WEGYF Westbridge Renewable Energy Corporation (QX)

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 11, 2014) - Westbridge Energy Corporation (TSX-VENTURE:WEB)(PINKSHEETS:WEGYF)(FRANKFURT:PUQ1) ("Westbridge" or the "Company") is pleased to provide an update with respect to the recent events in the offshore region of Namibia. This increased level of activity includes the entry of multiple large oil and gas companies as well as the arrival of the drillship set to spud an upcoming well to be drilled by Repsol of Spain. These events reaffirm the highly prospective nature of offshore Namibia, an international exploration frontier for companies targeting billion barrel discoveries.

Shell Acquires Blocks from Signet Petroleum

Shell recently announced it acquired 2913A and 2914B in the Orange Basin, offshore Namibia from Signet Petroleum. Shell acquired a 90% interest with NAMCOR retaining a 10% interest. Shell has publicly stated its plans to drill one or possibly two exploration wells near the Namibian Kudu gas field, currently operated by Tullow. In a recent press conference, Shell announced that it expects to make a final investment decision and bring a rig on site by the end of 2014. Shell has been active south of the Namibian / South African maritime boarder in the Orange Basin.

OMV and Murphy Oil Farm Into Cowan Oil and Gas' Blocks

OMV and Murphy Oil announced a farm-in arrangement with Cowan Oil and Gas, involving blocks 2613A and 2613B. OMV will receive a 20% interest in the blocks with Murphy Oil receiving a 45% interest and assuming operatorship. NAMCOR will retain a 15% interest. The transaction will help fund exploration activities including the acquisition, processing, and interpretation of 2D and 3D seismic data.

Arrival of Drillship

Tower Resources announced that the Rowan Renaissance drillship arrived in the Walvis Basin, Namibia on Tuesday, March 4th. The drillship is undergoing final acceptance testing by Repsol of Spain. Operations are expected to commence on the Welwitschia-1 well around April 11th. This well will be drilled directly adjacent to acreage currently held by Westbridge and represents a significant upcoming catalyst.

Westbridge Continues Namibian Assets Farm-Down Process

Westbridge is continuing its recently initiated farm-down process of its interests in blocks 1811B, 1910A rel., 1911A rel., 1912B, and 2011A rel. offshore Namibia in the Walvis Basin. Westbridge began the process in January 2014 and has partnered with EZ Dataroom, a provider of marketing and dataroom services to oil and gas firms. Westbridge has entered into confidential discussions with multiple parties and has received interest from notable large oil and gas companies.

Board and Management Commentary

Mr. Tosan Omatsola, President & CEO of Westbridge, comments: "The recent activity in Namibia continues to confirm the potential for large oil and gas discoveries offshore Namibia. In parallel to the US assets Westbridge is developing with Black Pearl Holdings, LLC, the Namibian blocks Westbridge controls serve as undervalued exploration assets in which management seeks to unlock that value. This is being achieved through an active evaluation of strategic alternatives, including pursuit of farm-in partnerships during this period of increased activity in Namibia. We look forward to the results from the upcoming Repsol well and updating shareholders as we advance our discussions with various potential farm-in partners."

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

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.

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

Westbridge Renewable Ene... (QX) (USOTC:WEGYF)
Historical Stock Chart
From Dec 2024 to Jan 2025

Westbridge Renewable Ene... (QX) (USOTC:WEGYF)
Historical Stock Chart
From Jan 2024 to Jan 2025