Westbridge and Black Pearl Announce Well Results from Wharton County Field
Jul 16, 2014
Vancouver, British Columbia, July 16, 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 Wharton County #3 ("WC#3") well in Wharton County, Texas, has been successfully drilled to total depth of 10,000 feet (3,048 meters) and encountered 47 feet (14.3 meters) of gross objective interval with 25 to 30 feet (7.6 to 9.1 meters) of net pay in the Lower Frio section of the field. Results from the logging and coring have confirmed the presence of 36 to 40 degree gravity oil. Based on the positive results from the drilling of the WC#3 well, Westbridge and Black Pearl are proceeding with the completion of the well.
Consistent with pre-drill expectations, the WC#3 well encountered the Lower Frio section stratigraphically trapped against the Boling Salt Dome and found light oil saturated reservoir sands. The characteristics of the reservoir show excellent properties with average porosity of 24% and average permeability of 300 millidarcies. The reservoir was encountered 49 feet (14.9 meters) structurally updip from the Wharton County #1 well.
Completion and Production
Westbridge and Black Pearl now move forward with completion of the WC#3 well. This will involve perforating 25 feet of interval followed by initial production and optimization to maintain an adequate reservoir pressure drawdown. Westbridge and Black Pearl will update the market with initial production rates in the near future. The Wharton Field has an additional 5 to 6 follow up drill locations.
Consistent with the drilling of the WC#3 well, the completion is 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.
Tosan Omatsola, President and CEO of Westbridge, comments: "We are very pleased with the results of the WC#3 well. This well has been drilled on budget, encountered excellent reservoir properties and intercepted an amount of pay consistent with our pre-drill expectations. This well also confirms the upside potential of the Wharton County Field and we anticipate it will warrant an upward revision of our reserves associated with the field."
Mike Looney, President and CEO of Black Pearl, comments: "The WC#3 well has involved the dedication of multiple parties and I would like to thank all parties of their support in generating this success. We now focus our efforts on the completion of our merger with Westbridge and moving forward with our remaining operational milestones for 2014."
For additional information readers are invited to review additional corporate and property information available at Westbridge's website at:
On behalf of Westbridge Energy Corporation,
President and Chief Executive Officer
+1 604 638 9378
Vice President, Business Development
+1 604 638 9378
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.
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.
You can return to the main News Releases page, or press the Back button on your browser.