VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/12/13 -- Westbridge Energy Corporation ("Westbridge" or the "Company") (TSX VENTURE: WEB)(FRANKFURT: PUQ1) is pleased to announce the appointment of Mr. Tosan Omatsola as President, Chief Executive Officer and a member of the Board of Directors, effective immediately.
President and CEO Appointment
Mr. Tosan Omatsola is an exploration and development Geoscientist with over 15 years of experience in the oil and gas industry. He has a broad and extensive international technical background from his experiences with Ivanhoe Energy, Rowena Energy, British Petroleum ("BP"), Texaco (now Chevron) and United Oil and Gas Ltd. Mr. Omatsola has a deep understanding of seismic and subsurface geology related to shallow and deepwater environments, specifically in complex, sub-salt and offshore turbidite environments.
At BP, Mr. Omatsola was integrally involved in the planning, development and execution of numerous world class, shallow and deep water upstream projects in the Gulf of Mexico shelf, Gulf of Mexico Ultra - deepwater, Trinidad and Tobago and the Caspian Sea. Some of his responsibilities at BP 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 and 2006. At Texaco, Mr. Omatsola worked on the exploration of the initial group of deepwater oil and gas discoveries in Angola.
In 2008, Mr. Omatsola joined Ivanhoe Capital Corporation ("ICC") as Executive Vice-President: Energy Ventures, providing strategic inputs to ICC and evaluating new oil and gas projects for venture capital and project finance. Mr. Omatsola subsequently joined Ivanhoe Energy as Vice President: Exploration and was involved in Ivanhoe Energy's business development team where he participated in Ivanhoe Energy's capital raising ventures and aided in the appraisal of new oil and gas projects in the Middle East and Sub-Saharan Africa.
In late 2012, Mr. Omatsola joined Westbridge's Advisory Board as Technical Advisor and has been providing strategic and technical inputs to Westbridge on its assets in Namibia and other potential opportunities in Sub-Saharan Africa.
Mr. Omatsola holds a bachelor's degree from the Colorado School of Mines in Geological Engineering with a specialty in minerals and petroleum exploitation and a master's degree from the University of Oklahoma in Geology with a focus on deepwater exploration and development. He is the author of numerous papers on predicting petroleum reservoir quality in offshore environments and a recipient of numerous awards.
Mr. Cody Lee has resigned as President and CEO of Westbridge due to other commitments. On behalf of the Board we thank him for his contribution in helping build Westbridge to this current stage and wish him success in his future endeavors.
Mark Frewin, Westbridge's Chairman, commented, "Westbridge enthusiastically welcomes the addition of Mr. Omatsola as our new President, CEO and a member of the Board of Directors. Mr. Omatsola brings enormous technical and reputable capital markets experience to Westbridge. Mr. Omatsola's unique skill set will be a strategic competitive advantage to Westbridge and will position the Company to advance our assets and work program in Namibia and grow our African asset portfolio in the near to medium term."
About Westbridge Energy Corporation
Westbridge Energy Corporation is an international oil and gas exploration and development company with a robust portfolio of oil and gas licenses in the vastly under-explored and highly prospective Walvis Basin, offshore Namibia. The licenses cover five blocks (1811B, 1911A rel, 1912B, 1910A rel and 2011A rel) which cover over 21,448 square kilometers and contain over 10,000 line kilometers of high quality 2D seismic data. Westbridge is Operator of the licenses and has an 80% working interest in 1811b and a 75% working interest in the remaining four licenses. Westbridge's initial technical analysis indicates the licenses show similar geologic play concepts and trends to those observed in other prolific petroleum basins in Brazil and the deep waters of Ghana, Angola, Liberia and Sierra Leone. Westbridge is continuously reviewing accretive new international oil and gas opportunities to grow its portfolio and create shareholder value.
For additional information readers are invited to review additional corporate and property information available on SEDAR at www.sedar.com and Westbridge's website at www.westbridgeweb.com.
ON BEHALF OF THE BOARD
Peter Henry, Director
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.
Westbridge Energy Corporation
President and CEO
Derek Gradwell, SVP, Natural Resources
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