Westbridge Buys WI In Texas From Black Pearl Holdings

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
MM
Description

To buy working interests in the Bivens Field Project in Wharton and Lavaca counties.

Westbridge Energy Corp. (OTC: WEB; TSXV: WEB) announced Dec. 20 it has entered into a agreement with Black Pearl Holdings LLC to purchase working interests in the Bivens Field Project, Wharton County Field Project and Lavaca County Project.

Westbridge, based in Vancouver, B.C., will now move forward with launching multiple work programs and defining the structure whereby Westbridge and Houston-based Black Pearl will merge in 2014.

Westbridge entered into an option agreement with Black Pearl Holdings for a proposed merger, the company announced Nov. 27. The combined entity would hold domestic U.S. assets in Texas and Louisiana, international assets in Namibia, and full access to 100,000 linear miles of 2-D seismic data licensed from ExxonMobil Corp. (NYSE: XOM).

"The signing of the definitive agreement with Black Pearl represents a significant milestone for Westbridge and its shareholders. Over the last several months, Westbridge has executed on its stated objective to source current and near term production as well as raised an amount of capital sufficient to complete the initial work programs. Subject to the final approval of our transaction, we will now move forward with launching our work programs and merging Westbridge and Black Pearl to create a combined entity with considerable production, development and exploration assets," Tosan Omatsola, Westbridge CEO and president, said in the release.