|By Marketwired .||
|April 21, 2014 07:00 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 04/21/14 -- Westbridge Energy Corporation (TSX VENTURE: WEB)(PINKSHEETS: WEGYF)(FRANKFURT: PUQ1) ("Westbridge" or the "Company") is pleased to announce it has exercised its option to merge with Black Pearl Holdings, LLC ("Black Pearl" or "BPH") as announced on November 27, 2013 and has also received Exchange approval to proceed with its previously announced 4:1 share consolidation.
Merger of Westbridge and Black Pearl
The merger between Westbridge and Black Pearl will be completed by Westbridge issuing to Black Pearl shareholders a total of 19,869,813 common shares of Westbridge. The shares will be issued post-consolidation of the share capital of Westbridge.
Upon closing of the proposed merger, the combined entity will hold:
-- 56.45% operating interest in the Bivens Field, Beauregard Parish, Louisiana; -- 70% operating interest after back-in rights in the Wharton County Field, Wharton County, Texas; -- 100% interest in the 85 square mile Lavaca County 3D survey; -- rights to utilize 100,000 linear miles of 2D seismic data licensed from ExxonMobil; and -- a 75% and 80% operating interest in 2 licenses covering 22,484 square kilometers of offshore concessions in the Walvis Basin, Namibia.
This transaction positions the combined entity as an emerging oil and gas company with a pipeline of production and reserve generating projects and considerable exploration upside derived from over 500 leads and prospects generated from a dataset spanning 100,000 linear miles across the Gulf Coast of the US; and highly prospective acreage in Namibia.
The form of the transaction will be determined after further consultation with legal and tax advisers. The closing of the proposed transaction will be subject to, among other matters, the completion of an audit of the financial statements of BPH, the execution of a definitive agreement, the approval of the TSX-V and if required the shareholders of both companies. It is anticipated the transaction will close on or before June 13, 2014.
It is anticipated that the work crew and STIMGun will arrive at the Biven Fields to work over the Olympia Minerals #2 ("OM#2") well this coming week. Weather conditions have delayed the previously anticipated arrival.
Westbridge and Black Pearl have also received notice the work crew and fracture equipment for the 11,300' sand of the Olympia Minerals #1 ("OM#1") well at Bivens Field will be arriving in the coming week. The well is currently being prepared for fracking.
Production results will be available several days after the reperforating of OM#2 well and fracking of the OM#1 well have been completed.
Westbridge Energy Corporation announces that it has received TSX Venture Exchange approval for its 4:1 share consolidation announced November 5, 2013. The Company's shares will trade on a post-consolidated basis effective Monday, April 21, 2014. There is no change in the trading symbol for Westbridge. The new CUSIP number will be 957155203.
No fractional shares will be issued under the share consolidation. Instead, all fractional shares resulting from the consolidation of less than one-half will be rounded down to the nearest whole number, and of one-half or greater will be rounded up to the nearest whole number.
Letters of transmittal describing the process by which shareholders may obtain new certificates representing their consolidated common shares will be mailed shortly to registered shareholders. Shareholders holding their shares through a broker or other intermediary and consequently not having shares registered in their name will not be required to complete a letter of transmittal.
Following consolidation and subject to rounding, the Company will have 30,993,022 (pre BPH merger) issued and outstanding common shares. All outstanding incentive stock options and share purchase warrants will be adjusted accordingly to reflect the share consolidation.
Mr. Tosan Omatsola, CEO and President of WEB, comments: "The combination of Westbridge and Black Pearl moves forward our collective interests in terms of building a leading exploration and production company. Upon consummation of this transaction, our management team and board believe the combined entity will be one of the most unique junior oil and gas companies in the sector and provide investors balanced exposure to the growth of production, reserves and significant discovery potential."
Michael Looney, CEO and President of BPH, comments: "The merger of Westbridge and Black Pearl stems from a strong working partnership and the desire to align our interests with the objective of creating a leading exploration and production company. We look forward to consummating this merger and continuing to secure the capital required to exploit the full potential of the over 500 leads and prospects defined from the ExxonMobil dataset."
About Black Pearl Holdings, LLC
Black Pearl Holdings, LLC is a Houston, Texas-based exploration and production company with extensive experience in the generation and development of oil & gas properties throughout the continental United States. BPH's management team is comprised of five highly seasoned industry professionals who possess over 150 years of combined oil and gas experience.
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
Darren Collins, Vice President, Business Development
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 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.
The speed of software changes in growing and large scale rapid-paced DevOps environments presents a challenge for continuous testing. Many organizations struggle to get this right. Practices that work for small scale continuous testing may not be sufficient as the requirements grow. In his session at DevOps Summit, Marc Hornbeek, Sr. Solutions Architect of DevOps continuous test solutions at Spirent Communications, will explain the best practices of continuous testing at high scale, which is r...
Feb. 26, 2015 11:15 PM EST Reads: 781
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @Things...
Feb. 26, 2015 11:00 PM EST Reads: 787
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities. In his session at @ThingsExpo, Gary Hall, Chief Technology Officer, Federal Defense at Cisco S...
Feb. 26, 2015 10:30 PM EST Reads: 837
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Feb. 26, 2015 09:45 PM EST Reads: 776
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, it is now feasible to create a rich desktop and tuned mobile experience with a single codebase, without compromising performance or usability.
Feb. 26, 2015 08:00 PM EST Reads: 731
The Internet of Things (IoT) is causing data centers to become radically decentralized and atomized within a new paradigm known as “fog computing.” To support IoT applications, such as connected cars and smart grids, data centers' core functions will be decentralized out to the network's edges and endpoints (aka “fogs”). As this trend takes hold, Big Data analytics platforms will focus on high-volume log analysis (aka “logs”) and rely heavily on cognitive-computing algorithms (aka “cogs”) to mak...
Feb. 26, 2015 07:00 PM EST Reads: 768
“We just completed the roll out of our first public and private cloud offerings, which are a combination of public, hybrid, and private cloud,” stated Erik Levitt, CEO of Open Data Centers, in this SYS-CON.tv interview at the 14th International Cloud Expo®, held June 10-12, 2014, at the Javits Center in New York City. Cloud Expo® 2014 Silicon Valley, November 4–6, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the...
Feb. 26, 2015 07:00 PM EST Reads: 5,921
SYS-CON Events announced today that GENBAND, a leading developer of real time communications software solutions, has been named “Silver Sponsor” of SYS-CON's WebRTC Summit, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. The GENBAND team will be on hand to demonstrate their newest product, Kandy. Kandy is a communications Platform-as-a-Service (PaaS) that enables companies to seamlessly integrate more human communications into their Web and mobile applicatio...
Feb. 26, 2015 05:00 PM EST Reads: 1,129
VictorOps is making on-call suck less with the only collaborative alert management platform on the market. With easy on-call scheduling management, a real-time incident timeline that gives you contextual relevance around your alerts and powerful reporting features that make post-mortems more effective, VictorOps helps your IT/DevOps team solve problems faster.
Feb. 26, 2015 05:00 PM EST Reads: 1,012
Skeuomorphism usually means retaining existing design cues in something new that doesn’t actually need them. However, the concept of skeuomorphism can be thought of as relating more broadly to applying existing patterns to new technologies that, in fact, cry out for new approaches. In his session at DevOps Summit, Gordon Haff, Senior Cloud Strategy Marketing and Evangelism Manager at Red Hat, will discuss why containers should be paired with new architectural practices such as microservices ra...
Feb. 26, 2015 04:00 PM EST Reads: 1,176
Companies today struggle to manage the types and volume of data their customers and employees generate and use every day. With billions of requests daily, operational consistency can be elusive. In his session at Big Data Expo, Dave McCrory, CTO at Basho Technologies, will explore how a distributed systems solution, such as NoSQL, can give organizations the consistency and availability necessary to succeed with on-demand data, offering high availability at massive scale.
Feb. 26, 2015 03:45 PM EST Reads: 2,045
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, de...
Feb. 26, 2015 03:30 PM EST Reads: 3,839
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focu...
Feb. 26, 2015 03:15 PM EST Reads: 1,031
SYS-CON Media announced that IBM, which offers the world’s deepest portfolio of technologies and expertise that are transforming the future of work, has launched ad campaigns on SYS-CON’s numerous online magazines such as Cloud Computing Journal, Virtualization Journal, SOA World Magazine, and IoT Journal. IBM’s campaigns focus on vendors in the technology marketplace, the future of testing, Big Data and analytics, and mobile platforms.
Feb. 26, 2015 03:04 PM EST Reads: 539
Security can create serious friction for DevOps processes. We've come up with an approach to alleviate the friction and provide security value to DevOps teams. In her session at DevOps Summit, Shannon Lietz, Senior Manager of DevSecOps at Intuit, will discuss how DevSecOps got started and how it has evolved. Shannon Lietz has over two decades of experience pursuing next generation security solutions. She is currently the DevSecOps Leader for Intuit where she is responsible for setting and driv...
Feb. 26, 2015 03:00 PM EST Reads: 2,045