Welcome!

News Feed Item

REPEAT: Westbridge Exercises Option to Merge with Black Pearl Holdings, LLC and Proceeds with Share Consolidation

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/21/14 -- Westbridge Energy Corporation (TSX VENTURE: WEB)(PINKSHEETS: WEGYF)(FRANKFURT: PUQ1) ("Westbridge" or the "Company") is pleased to announce it has exercised its option to merge with Black Pearl Holdings, LLC ("Black Pearl" or "BPH") as announced on November 27, 2013 and has also received Exchange approval to proceed with its previously announced 4:1 share consolidation.

Merger of Westbridge and Black Pearl

The merger between Westbridge and Black Pearl will be completed by Westbridge issuing to Black Pearl shareholders a total of 19,869,813 common shares of Westbridge. The shares will be issued post-consolidation of the share capital of Westbridge.

Upon closing of the proposed merger, the combined entity will hold:

--  56.45% operating interest in the Bivens Field, Beauregard Parish,
    Louisiana;

--  70% operating interest after back-in rights in the Wharton County Field,
    Wharton County, Texas;

--  100% interest in the 85 square mile Lavaca County 3D survey;

--  rights to utilize 100,000 linear miles of 2D seismic data licensed from
    ExxonMobil; and

--  a 75% and 80% operating interest in 2 licenses covering 22,484 square
    kilometers of offshore concessions in the Walvis Basin, Namibia.

This transaction positions the combined entity as an emerging oil and gas company with a pipeline of production and reserve generating projects and considerable exploration upside derived from over 500 leads and prospects generated from a dataset spanning 100,000 linear miles across the Gulf Coast of the US; and highly prospective acreage in Namibia.

The form of the transaction will be determined after further consultation with legal and tax advisers. The closing of the proposed transaction will be subject to, among other matters, the completion of an audit of the financial statements of BPH, the execution of a definitive agreement, the approval of the TSX-V and if required the shareholders of both companies. It is anticipated the transaction will close on or before June 13, 2014.

Operational Update

It is anticipated that the work crew and STIMGun will arrive at the Biven Fields to work over the Olympia Minerals #2 ("OM#2") well this coming week. Weather conditions have delayed the previously anticipated arrival.

Westbridge and Black Pearl have also received notice the work crew and fracture equipment for the 11,300' sand of the Olympia Minerals #1 ("OM#1") well at Bivens Field will be arriving in the coming week. The well is currently being prepared for fracking.

Production results will be available several days after the reperforating of OM#2 well and fracking of the OM#1 well have been completed.

Share Consolidation

Westbridge Energy Corporation announces that it has received TSX Venture Exchange approval for its 4:1 share consolidation announced November 5, 2013. The Company's shares will trade on a post-consolidated basis effective Monday, April 21, 2014. There is no change in the trading symbol for Westbridge. The new CUSIP number will be 957155203.

No fractional shares will be issued under the share consolidation. Instead, all fractional shares resulting from the consolidation of less than one-half will be rounded down to the nearest whole number, and of one-half or greater will be rounded up to the nearest whole number.

Letters of transmittal describing the process by which shareholders may obtain new certificates representing their consolidated common shares will be mailed shortly to registered shareholders. Shareholders holding their shares through a broker or other intermediary and consequently not having shares registered in their name will not be required to complete a letter of transmittal.

Following consolidation and subject to rounding, the Company will have 30,993,022 (pre BPH merger) issued and outstanding common shares. All outstanding incentive stock options and share purchase warrants will be adjusted accordingly to reflect the share consolidation.

Management Commentary

Mr. Tosan Omatsola, CEO and President of WEB, comments: "The combination of Westbridge and Black Pearl moves forward our collective interests in terms of building a leading exploration and production company. Upon consummation of this transaction, our management team and board believe the combined entity will be one of the most unique junior oil and gas companies in the sector and provide investors balanced exposure to the growth of production, reserves and significant discovery potential."

Michael Looney, CEO and President of BPH, comments: "The merger of Westbridge and Black Pearl stems from a strong working partnership and the desire to align our interests with the objective of creating a leading exploration and production company. We look forward to consummating this merger and continuing to secure the capital required to exploit the full potential of the over 500 leads and prospects defined from the ExxonMobil dataset."

About Black Pearl Holdings, LLC

Black Pearl Holdings, LLC is a Houston, Texas-based exploration and production company with extensive experience in the generation and development of oil & gas properties throughout the continental United States. BPH's management team is comprised of five highly seasoned industry professionals who possess over 150 years of combined oil and gas experience.

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

or

Darren Collins, Vice President, Business Development

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.

Contacts:
Westbridge Energy Corporation
Tosan Omatsola
President and Chief Executive Officer
+1 604 638 9378
[email protected]

Westbridge Energy Corporation
Darren Collins
Vice President, Business Development
+1 604 638 9378
[email protected]
www.westbridgeweb.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
DX World EXPO, LLC, a Lighthouse Point, Florida-based startup trade show producer and the creator of "DXWorldEXPO® - Digital Transformation Conference & Expo" has announced its executive management team. The team is headed by Levent Selamoglu, who has been named CEO. "Now is the time for a truly global DX event, to bring together the leading minds from the technology world in a conversation about Digital Transformation," he said in making the announcement.
"Space Monkey by Vivent Smart Home is a product that is a distributed cloud-based edge storage network. Vivent Smart Home, our parent company, is a smart home provider that places a lot of hard drives across homes in North America," explained JT Olds, Director of Engineering, and Brandon Crowfeather, Product Manager, at Vivint Smart Home, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Conference Guru has been named “Media Sponsor” of the 22nd International Cloud Expo, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. A valuable conference experience generates new contacts, sales leads, potential strategic partners and potential investors; helps gather competitive intelligence and even provides inspiration for new products and services. Conference Guru works with conference organizers to pass great deals to gre...
DevOps is under attack because developers don’t want to mess with infrastructure. They will happily own their code into production, but want to use platforms instead of raw automation. That’s changing the landscape that we understand as DevOps with both architecture concepts (CloudNative) and process redefinition (SRE). Rob Hirschfeld’s recent work in Kubernetes operations has led to the conclusion that containers and related platforms have changed the way we should be thinking about DevOps and...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform. In his session at @ThingsExpo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and shared the must-have mindsets for removing complexity from the develop...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
"ZeroStack is a startup in Silicon Valley. We're solving a very interesting problem around bringing public cloud convenience with private cloud control for enterprises and mid-size companies," explained Kamesh Pemmaraju, VP of Product Management at ZeroStack, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Large industrial manufacturing organizations are adopting the agile principles of cloud software companies. The industrial manufacturing development process has not scaled over time. Now that design CAD teams are geographically distributed, centralizing their work is key. With large multi-gigabyte projects, outdated tools have stifled industrial team agility, time-to-market milestones, and impacted P&L stakeholders.
"Akvelon is a software development company and we also provide consultancy services to folks who are looking to scale or accelerate their engineering roadmaps," explained Jeremiah Mothersell, Marketing Manager at Akvelon, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Enterprises are adopting Kubernetes to accelerate the development and the delivery of cloud-native applications. However, sharing a Kubernetes cluster between members of the same team can be challenging. And, sharing clusters across multiple teams is even harder. Kubernetes offers several constructs to help implement segmentation and isolation. However, these primitives can be complex to understand and apply. As a result, it’s becoming common for enterprises to end up with several clusters. Thi...