Retransmission: Westbridge Energy Corporation Strengthens Board and Advisory Board
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 20, 2012) - Westbridge Energy Corporation (WEB.V) ("Westbridge" or "Company") is pleased to announce the appointments of Mr. Mark Frewin as a Director and Chairman of the Board of Directors and Mr. Kevin Everingham as a Director. Both were previously members of the Advisory Board. Mr. Tosan Omatsola has been appointed Technical Advisor and Member of the Advisory Board.
Board Appointments
Mr. Frewin is a partner at the international law firm of McCarthy Tetrault, based in their London office and was formerly a partner with the Wall Street law firm Milbank Tweed. His legal practice focuses on oil and gas and mining. He has participated in numerous international financings primarily for companies operating in Africa. Mr. Frewin was a member of the board of UNX Energy, as well as legal and strategic advisor, in all aspects of its African asset acquisition, capital raising, joint venture and sale negotiations. Mr. Frewin has a M.A. from Cambridge University (Trinity Hall).
Mr. Everingham is a corporate finance advisor who has most recently served as Managing Director, Oil & Gas in Calgary for a major Canadian investment bank. He has executed numerous international energy mandates and was the lead investment banker advising UNX Energy on their sale to HRT Participacoes em Petroleo S.A. for US$730 million. He holds a Bachelor of Commerce degree from the University of Toronto and an MBA from Harvard Business School.
Advisory Board Appointment
Mr. Tosan Omatsola is an exploration and development Geoscientist with over 15 years' experience in the oil and gas industry. He has a broad and extensive international technical background from his experiences with British Petroleum - BP, Texaco and United Oil and Gas.
At BP, Tosan was integrally involved in the planning, development and execution of numerous world-class, shallow water and deepwater upstream projects in the Gulf of Mexico shelf, Gulf of Mexico deepwater, Trinidad and Tobago and the Caspian Sea. His responsibilities included Co-lead Geologist for appraisal of the largest discovery in the US Gulf of Mexico in 2006 and Lead Development Geologist of the natural gas field with the highest gas production rates in the BP Group in 2005-2006. Tosan has extensive experience in seismic interpretation and subsurface geologic analysis related to deepwater and offshore environments.
In 2008, Tosan joined Ivanhoe Capital Corporation as Executive Vice president: Energy Ventures, evaluating new oil and gas projects for venture capital and project finance. In 2010, Mr. Omatsola was a co-founder of Ivanhoe Capital Corporation backed Rowena Energy and the main driver behind the strategy for the company.
Mr. Omatsola holds a bachelor's degree from the Colorado School of Mines in Geological Engineering with a specialty in minerals and petroleum exploration and a master's degree from the University of Oklahoma in Petroleum Geology. He is the author of numerous papers on petroleum reservoir quality in offshore environments and a receipt of numerous awards.
Stock Options
Westbridge also announces the granting of 1,975,000 incentive stock options to Directors and consultants pursuant to its share option plan. Each option will entitle the holder to acquire a common share of Westbridge at an exercise price of C$0.39 until August 17th, 2017. The options will vest in accordance with the plan or as otherwise required by the TSX Venture Exchange. The grant is subject to regulatory approval.
In connection with the Board restructuring, Mr. Neal Iverson has resigned as a Director of Westbridge. The Company would like to express its appreciation and thanks to Mr. Iverson for his years of service as a Director.
Westbridge Energy Website Launched
The Company is pleased to announce the launch of its corporate website at www.westbridgeweb.com. The site includes pertinent information for investors regarding Westbridge's team, growth strategy and prospects. It also makes available the Company's most recent investor presentation.
About Westbridge
Westbridge Energy Corporation is an oil and gas exploration and development company with an 80% interest in Block 1811B in the highly prospective Namibian seismic trend. Westbridge is currently reviewing the acquisition of accretive new international oil and gas opportunities.
For additional information readers are invited to review additional corporate and property information available at www.westbridgeweb.com or on SEDAR at www.sedar.com.
ON BEHALF OF THE BOARD
Peter Henry, Director
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, labour, 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.
