Westbridge Announces Initial Results from Workovers at Bivens Field
02 June 2014 - 10:00PM
Marketwired Canada
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
initial results of the fracturing of the 11,300-foot sand in the Olympia
Minerals #1 ("OM#1") well and Baker Hughes STIMGun propellant-assisted
perforating system applied to the 10,600-foot sand in the Olympia Minerals #2
("OM#2") well at Bivens Field, Beauregard Parish, Louisiana.
Initial Workover Results
The OM#1 well is currently producing at 15 barrels of oil per day ("bopd") and
150 thousand cubic feet of gas per day ("mcfpd") or approximately 40 barrels of
oil equivalent per day ("boepd"). When compared to the production prior to the
workover of approximately 10 boepd, this represents a production increase of
greater than 300%. The flowing tubing pressure in the well has increased from
200 pounds per square inch to 350 pounds per square inch since completion of the
fracture stimulation and continues to build. This demonstrates the effectiveness
of the frack. The diameter of the choke is also being adjusted to increase the
tubing velocity in order to lift the fluids in the column. It is anticipated the
well will produce at a sustained rate comparable to or greater than the current
rate once a plunger lift system has been installed.
The OM#2 well is currently shut-in and building pressure after an average
initial production rate of 50 bopd and 70 mcfpd or approximately 62 boepd. It is
anticipated the well will produce at a sustained rate comparable to or greater
than the initial production rate once the perforated section is isolated with a
packer and a plunger lift system has been installed.
After funding a non-consenting working interest, Westbridge will receive 41% of
the net revenue interest from the field. The total net cost of the work-overs
was $330,500 compared to an anticipated net expenditure of $349,000. The product
from Bivens Field is currently being sold at the WTI oil price of approximately
$104 per barrel oil and NYMEX gas price of approximately $4.50 per thousand
cubic feet.
Follow up Potential
The Bivens Field is a highly charged, fault-bounded 3 way structure with 7
productive pay zones and 2 potentially productive pay zones in the Middle Wilcox
section of the field and 8 pay zones to be further tested in the Lower Wilcox
section of the field (see Figures 1, 2, 3). This unique situation provides
significant follow up potential.
Westbridge and Black Pearl intend to drill a deep well into the Lower Wilcox
reservoir intervals at Bivens Field. The well is planned for the end of third
quarter, 2014 and will target a total depth of 14,300 feet. The Lower Wilcox is
an extremely productive section within the Wilcox trend in southwestern
Louisiana. This is evidenced by analog fields such as Neale Field, located 8
miles to the north of Bivens Field, which historically produced 64+ billion
cubic feet of gas and 20+ million barrels of oil. Over 50% of the hydrocarbons
produced at Neale Field were from the Lower Wilcox section (see Figure 4).
Bivens Field - Follow up Potential - Figures 1, 2, 3, 4
Management Commentary
Mr. Tosan Omatsola, President and CEO of Westbridge, comments: "Westbridge and
Black Pearl are pleased with the initial results of these workovers and
anticipate production numbers to steadily increase as we continue to work the
wells. Additionally, these initial results substantiate not only Black Pearl's
historical 70% commercial success rate on over 60 wells, but supports the
industry's recent attention to a revitalization of the Wilcox trend in
southwestern Louisiana. Westbridge is one of the few, if not the only, Canadian
junior exploration and production company to be producing from this trend. We
look forward to implementing our follow up programs at Bivens Field and moving
forward to exploit additional play trends in the southern United States."
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
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" 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Westbridge Energy Corporation
Tosan Omatsola
President and Chief Executive Officer
+1 604 638 9378
tomatsola@westbridgeweb.com
Westbridge Energy Corporation
Darren Collins
Vice President, Business Development
+1 604 638 9378
dcollins@westbridgeweb.com
www.westbridgeweb.com
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