Westbridge Signs Definitive Agreement With Black Pearl Holdings, LLC
21 December 2013 - 12:30AM
Marketwired
Westbridge Signs Definitive Agreement With Black Pearl Holdings,
LLC
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 20, 2013) -
Westbridge Energy Corporation
(TSX-VENTURE:WEB)(PINKSHEETS:WEGYF)(FRANKFURT:PUQ1) ("Westbridge"
or the "Company") is pleased to announce it has entered into a
Definitive Agreement (the "Definitive Agreement") with Black Pearl
Holdings, LLC ("Black Pearl") for the purchase of working interests
in the Bivens Field Project, Wharton County Field Project and
Lavaca County Project. Subject to the final approval of the TSX
Venture Exchange (the "Exchange"), Westbridge has completed its
transaction with Black Pearl and can now move forward with
launching multiple work programs and defining the structure whereby
Westbridge and Black Pearl will merge in 2014. All requisite
documentation has been filed with the Exchange including a National
Instrument 51-101 technical report and the Definitive
Agreement.
Management Commentary
Tosan Omatsola, CEO and President of Westbridge, comments: "The
signing of the Definitive Agreement with Black Pearl represents a
significant milestone for Westbridge and its shareholders. Over the
last several months, Westbridge has executed on its stated
objective to source current and near term production as well as
raised an amount of capital sufficient to complete the initial work
programs. Subject to the final approval of our transaction, we will
now move forward with launching our work programs and merging
Westbridge and Black Pearl to create a combined entity with
considerable production, development and exploration assets."
Michael Looney, CEO and President of Black Pearl, comments: "The
management team of Black Pearl is very pleased to have consummated
its partnership with Westbridge and looks forward to combining our
businesses in 2014. We believe the combination of Westbridge and
Black Pearl will enable us to secure both the private and public
market capital required to fully exploit the more than 500
prospects generated from the 100,000 linear miles of 2D data
licensed from ExxonMobil in the Gulf Coast states of the US."
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
Peter Henry, Director
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.
Westbridge Energy CorporationTosan OmatsolaPresident and Chief
Executive Officer+1 604 638
9378tomatsola@westbridgeweb.comWestbridge Energy CorporationPeter
HenryDirector+1 818 970
6940phenry@westbridgeweb.comwww.westbridgeweb.com
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