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Westbridge Announces Initial Results from Workovers at Bivens Field
Jun 02, 2014
Vancouver, British Columbia, June 2, 2014 -- Westbridge Energy Corporation (TSXV: 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
+1 604 638 9378
tomatsola@westbridgeweb.com

Darren Collins
Vice President, Business Development
+1 604 638 9378
dcollins@westbridgeweb.com

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.
 
 

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