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westbridge energy corp (WEB) Details

Westbridge Energy Corporation is engaged in the acquisition, exploration, development, and production of oil and gas properties. It holds an 80% interest in the block 1811B covering an area of approximately 1.4 million acres located in the Walvis basin off the northern coast of Namibia; and 75% interests in the Blocks 1911A relinquished, 1912B, 1910A relinquished, and 2011A relinquished covering approximately 5.3 million acres in the Walvis Basin in northern Namibia. The company was incorporated in 1956 and is based in Vancouver, Canada.

Founded in 1956

westbridge energy corp (WEB) Top Compensated Officers

Chief Financial Officer
Total Annual Compensation: C$9.2K
Compensation as of Fiscal Year 2012.

westbridge energy corp (WEB) Key Developments

Westbridge Energy and Black Pearl Holdings Announce Contracting of Rig to Drill the Wharton County #3 Well at Wharton County Field, Wharton County

Westbridge Energy Corporation and Black Pearl Holdings, LLC announced the contracting of a rig to drill the Wharton County #3 well at the Wharton County Field, Wharton County, Texas and the securing of two new farm-in partners. Westbridge and Black Pearl have secured a drilling rig to complete a development well at the Wharton County Field from Coastal Drilling LLC. The rig is scheduled to spud the well during the week of June 16, 2014. This 1,000 horsepower rig is anticipated to reach the target total depth of 10,000-feet in approximately 14 days. Thereafter, the completion of the well will take approximately an additional 7 days. All engineering and onsite operations associated with the well are being managed by Traton Engineering, a full service engineering and consulting firm with expertise in all phases of oil and gas operations throughout the world. The WC#3 well will target the Lower Frio section stratigraphically trapped against the Boling Salt Dome. Based on detailed technical analysis, Westbridge and Black Pearl anticipate a large portion of the 50 foot section of reservoir sand will be saturated with light oil and capable of achieving high flow rates. This expectation is based on an initial production rate of 236 barrels of oil per day from the Wharton County #1 well on an 8/64ths choke before the well watered out due to mechanical problems associated with the completion. The project is located approximately 50 miles southwest of Houston, Texas and contains all the necessary infrastructure required to monetize both the oil and gas. In addition to the WC#3 well, the Wharton County Field potentially has 5 to 6 follow-up drilling locations. Westbridge has entered into a binding agreement alongside Black Pearl whereby Westbridge and Black Pearl will convey a 10% working interest in the Wharton County Field to Texas Onshore AB and an additional 10% working interest to MEO Petroleum, LLC. In combination with the 10% conveyance announced on March 18, 2014 and the 30% conveyance announced on March 31, 2014, Westbridge now controls a 20% working interest and Black Pearl controls a 20% operating interest in the Wharton County Field. Pursuant to the terms of the transaction, Westbridge and Black Pearl will each receive half of a 5.0% back-in right after the payout from the WC#3 well. After taking into account the back-in rights of the previously announced and current transactions, Westbridge will hold a 27.5% working interest and Black Pearl a 27.5% operating interest in the Wharton County Field. TX Onshore and MEO will each fund their proportionate share of all lease and drilling costs going forward as well as pay an entry fee of $20,000. These funds will be applied to the cost of the WC#3 well. As a result of these transactions, Westbridge will now fund 40% of the upcoming drilling costs associated with the WC#3 well.

Westbridge Energy Corporation Announces Initial Results from Workovers at Bivens Field

Westbridge Energy Corporation and Black Pearl Holdings, LLC announced 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. The OM#1 well is currently producing at 15 barrels of oil per day ("bopd") and 150,000 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. 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. 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.

Westbridge Energy Corporation and Black Pearl Holdings, LLC Collaborate on an Unconventional Wet Gas Play in Southern Texas

Westbridge Energy Corporation and Black Pearl Holdings, LLC announced 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.


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