VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/20/13 -- Westbridge Energy Corporation ("Westbridge" or the "Company") (TSX VENTURE: WEB)(FRANKFURT: PUQ1) is pleased to announce the appointment of Mr. Mark W. Monaghan and Dr. M. Ebi Omatsola to its Advisory Board, effective immediately.
Senior Advisor: Mark W. Monaghan
Mark W. Monaghan has been appointed as a member of the Advisory Board of Westbridge. Mr. Monaghan currently serves as a corporate development consultant to Westbridge and has over 20 years of banking and corporate development experience with leading investment banks and several public companies. Over his career, Mr. Monaghan has helped raise over a billion dollars for public companies, primarily in the natural resource industry.
Mr. Monaghan has deep African resource development experience and most recently was a founding Executive Director with former publicly traded company, UNX Energy ("UNX") (TSX VENTURE: UNX), a Namibia-focused offshore oil and gas exploration company. UNX was sold to HRT Participacoes Em Petroleo S.A for US$730 million in 2011 after the company raised more than US$60 million of equity capital to fund the exploration of its deep water offshore block portfolio in Namibia.
Distinguished Advisor: Dr. M. Ebi Omatsola
Dr. Omatsola has over forty years of worldwide oil and gas industry experience and is one of the most renowned African oil and gas explorationists.
Dr. Omatsola began his career as a geologist for Agip (ENI) before joining Shell in 1967. At Shell, Dr. Omatsola was the first African to head the Shell Geological Laboratory in Nigeria and established with others the conceptual model for the development of the Niger Delta basin by Escalator Regression. In 1983, Dr. Omatsola worked in the Sultanate of Oman as Senior Team Geologist and Deputy Team Leader. He subsequently returned to Nigeria and was appointed Head of Exploration, Western Division for Nigeria. During his tenure as Head of this division, Dr. Omatsola led the exploration and development teams that developed the conceptual and depositional models in the Niger Delta, establishing the building blocks of the Niger Delta Sequence and turning around the decline in production in the western Niger Delta by quadrupling discoveries and production from that region and opening up the coastal swamp which culminated in the laying of over 80km of the 20 inch- 24 inch Trans Ramos delivery pipeline. In 1986, he transferred to Shell's worldwide head office in the Netherlands as New Ventures and Area Geologist/Consultant for Africa and the Middle East under which 14 countries, including Namibia, were under his jurisdiction. In 1989, Dr. Omatsola returned to Nigeria and became Chief Geologist for Shell Nigeria. Dr. Omatsola departed Shell in 1989 as Chief Geologist for Nigeria. In each case he established numerous firsts while discovering significant amounts of oil and gas.
In 1990, Dr. Omatsola became pioneer Managing Director/Chief Executive of Consolidated Oil (now Conoil Producing Ltd.), the leading indigenous (local) petroleum exploration and production Company in Nigeria. Under Dr. Omatsola's leadership, Conoil Producing has established an impressive record in the search for, discovery, planning and production of petroleum without any foreign/local technical partner. Conoil Producing is currently the largest net producing indigenous upstream company in Nigeria with 5 blocks and over 25,000bopd in net production (net peak production was over 45,000bopd). Dr. Ebi is currently Group Vice-Chairman of Conoil Producing Ltd.
Dr. Omatsola is the recipient of numerous prestigious national and international awards, including the first recipient of the Department of Petroleum Resources (DPR) Sponsored-NMGS/Chief M.O. Feyide's Award for Excellence and Continuity in Petroleum Geology/Engineering in Africa (March, 1999), the first recipient of the Nigerian Association of Petroleum Explorationists (NAPE) sponsored-Aret Adams Distinguished Award to Best Petroleum Geoscientist for Significant Contributions to the Earth Sciences as related to Oil & Gas (November, 2001) and the Nigerian Mining and Geosciences (NMGS) Shell Award for the Recognition of Consistent Excellent Contribution to the Development of Mining and Geosciences in Africa (March 2006).
Dr. Ebi holds a BSc, MSc and PhD degrees in Geology from the Universities of Ibadan, Nigeria, the University of Stockholm and Uppsala University in Sweden respectively.
Mark Frewin, Westbridge's Chairman, commented, "Westbridge is very honored to make these additions to our Advisory Board. The addition of Dr. Omatsola and Mr. Monaghan bring world class and outstanding technical, governmental, business and capital markets knowledge and experience to Westbridge. Their combined 60+ years of experience in the natural resource space will add significant value to Westbridge and provide us with an unparalleled competitive advantage to 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 underexplored 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.
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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