|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.
When you focus on a journey from up-close, you look at your own technical and cultural history and how you changed it for the benefit of the customer. This was our starting point: too many integration issues, 13 SWP days and very long cycles. It was evident that in this fast-paced industry we could no longer afford this reality. We needed something that would take us beyond reducing the development lifecycles, CI and Agile methodologies. We made a fundamental difference, even changed our culture...
Feb. 20, 2017 05:30 PM EST Reads: 2,214
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smart...
Feb. 20, 2017 05:30 PM EST Reads: 3,885
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, discussed the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports.
Feb. 20, 2017 05:15 PM EST Reads: 943
Feb. 20, 2017 02:45 PM EST Reads: 419
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of 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, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Feb. 20, 2017 02:15 PM EST Reads: 1,087
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Feb. 20, 2017 01:30 PM EST Reads: 415
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
Feb. 20, 2017 01:15 PM EST Reads: 385
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Feb. 20, 2017 01:00 PM EST Reads: 841
The best way to leverage your Cloud Expo presence as a sponsor and exhibitor is to plan your news announcements around our events. The press covering Cloud Expo and @ThingsExpo will have access to these releases and will amplify your news announcements. More than two dozen Cloud companies either set deals at our shows or have announced their mergers and acquisitions at Cloud Expo. Product announcements during our show provide your company with the most reach through our targeted audiences.
Feb. 20, 2017 01:00 PM EST Reads: 1,197
Containers have changed the mind of IT in DevOps. They enable developers to work with dev, test, stage and production environments identically. Containers provide the right abstraction for microservices and many cloud platforms have integrated them into deployment pipelines. DevOps and Containers together help companies to achieve their business goals faster and more effectively. In his session at DevOps Summit, Ruslan Synytsky, CEO and Co-founder of Jelastic, reviewed the current landscape of D...
Feb. 20, 2017 01:00 PM EST Reads: 5,851
Feb. 20, 2017 01:00 PM EST Reads: 10,048
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit 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.
Feb. 20, 2017 12:45 PM EST Reads: 960
Security, data privacy, reliability and regulatory compliance are critical factors when evaluating whether to move business applications from in-house client hosted environments to a cloud platform. In her session at 18th Cloud Expo, Vandana Viswanathan, Associate Director at Cognizant, In this session, will provide an orientation to the five stages required to implement a cloud hosted solution validation strategy.
Feb. 20, 2017 12:45 PM EST Reads: 4,294
SYS-CON Events announced today that Outlyer, a monitoring service for DevOps and operations teams, has been named “Bronze Sponsor” of 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. Outlyer is a monitoring service for DevOps and Operations teams running Cloud, SaaS, Microservices and IoT deployments. Designed for today's dynamic environments that need beyond cloud-scale monitoring, we make monitoring effortless so you...
Feb. 20, 2017 12:45 PM EST Reads: 1,021
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Feb. 20, 2017 12:30 PM EST Reads: 487