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Westbridge Energy (V.WEB) mobilizes work over crew for Bivens Field

Gaalen Engen Gaalen Engen,
1 Comment| April 8, 2014

Westbridge Energy (TSX-V:WEB, StockForum), a Vancouver-based oil and gas exploration and production firm with a diverse portfolio of assets in the US and offshore Namibia, announced today that the company, along with Black Pearl Holdings, had mobilized a work crew and the Baker Hughes' STIMGun propellant-assisted perforating system to the Bivens Field located in the Beauregard Parish, Louisiana.


According to the news release, the work crew and equipment are anticipated to be on location by the end of the week and production results will be available a few days after the work over of the Olympia Minerals #2 (“OM#2”) well has been finished.


Both companies expect to obtain a work crew and fracture equipment for the 11,300' sand of the Olympia Minerals #1 (“OM#1”) well at Bivens in the near future. As with OM#2, the work over will be carried out by Baker Hughes.


President and CEO of Westbridge, Tosan Omatsola, commented, “The work over of the wells at Bivens Field will mark a significant step forward for Westbridge and its partnership with Black Pearl Holdings, LLC.”


He went on to explain, “It is anticipated these work overs will produce results similar to the initial production rates at the time these wells were drilled and may provide cash flow sufficient to sustain the ongoing operations of both companies.”


Then detailed further, “The OM#1 had initial test rates of 240 barrels of oil per day and 1 million cubic feet of gas per day and the OM#2 had initial test rates of 160 barrels of oil per day and 800 thousand cubic feet of gas per day.”


Westbridge Energy was in the news recently when the company reprocessed Lavaca 3D and increased its total number of prospects.


Currently there are 124.0m outstanding shares with a market cap of $9.3 million.


FULL DISCLOSURE: Westbridge Energy is a Stockhouse Publishing client

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Yup yupp. Good stuff. Moving along just nicely. All onboard!!!
1 star
April 8, 2014
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