cloud infrastructure. The migration services include detailed evaluation and planning...
Aug. 30, 2015 08:45 AM EDT Reads: 155
In today's digital world, change is the one constant. Disruptive innovations like cloud, mobility, social media, and the Internet of Things have reshaped the market and set new standards in customer expectations. To remain competitive, businesses must tap the potential of emerging technologies and markets through the rapid release of new products and services. However, the rigid and siloed structures of traditional IT platforms and processes are slowing them down – resulting in lengthy delivery ...
Aug. 30, 2015 08:45 AM EDT Reads: 564
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of I...
Aug. 30, 2015 08:30 AM EDT Reads: 383
Puppet Labs has announced the next major update to its flagship product: Puppet Enterprise 2015.2. This release includes new features providing DevOps teams with clarity, simplicity and additional management capabilities, including an all-new user interface, an interactive graph for visualizing infrastructure code, a new unified agent and broader infrastructure support.
Aug. 30, 2015 07:15 AM EDT Reads: 493
A producer of the first smartphones and tablets, presenter Lee M. Williams will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ETwater. In his session at @ThingsExpo, Lee Williams, COO of ETwater, will talk about how he is now applying his experience in mobile technology to the design and development of the next generation of Environmental and Sustainability Services at ET...
Aug. 30, 2015 07:00 AM EDT Reads: 116