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Westbridge Energy Corporation Announces Acquisition of Majority Interest in Four New Petroleum Licenses Offshore Namibia

Westbridge Energy Corporation Announces Acquisition of Majority Interest in 
Four New Petroleum Licenses Offshore Namibia 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/06/13 -- Westbridge
Energy Corporation (TSX VENTURE:WEB)(FRANKFURT:PUQ1) ("Westbridge")
is pleased to announce having entered into a letter of intent (the
"LOI") with Ropat Petroleum Investments (PTY) Ltd. ("Ropat") to
acquire a majority interest in the oil and gas exploration blocks
1911A relinquished, 1912B, 1910A relinquished and 2011A relinquished
(the "Licenses") offshore Namibia (the "Transaction"), Westbridge and
Ropat have signed a Petroleum Agreement dated February 1, 2013 with
the Mining, Minerals and Energy Department of the Republic of Namibia
in relation to the Licenses. Ropat is a private oil and gas company
incorporated in Namibia.  
Upon completion of the Transaction, Westbridge will be the Operator
of the Licenses with a 75% interest. Ropat will have a 15% interest
and the remaining 10% interest will be held by NAMCOR, the Namibian
state oil company. NAMCOR's interest will be a carried interest with
certain back-in rights for the Licenses.  
Westbridge and Ropat have agreed to proceed diligently and in good
faith to negotiate and enter into a definitive agreement in relation
to the Transaction on or before February 28, 2013.  
Consideration for the Transaction will comprise 5 million common
shares in the capital of Westbridge (the "Westbridge Shares") to the
shareholders of Ropat and a cash payment of US$500,000 on the closing
date of the Transaction. The Westbridge Shares will be subject to a
statutory four-month hold period from the date of issue and such
other regulatory hold period imposed by the TSX Venture Exchange (the
"TSX-V"). In addition the Westbridge Shares will be subject to a
contractual hold period (the "Lock-up Arrangements") from the date of
issue providing for release on the following basis: 1/3rd will be
released 6 months from the date of issue, a further 1/3rd will be
released 12 month from the date of issue and the final 1/3rd will be
released 18 months from the date of issue. 
In addition, Westbridge will make a cash payment to Ropat of US$1
million upon the satisfactory completion of the following conditions
to be set out in a definitive agreement in relation to the
Transaction: 


 
1.  receipt by Westbridge of an independent technical report from a
    reputable firm indicating the Licenses contain a risked, recoverable,
    P50 resource estimate of 1,000MMboe or greater; and
 
2.  Westbridge having a net cash balance of more than US$15million. 

 
The Licenses 
The Licenses are situated in the Walvis Basin in northern Namibia,
close to the Namibia - Angola border. A map of the new acreage
position can be viewed at www.westbridgeweb.com. The Licenses are
contiguous to Block 1811B in which Westbridge currently has an 80%
working interest and is Operator. The acquisition of the Licenses
increases Westbridge's existing areal coverage in offshore Namibia
from 1.4 million acres (5,854 square kilometers) to a total of
approximately 5.3 million acres (21,448 square Kilometers). The
Licenses are in the highly prospective Walvis Basin where operators
HRT Participacoes em Petroleo S.A. (HRT) and Repsol S. A. (Repsol)
have stated their intention to drill exploration wells in March, 2013
and March, 2014 respectively.  
The Licenses cover water depths ranging from the shoreline to 1,800m
and are covered by over 10,000 line kilometers of good quality 2D
seismic data. Westbridge's initial technical analysis indicates the
Licenses show similar geologic play concepts and trends to those
observed in other prolific petroleum basins in Brazil and the
deepwaters of Ghana, Angola, Liberia and Sierra Leone.  
Cody Lee, CEO of Westbridge, commented, "These new Licenses represent
a highly complementary geologic extension of Westbridge's existing
asset base and hold world-class discovery potential. The acquisition
of these highly prospective Licenses validates our selection of the
contiguous position of Block 1811B where we have an 80% working
interest. Furthermore, this Transaction demonstrates Westbridge's
ability to leverage our strong local partnerships to acquire
world-class assets." 
Westbridge reserves the right to pay a finders fee in cash and/or
securities of Westbridge to arm's length finders in connection with
the Transaction. The Transaction is an arm's length transaction and
is not expected to result in a change of control of Westbridge. 
About Westbridge 
Westbridge Energy Corporation is an international oil and gas
exploration and development company. Westbridge continuously reviews
accretive new international oil and gas opportunities to grow its
portfolio and create shareholder value.  
For additional information readers are invited to review additional
corporate and property information available on SEDAR at
www.sedar.com. 
Forward-Looking Statements 
This news release contains forward-looking statements and
forward-looking information within the meaning of applicable
securities laws. The use of any of the words "expect", "anticipate",
"continue", "estimate", "objective", "ongoing", "may", "will",
"project", "should", "schedule", "believe", "plans", "intends" and
similar expressions are intended to identify forward-looking
information or statements. More particularly and without limitation,
this news release contains forward-looking statements and information
concerning the Company's future operations and prospects. The
forward-looking statements and information are based on certain key
expectations and assumptions made by the Company, including
expectations and assumptions concerning equipment and crew
availability, and joint venture partner financial capability.
Although the Company believes that the expectations and assumptions
on which such forward-looking statements and information are based
are reasonable, undue reliance should not be placed on the forward
looking statements and information because the Company can give no
assurance that they will prove to be correct. By its nature, such
forward-looking information is subject to various risks and
uncertainties, which could cause the Company's actual results and
experience to differ materially from the anticipated results or
expectations expressed. These risks and uncertainties include, but
are not limited to, reservoir performance, labor, equipment and
material costs, access to capital markets, interest and currency
exchange rates, and political and economic conditions. Additional
information on these and other factors is available in continuous
disclosure materials filed by the Company with Canadian securities
regulators. Readers are cautioned not to place undue reliance on this
forward-looking information, which is given as of the date it is
expressed in this news release or otherwise, and to not use
future-oriented information or financial outlooks for anything other
than their intended purpose. The Company undertakes no obligation to
update publicly or revise any forward-looking information, whether as
a result of new information, future events or otherwise, except as
required by law. 
Neither the 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. 
Contacts:
Westbridge Energy Corporation
Cody Lee
CEO
(505) 850 2930
clee@westbridgeweb.com
www.westbridgeweb.com 
Investor Relations:
MZ Group
Derek Gradwell, SVP, Natural Resources
949-259-4995
dgradwell@mzgroup.us
www.mzgroup.com
 
 
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