|By Marketwired .||
|May 26, 2014 08:02 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/26/14 -- Westbridge Energy Corporation (TSX VENTURE:WEB)(PINKSHEETS:WEGYF)(FRANKFURT:PUQ1) ("Westbridge" or the "Company") and Black Pearl Holdings, LLC ("Black Pearl") are pleased to announce the companies will be collaborating on an unconventional wet gas play in southern Texas. This new project is called the Frigate Island Project.
Westbridge and Black Pearl intend to source strategic and financial partners to partake in the leasing, exploration and development of the Frigate Island Project. This project represents one of the latest initiatives of Westbridge and Black Pearl and is indicative of the more than 500 leads and prospects identified as part of the joint venture and planned merger between the companies. Discussions have commenced with multiple potential partners and formal proposals are anticipated in the near term.
Unconventional gas plays are highly attractive to industry participants and Westbridge and Black Pearl believe the Frigate Island Project makes an excellent addition to the current portfolio of assets.
Frigate Island Project
The Frigate Island Project is located in southern Texas and is based upon the recent innovations in horizontal drilling and fracking. The project area is approximately 6,000 to 8,000 acres with the play potentially extending for 150 to 200 miles. The project area has both 2D and 3D seismic data as well as previously drilled vertical wells which penetrated the targeted interval. The wells planned for the project will be drilled to 5,500' vertically and then 2,500' laterally with staged fracking of the lateral reservoir interval. These wells will target the Lower Yegua interval, a well-known producing formation in the Gulf Coast of the United States.
The geologic setting for the Lower Yegua is that of an offshore bar / barrier island. These offshore bars contain sands which were deposited on a stable platform created by a deep-seated shale ridge. Longshore currents reworked these sands over the shale ridge. The reworked section is made up of 1 inch to 2 feet thick lenticular sands interbedded in shale. These sands are known to have excellent reservoir characteristics. The proposed wells will be designed to commingle all these highly laminated sand lenses through horizontal drilling and fracking of the Lower Yegua interval.
There are two unique aspects to this project:
1. Due to the deep-seated shale ridge, the objective section is over- pressured. This will help contribute to higher initial production rates and enhanced well recoveries; and 2. The objective section is hydrocarbon bearing throughout with no known water section (other than shale bound water).
To the south of the prospective area, lies an analog field. This field is productive from the same Lower Yegua interval that will be targeted by the proposed horizontal wells. This field has produced over 54.6 billion cubic feet of gas and 950 thousand barrels of condensate and is still actively producing.
Westbridge and Black Pearl are currently producing oil and gas from the Bivens Field in southwest Louisiana. Once the production numbers have fully stabilized, Westbridge and Black Pearl will update the market with the flow rates from the recently completed workovers.
Westbridge and Black Pearl are also making progress towards completing a definitive agreement and the requisite filings to complete the merger of the companies. Formal updates with be forthcoming in this regard.
Mr. Tosan Omatsola, President and CEO of Westbridge, comments: "Westbridge and Black Pearl believe the Frigate Island Project is an excellent complement to our existing portfolio of conventional oil and gas plays in the United States. Our management team is also highly focused on executing a value creating strategy in the near term, including the completion of the merger with Black Pearl, attracting partners for our various projects and drilling multiple exploration and development wells."
Mr. Michael Looney, President and CEO of Black Pearl, comments: "The Frigate Island Project has multiple unique attributes attractive to industry participants. In coordination with several technical consultants and nearby operators, we have assembled a large amount of technical data and continue to define and design the optimal project plan. We look forward to completing our planned merger with Westbridge and assuming an active role in the combined entity."
Further information on the Frigate Island Project can be found in Westbridge's corporate presentation available 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" 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.
There is no doubt that Big Data is here and getting bigger every day. Building a Big Data infrastructure today is no easy task. There are an enormous number of choices for database engines and technologies. To make things even more challenging, requirements are getting more sophisticated, and the standard paradigm of supporting historical analytics queries is often just one facet of what is needed. As Big Data growth continues, organizations are demanding real-time access to data, allowing immed...
May. 24, 2015 11:30 AM EDT Reads: 2,668
The OpenStack cloud operating system includes Trove, a database abstraction layer. Rather than applications connecting directly to a specific type of database, they connect to Trove, which in turn connects to one or more specific databases. One target database is Postgres Plus Cloud Database, which includes its own RESTful API. Trove was originally developed around MySQL, whose interfaces are significantly less complicated than those of the Postgres cloud database. In his session at 16th Cloud...
May. 24, 2015 11:30 AM EDT Reads: 880
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal S...
May. 24, 2015 11:30 AM EDT Reads: 3,694
SYS-CON Events announced today that EnterpriseDB (EDB), the leading worldwide provider of enterprise-class Postgres products and database compatibility solutions, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. EDB is the largest provider of Postgres software and services that provides enterprise-class performance and scalability and the open source freedom to divert budget from more costly traditiona...
May. 24, 2015 11:00 AM EDT Reads: 1,380
Cloud computing started a technology revolution; now DevOps is driving that revolution forward. By enabling new approaches to service delivery, cloud and DevOps together are delivering even greater speed, agility, and efficiency. No wonder leading innovators are adopting DevOps and cloud together! In his session at DevOps Summit, Andi Mann, Vice President of Strategic Solutions at CA Technologies, explored the synergies in these two approaches, with practical tips, techniques, research data, wa...
May. 24, 2015 11:00 AM EDT Reads: 6,508
Enterprises are fast realizing the importance of integrating SaaS/Cloud applications, API and on-premises data and processes, to unleash hidden value. This webinar explores how managers can use a Microservice-centric approach to aggressively tackle the unexpected new integration challenges posed by proliferation of cloud, mobile, social and big data projects. Industry analyst and SOA expert Jason Bloomberg will strip away the hype from microservices, and clearly identify their advantages and d...
May. 24, 2015 10:45 AM EDT Reads: 1,143
Data-intensive companies that strive to gain insights from data using Big Data analytics tools can gain tremendous competitive advantage by deploying data-centric storage. Organizations generate large volumes of data, the vast majority of which is unstructured. As the volume and velocity of this unstructured data increases, the costs, risks and usability challenges associated with managing the unstructured data (regardless of file type, size or device) increases simultaneously, including end-to-...
May. 24, 2015 10:30 AM EDT Reads: 4,080
If cloud computing benefits are so clear, why have so few enterprises migrated their mission-critical apps? The answer is often inertia and FUD. No one ever got fired for not moving to the cloud - not yet. In his session at 15th Cloud Expo, Michael Hoch, SVP, Cloud Advisory Service at Virtustream, discussed the six key steps to justify and execute your MCA cloud migration.
May. 24, 2015 10:30 AM EDT Reads: 2,738
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
May. 24, 2015 10:30 AM EDT Reads: 5,078
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
May. 24, 2015 10:00 AM EDT Reads: 1,794
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists will peel away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud en...
May. 24, 2015 10:00 AM EDT Reads: 1,670
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
May. 24, 2015 09:30 AM EDT Reads: 6,404
Can the spatial component of your Big Data be harnessed and visualized, adding another dimension of power and analytics to your data? In his session at Big Data Expo®, John Meza, Product Engineer and Performance Engineering Team Lead at Esri, discussed the spatial queries that can be used within the Hadoop ecosystem and their integration with GeoSpatial applications. The GIS Tools for Hadoop project was also discussed and its implementation to discover location-based patterns and relationships...
May. 24, 2015 09:30 AM EDT Reads: 3,426
“We are strong believers in the DevOps movement and our staff has been doing DevOps for large enterprise environments for a number of years. The solution that we build is intended to allow DevOps teams to do security at the speed of DevOps," explained Justin Lundy, Founder & CTO of Evident.io, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
May. 24, 2015 09:30 AM EDT Reads: 4,515
SYS-CON Media named Andi Mann editor of DevOps Journal. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. DevOps Journal brings valuable information to DevOps professionals who are transforming the way enterprise IT is done. Andi Mann, Vice President, Strategic Solutions, at CA Technologies, is an accomplished digital business executive with extensive global expertise as a strategist, technologist, innovator, marketer, communicator, and thought lea...
May. 24, 2015 09:00 AM EDT Reads: 1,093