|By Marketwired .||
|May 26, 2014 08:02 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/26/14 -- Westbridge Energy Corporation (TSX VENTURE:WEB)(PINKSHEETS:WEGYF)(FRANKFURT:PUQ1) ("Westbridge" or the "Company") and Black Pearl Holdings, LLC ("Black Pearl") are pleased to announce the companies will be collaborating on an unconventional wet gas play in southern Texas. This new project is called the Frigate Island Project.
Westbridge and Black Pearl intend to source strategic and financial partners to partake in the leasing, exploration and development of the Frigate Island Project. This project represents one of the latest initiatives of Westbridge and Black Pearl and is indicative of the more than 500 leads and prospects identified as part of the joint venture and planned merger between the companies. Discussions have commenced with multiple potential partners and formal proposals are anticipated in the near term.
Unconventional gas plays are highly attractive to industry participants and Westbridge and Black Pearl believe the Frigate Island Project makes an excellent addition to the current portfolio of assets.
Frigate Island Project
The Frigate Island Project is located in southern Texas and is based upon the recent innovations in horizontal drilling and fracking. The project area is approximately 6,000 to 8,000 acres with the play potentially extending for 150 to 200 miles. The project area has both 2D and 3D seismic data as well as previously drilled vertical wells which penetrated the targeted interval. The wells planned for the project will be drilled to 5,500' vertically and then 2,500' laterally with staged fracking of the lateral reservoir interval. These wells will target the Lower Yegua interval, a well-known producing formation in the Gulf Coast of the United States.
The geologic setting for the Lower Yegua is that of an offshore bar / barrier island. These offshore bars contain sands which were deposited on a stable platform created by a deep-seated shale ridge. Longshore currents reworked these sands over the shale ridge. The reworked section is made up of 1 inch to 2 feet thick lenticular sands interbedded in shale. These sands are known to have excellent reservoir characteristics. The proposed wells will be designed to commingle all these highly laminated sand lenses through horizontal drilling and fracking of the Lower Yegua interval.
There are two unique aspects to this project:
1. Due to the deep-seated shale ridge, the objective section is over- pressured. This will help contribute to higher initial production rates and enhanced well recoveries; and 2. The objective section is hydrocarbon bearing throughout with no known water section (other than shale bound water).
To the south of the prospective area, lies an analog field. This field is productive from the same Lower Yegua interval that will be targeted by the proposed horizontal wells. This field has produced over 54.6 billion cubic feet of gas and 950 thousand barrels of condensate and is still actively producing.
Westbridge and Black Pearl are currently producing oil and gas from the Bivens Field in southwest Louisiana. Once the production numbers have fully stabilized, Westbridge and Black Pearl will update the market with the flow rates from the recently completed workovers.
Westbridge and Black Pearl are also making progress towards completing a definitive agreement and the requisite filings to complete the merger of the companies. Formal updates with be forthcoming in this regard.
Mr. Tosan Omatsola, President and CEO of Westbridge, comments: "Westbridge and Black Pearl believe the Frigate Island Project is an excellent complement to our existing portfolio of conventional oil and gas plays in the United States. Our management team is also highly focused on executing a value creating strategy in the near term, including the completion of the merger with Black Pearl, attracting partners for our various projects and drilling multiple exploration and development wells."
Mr. Michael Looney, President and CEO of Black Pearl, comments: "The Frigate Island Project has multiple unique attributes attractive to industry participants. In coordination with several technical consultants and nearby operators, we have assembled a large amount of technical data and continue to define and design the optimal project plan. We look forward to completing our planned merger with Westbridge and assuming an active role in the combined entity."
Further information on the Frigate Island Project can be found in Westbridge's corporate presentation available at: www.westbridgeweb.com.
On behalf of Westbridge Energy Corporation,
Tosan Omatsola, President and Chief Executive Officer
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.
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.
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busin...
Apr. 24, 2017 08:15 PM EDT Reads: 336
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Apr. 24, 2017 08:00 PM EDT Reads: 670
Multiple data types are pouring into IoT deployments. Data is coming in small packages as well as enormous files and data streams of many sizes. Widespread use of mobile devices adds to the total. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will look at the tools and environments that are being put to use in IoT deployments, as well as the team skills a modern enterprise IT shop needs to keep things running, get a handle on all this data, and deli...
Apr. 24, 2017 07:45 PM EDT Reads: 2,116
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Apr. 24, 2017 07:30 PM EDT Reads: 2,101
Cloud Expo, Inc. has announced today that Aruna Ravichandran, vice president of DevOps Product and Solutions Marketing at CA Technologies, has been named co-conference chair of DevOps at Cloud Expo 2017. The @DevOpsSummit at Cloud Expo New York will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and @DevOpsSummit at Cloud Expo Silicon Valley will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
Apr. 24, 2017 07:15 PM EDT Reads: 2,396
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 24, 2017 07:00 PM EDT Reads: 718
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Apr. 24, 2017 06:45 PM EDT Reads: 561
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Apr. 24, 2017 06:45 PM EDT Reads: 678
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 24, 2017 06:30 PM EDT Reads: 624
Translating agile methodology into real-world best practices within the modern software factory has driven widespread DevOps adoption, yet much work remains to expand workflows and tooling across the enterprise. As models evolve from pockets of experimentation into wholescale organizational reinvention, practitioners find themselves challenged to incorporate the culture and architecture necessary to support DevOps at scale. In his session at @DevOpsSummit at 20th Cloud Expo, Anand Akela, Senior...
Apr. 24, 2017 06:30 PM EDT Reads: 1,657
SYS-CON Events announced today that Twistlock, the leading provider of cloud container security solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Twistlock is the industry's first enterprise security suite for container security. Twistlock's technology addresses risks on the host and within the application of the container, enabling enterprises to consistently enforce security policies, monitor...
Apr. 24, 2017 04:45 PM EDT Reads: 3,415
The Internet of Things is clearly many things: data collection and analytics, wearables, Smart Grids and Smart Cities, the Industrial Internet, and more. Cool platforms like Arduino, Raspberry Pi, Intel's Galileo and Edison, and a diverse world of sensors are making the IoT a great toy box for developers in all these areas. In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists discussed what things are the most important, which will have the most profound e...
Apr. 24, 2017 04:45 PM EDT Reads: 2,081
Quickly find the root cause of complex database problems slowing down your applications. Up to 88% of all application performance issues are related to the database. DPA’s unique response time analysis shows you exactly what needs fixing - in four clicks or less. Optimize performance anywhere. Database Performance Analyzer monitors on-premises, on VMware®, and in the Cloud, including Amazon® AWS and Azure™ virtual machines.
Apr. 24, 2017 04:30 PM EDT Reads: 1,642
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
Apr. 24, 2017 04:30 PM EDT Reads: 1,990
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Apr. 24, 2017 03:45 PM EDT Reads: 579