Westbridge Energy Buys

Westbridge Energy Corp., Vancouver (Toronto Venture: WEB), closed on its previously announced acquisition of Kayuco Universal Ltd., a privately-held company whose main asset is an 80% interest in offshore Namibia.

Under the terms of the transaction, Westbridge acquired on the closing date all of the issued and outstanding common shares of Kayuco in exchange for 10 million common shares in the capital of the Company at a deemed issue price of C$.20 per share and a cash payment of US$3 million to Kayuco's selling shareholders in proportion to their shareholding in Kayuco.

A finder's fee in the amount of 1,000,000 common shares of the Company was issued to Westward Energy LLC.
As a condition to the completion of the acquisition, Westbridge completed a non-brokered private placement financing of subscription receipts for gross proceeds of C$4,000,000 at a price of C$0.25 per subscription receipt (the "Subscription Receipts"). Each Subscription Receipt is exchangeable into one unit of Westbridge comprising one common share in the company and one-half of one common share purchase warrant.

Each whole warrant will entitle the holder to acquire one share for at a price of C$0.45 for 18 months from the closing date of the deal. The 16,000,000 common shares issued upon conversion of the subscription receipts are subject to a hold period expiring September 3, 2012.