Westbridge Energy - Corporate Presentation - January 2014

Westbridge Energy Corp.
US Production with African Optionality, January 2014

TSX.V: WEB | FRANKFURT: PUQ1

Forward Looking Statements
This presentation contains forward-looking statements and factual information that are current as of the date the
presentation was originally delivered. When used in this presentation, words such as “may”, “would”, “could”, “will”,
“expect”, “anticipate”, “estimate”, “believe”, “contemplate”, “intend”, “budget”, “plan” and other similar expressions
are intended to identify forward-looking statements.
Forward-looking statements include, but are not limited to, statements with respect to the timing and amount of
estimated future exploration, success of exploration activities, expenditures, permitting, and requirements for
additional capital and access to data. Forward-looking statements involve known and unknown risks, uncertainties,
and other factors which may cause the actual results, performance or achievements of Westbridge Energy Corp.
(the “Company”) to be materially different from any future results, performance or achievements expressed or
implied by the forward-looking statements. Such factors include, among others, risks related to actual results of
current exploration activities; changes in project parameters as plans continue to be refined; the ability to enter into
joint ventures or to acquire or dispose of properties; future prices of oil and gas; fluctuations in currency markets;
operating or technical difficulties in relation to the speculative nature of oil exploration; accidents, employee
relations (including labour disputes) and other risks of the resource industry; ability to obtain financing; changes in
costs and estimates associated with the Company’s projects; legislative, political or economic developments in the
jurisdictions in which the Company carries on business; requirements for additional capital; and regulatory
restrictions including delays in obtaining governmental approvals.
Although the Company has attempted to identify important factors that could cause actual results to differ
materially from those contained in forward-looking statements, there may be other factors that cause results not to
be as anticipated, estimated or expected. The Company disclaims any intention or obligation to update or revise
any forward-looking statements, whether as a result of new information, future events or otherwise except as
required by applicable law.


An Emerging E&P Company
A diverse portfolio of production, development and exploration
stage oil and gas assets...

Proven
Producing:
Bivens Field,
Louisiana

Proven NonProducing:
Wharton County
Field, Texas

Advanced Stage
Exploration:
Lavaca County,
Texas

Early Stage
Exploration:
Offshore,
Namibia, Africa

...underpinned by extensive access to seismic data and a strong
technical and financial management team

1

Numerous Investment Catalysts
1) Attractive Combination of Assets

2) Attractive Terms



Diverse portfolio of assets. Reduced risk with
considerable upside



US assets with low entry cost into known oil &
gas regions. Farm-in for multiple interests



Strategy deployed by multiple US producers,
e.g. Anadarko, Apache, Marathon, Occidental



Namibian assets with long term license
renewals. Long dated option on discovery

3) Highly Experienced Team

4) Pipeline of Opportunities



Considerable managerial, financial and
technical expertise. Public markets focused



Planned merger of Westbridge and Black Pearl
Holdings, LLC in 2014. Consolidate US assets1



US technical partners with production,
development and exploration expertise



Drill targets from 100,000 miles of 2D in Gulf
States and 85 square miles of 3D in Lavaca

Westbridge offers investors exposure to a diverse portfolio of attractive assets
managed by a highly competent team. The company is also extremely scalable
with considerable intellectual property used to identify opportunities
Note: (1) Westbridge with option to merge with Black Pearl as announced on November 27, 2013


2

Exceptional US Partners
Black Pearl Holdings, LLC (“BPH”)

Michael Looney, President

 A Houston, Texas-based
exploration and production
company

 Over 38 years of experience as a petroleum
geologist and geophysicist
 Responsible for the overall guidance of BPH,
including partner relationships, directing exploration
efforts and establishing strategic alliances

 Extensive experience
generating and developing
oil & gas properties in US

 Previously with ExxonMobil, Hunt Energy, Terra
Resources, and Edge Petroleum. Formed his first
company in 1985 and is credited with over 500 BCF
in discoveries

 Team is comprised of 5 professionals who
possess over 150 years experience. Team has
worked together for over 12 years

 Bachelor of Science and Master of Arts in Geology
from University of Texas at Austin

 100,000 linear miles of 2D seismic license rights
acquired from Exxon. Data covers 7 states
throughout the US Gulf Coast

Houston, Texas based team with extensive
technical oil & gas experience and pipeline
of opportunities

Team led by Michael Looney, a seasoned oil &
gas professional with a history of
successful ventures

Source: Black Pearl Holdings, LLC


3

Access to World Class 2D Seismic
Westbridge has an option to participate up to a 50% working interest in
drill targets generated from a 2D dataset licensed from ExxonMobil

 100,000 linear miles of 2D data licensed from ExxonMobil
 Data spans 7 US states – Texas, Louisiana, Alabama, Mississippi, Georgia, Florida, Arkansas
 Significant time and over $20mm spent reprocessing and exploiting the data
 Identified 500+ drill targets. Black Pearl has 70% commercial success rate drilling 60 targets


4

Proven Producing:
Bivens Field, Louisiana


5

Producing Asset
Bivens Field was discovered by BPH in 2010 and is located to the south of Neale Field;
an analog field with significant historic production and reserves
Location of Bivens Field and Regional Activity

Highlights

Neale Field
Wx Production
64+ BCF
20+ MMBO

Tenneco Fee #1
Wx Completion

 Producing field in Beauregard Parish,
Louisiana. Over $11.5m previously
invested
Louisiana

Bivens Field
Wx Production

 31.0% working interest
 Discovered in 2010 with 2 wells –
Olympia Minerals #1 and #2
•

El Paso Hennigan
Wx Completion

•

Bivens
Field
Location
Analog
Wilcox
Fields or
Completions


6

Light oil and liquids rich gas
discovery

•

Midstates Forestar 7
Wx Completion

Structural 3-way rollover against fault

Current production of 40 - 50 BOEPD

 Net NI 51-101 2P reserves of 0.8 Mbbl
and 6.6 BCFG. NPV10 of $23.7m
•

Significant expansion potential with
addition of deep sands

•

Deep test planned in 2014

Olympia Minerals #1 Well
TD – 13,500’

Lower Wilcox
Marker

9 Pay Sands

3 Possible Pay Sands



7

Olympia Minerals #2 Well
TD – 12,200’
150’

11,300’ Wx Sd

10,600’ Wx Sd

10,700’ Wx Sd

11,750’ Wx Sd

11,850’ Wx Sd

5 Pay Sands



8

Highly Productive Deep Sands
Proposed Loc.
Tenneco #1 Fee

Vetra #1 OM

NW

SE
12,700’ SD

13,050’ SD
13,100’ SD
13,200’ SD

13,400’ SD

13,500’ SD

13,850’ SD

13,500’, 13,850’
and 14,100’
sands are three
largest
producers in
the SW
Louisiana
Wilcox trend
Expected to be
seen in the
lower part of the
proposed
Bivens deep
well in Q3 2014

14,100’ SD

MIDWAY



9

PTD.
14,300’

Cross Section Reference Map
CorrelationTURTLE DOVE CAY Louisiana
Cross SectionPROSPECT
Beauregard Parish, Reference Map
Bivens Field Area

 Middle
Wilcox sands
produced
6,600,000
barrels of oil
 Equivalent to
11,000’ and
12,000’ sands
at Bivens
Field

NEALE FIELD

Neale Field
64+ BCF
20+ MMBO
64+ BCF
20+ MMBO

( 470)
( 420)

TYPE LOG
( 440)

( 300)

Neale Field
Type Log
Coronado
Minerals #1

( 300)

 Lower Wilcox
“Rice G & B
sands”
produced
4,300,000
barrels of oil

( 225)

 Equivalent to
the 13,400’
and 13,500’
sands at
Bivens Field

( N FP)

( 400)

Bivens North
TENNECO OIL
#1 Tenneco Fee
Field
Type Log
Tenneco Fee #1

Bivens Field

( N FP)

TURTLE DOVE
Type Log
CAY PROSPECT

Olympia Minerals
#1



10

 “Central Coal
and Coke”
sand produced
2,300,000
barrels of oil

 Equivalent to
the 13,200’
sand at Bivens
Field

Stratigraphic Cross Section

NEALE FIELD
Produced 13+ MMBO
From 6 Lower Wilcox Sands

Oil Productive

*
*

Gas/ Condensate Productive

BIVENS NORTH FIELD
Tested 13,200’ Lower Wilcox Sand

Gas/ Condensate Shows



11

BIVENS FIELD
Over 75’ Of Calculated Pay
From 5 Lower Wilcox Sands

Proven Non-Producing:
Wharton County Field, Texas


12

Near Term Production
Wharton Field was discovered by BPH in 2010. The field is non-producing with proven
oil production potential and significant upside with additional wells
Location of the Wharton County Field Project

Highlights

Boling Salt
Dome

 Wharton Field was discovered in 2010
by BPH

Damon Mound
Frio Production
5+ MMBO

 37.5% working interest
 Seismically defined, amplitude driven,
normally pressured Frio Sand in
Wharton County, Texas

Boling Dome
Frio Production
25+ MMBO

•
Wharton
County Field
Project

Horizon Exploration 3 Wells
Frio Completion
Field
Location

2 wells drilled confirm economics

•

Simple structural-stratigraphic trap
against a salt diaper

 Net NI 51-101 2P reserves of 0.2
MMBO of light & medium oil and 87
MMcf of gas. NPV10 of $5.2m for
single development well



13

•

Full development plan to be created

•

Analog Frio
Completions

Considerable upside in reserves
expected

Highly Productive Oil Reservoir
Seismic Images

Highlights

 Acquired seismic line
(enlarged) showing
productive anomaly, two
previously drilled wells,
and the remaining
probable up dip
productive area

SALT

Drilled Well
Planned Well

#1-OH #1-ST

#3 (planned)
SALT

 Seismic indicates
structural gain of 40’ – 50’
to #1 OH and 30’ – 40’ to
the #1 ST
 Reservoir parameters are
excellent from sidewall
cores and FT

Schematic of Main
Wharton Field
Reservoir

•
•
Observed
OWC


14

Porosity: 27% – 30%
Permeability: 300md –
1500md

Proposed Gary Heirs #3 Well

-9501

-9511
 Proposed Gary Heirs #3 location would be
520’ to the northeast of the Gary Heirs #1
OH, along Exxon Line 15750, and within
the amplitude event
 Map indicates location an estimated 50’ 60’ high to GH #1 OH and 40’ high to GH #1
ST



15

Proven Pay with Significant Upside
Gary Heirs #1 ST

Gary Heirs #1 OH

Top Pay Interval
12’
Pay?

25’
Pay

12’
Pay

Possible
Net
Hydrocarbon
Gain

Possible
Net
Hydrocarbon
Gain



16

Advanced Stage Exploration:
Lavaca County, Texas


17

Misinterpreted Play Trend
Lavaca County Project is a conventional oil & liquid-rich gas play at the eastern
extension of the Eagle Ford trend in Lavaca County, Texas
Lavaca 3D, Eagle Ford Extension Play

Highlights
 Misinterpreted conventional oil & gas
play

Lavaca 3D
seismic area –
85 square miles

 85 square miles of proprietary 3D
seismic acquired
•
Lavaca
County

Over $8.5m invested

•

3D key to unlocking geological play

•

Estimated acquisition cost of $425
per acre

 Targeting 50% working interest in
leases

Known oil,
condensate and dry
gas window

 Production from regional analogs,
e.g. Valentine and Menking
 Vertical wells at 1/4 to 1/3 cost of
unconventional shale wells
 Over 50 drill targets identified



18

Known Geology
Trap Types and Reservoirs in Lower Wilcox Valley-Fill and Submarine Canyon

Highlights

 2 predominate trap types
in the Lower Wilcox:
1.Sands truncated against
the edge of shale filled
submarine canyon or
entrenched valley
2.Erosional sand remnant
beneath base of the
channel base
 Potential for multiple
stacked reservoirs and
very significant
hydrocarbon column
accumulations



19

Highly Prospective Area with Analogs
Coherency Slice from 3D Seismic Over Lavaca AMI

Highlights

Base of Middle Wilcox
Erosional Sequence

 Identified areas for traps
located beneath or
abutting shale features
are evident on 3D
seismic

Kinkler Field

Valentine
Field

Identified Areas for Traps Formed by
Impermeable Valley Fill Deposits

Identified Areas for Traps Formed by Sands
Deposited Within Valley Fill Deposits



20

 Geophysical attributes
along with integration of
the well control and
analog fields (Valentine
and Kinkler) significantly
mitigates risk of
prospects

Analog Fields Proving Play Trend
Correlation Cross-Section Valentine Field Lavaca County, Texas

Highlights

 Cross-sections show proven
production from Valentine and
Menking Fields within Lavaca
AMI:
•

Two proven produced fields
Valentine and Menking (and
Also Kinkler Fields) give
validity to the numerous
targets in the Lavaca AMI

•

Lower Wilcox Sands truncated
against the edge of shale filled
submarine canyon or
entrenched valleys

•

Erosional sand remnants
beneath base of the channel
base

Correlation Cross-Section Menking Field Lavaca County, Texas



21

Numerous Identified Drill Targets

The 3D seismic survey has been used to identify over 50 drill targets based on analog
fields (Valentine, Menking and Kinkler Fields)

22

Early Stage Exploration:
Offshore, Namibia, Africa


23

A Hydrocarbon Exploration Frontier


Highly underexplored region
o Only 17 wells drilled in <20 years; 7 on Kudu
Gas Field alone
o Billions of barrels of oil and gas resources

22,484 km2 of contiguous licences

2012B
2112A

o 14x size of Greater London
o 468x size of Thunder Horse Field US-GOM
(~265,000 bopd; over 1BBO+ reserves)
o 3x size of Ghawar Field, SA. Worlds largest:
5m bopd, over 61BBO produced to date



Significant regional activity with multiple
majors and large independents present
Tullow /
Pancontinental

Source: Licence Owners


24

2113A



Brazil / Namibia: Bridge to Discovery
Albian
110 Ma

Albian
90 Ma



Cenomanian
95 Ma

CenomanianMaastrichtian
75 Ma

Technical analysis shows that the Santos and Walvis Basins share similar oil types, geologic histories and
settings, i.e. Santos Basin is an appropriate analog for Namibia’s Walvis Basin


Recent technical discovery in the Walvis Basin adds validity to this theory

Source: USGS, 2010 (modified)


25

Numerous Regional Catalysts
1811A:
Chariot drilled
1st well in 2012.
drilling 2nd well
in 2014

2011A org / 1911
org: Repsol / Tower
drilling a well in 1Q
2014.
13.1 BBO Potential

2112A

Gas Show/Well
Oil Show

2113A

2012B

Tullow farm-in
for implied
valuation of
$200m in Q3
2013

Dry Well
Planned Well

2112:
HRT and Galp
2 wells drilled in
2013. Wingat-1
technical
discovery

Tullow /
Pancontinental

2714A:
Chariot Oil & Gas /
Petrobras / BP
drilled Nimrod
prospect, 2H 2012

HRT and Galp
Drilled 1 well in
Orange Basin
3Q, 2013

Source: Licence Owners


26

Extensive Data Coverage

1811B:
20 new lines shot (red)
11 historic lines (black)

 Over 10,000 line km of new and
historic 2D seismic lines
covering the licenses
• Highest amount in Walvis Basin
• Over 35% is newly acquired world
class 2D seismic data

19’s:
Over 50 new lines shot
Over 100 historic lines
2 previous exploration
wells

 2 wells previously drilled by
Norsk Hydro (Now Statoil of
Norway). Oil shows in 1 well
• Well penetrated Early - Mid
Cretaceous rift extensional carbonates
and clastic systems; section equivalent
to pre-salt fields, Brazil
• Oil show consistent with HRT Wingat-1
well
• Very Rich source rock with total
organic carbon of 3-6%
Oil Show
Dry Well
Planned Well


27

Corporate Information


28

Defined Capital and Development Plan
WEB
Share of
Costs (m)

$0.3

$1.3

$0.1

Shares1

$3.0

$3.1

$1.5

2014
Well Work
Over

Jan 2013
Launch workover of Bivens
Field wells

Production
Drilling

Jun 2014
Launch drilling of
Bivens Field
deep well

Feb 2014
Launch drilling of
Wharton well

Exploration
Drilling and
Seismic
Reprocessing
Corporate
Developments

Mar 2014
Reprocessing of
Lavaca 3D data

Jan 2014
Launch process to
farm-down/monetize
Namibian assets

May 2014
Launch drilling of
2 Lavaca wells

Aug 2014
Launch drilling of
an additional
Lavaca well

Apr 2014
Close merger of
Westbridge and
Black Pearl

Numerous technical and corporate value creating events planned for 2014
Note: (1) Black Pearl has granted WEB the exclusive option to acquire 100% of the assets or shares of Black Pearl in exchange for 84.5 million shares


29

Highly Experienced Board of Directors
Name and Position

Background

Mark Frewin
Chairman

 Over 25 years of legal and financial experience with an expertise in resources
 Previously Partner of McCarthy Tétrault, based in their London office and was formerly a
partner with the Wall Street law firm Milbank Tweed. Former member of the board of UNX
Energy, as well as legal and strategic advisor

Board of Directors

 MA from Cambridge University (Trinity Hall)
Michael Looney
 Over 38 years of experience as a petroleum geologist and geophysicist
Director of Westbridge &  Previously with ExxonMobil, Hunt Energy, Terra Resources, and Edge Petroleum.
President and CEO of
Formed his first company in 1985 and is credited with over 500 BCF in discoveries
Black Pearl Holdings,
 Bachelor of Science and Master of Arts in Geology from University of Texas at Austin
LLC
Peter Henry
Independent Director

 Over 15 years of experience in the investment and energy businesses, with strong
relationships in the US and international financial markets. Closed $65m of US
transactions in the last 12 months
 Worked with FirstEnergy Capital, managing the portfolios of accredited energy investors,
and Canaccord Capital, where he helped start the Calgary sales and trading desk

Kevin Everingham

 Corporate finance advisor who most recently served as Managing Director, Oil & Gas
in Calgary for BMO Capital Markets. Lead investment banker advising UNX Energy on
their sale to HRT Participacoes em Petroleo S.A.
 Holds a BComm from University of Toronto and an MBA from Harvard Business School

Paul Larkin

 Many years of senior leadership and management experience in corporate finance,
merchant banking and administrative management of public companies
 President of the New Dawn Group, an investment and financial consulting firm located
in Vancouver, British Columbia, and a director and officer of various TSX-V listed companies


30

Focused Management Team
Background

Tosan Omatsola
CEO

Management

Name and Position

 Over 17 years of oil & gas experience in exploration, development and finance
 Extensive international technical background. Previously with Ivanhoe Energy, Rowena
Energy, British Petroleum (BP), Texaco (now Chevron) and United Oil & Gas Ltd.
 Bachelor’s degree from the Colorado School of Mines in Geological Engineering and
Master’s degree from the University of Oklahoma in Geology

Robert Boisjoli
CFO

 Over 31 years of experience in advisory services and financial management. Extensive
experience as a director and senior officer of public and private companies
 Chartered Accountant (CA), Chartered Business Valuator (CBV), and holds a BComm
in accounting from Concordia University (Montreal)

Darren Collins
VP, Business
Development and IR

 Over 6 years of public markets experience. Previously with multiple advisory firms and a
consultant to UNX Energy and HRT Participacoes em Petroleo S.A.

Dr. Ebi Omatsola
Distinguished Advisor

 Over 40 years of worldwide oil & gas industry experience. Renowned oil & gas
explorationist

 BComm in finance from Dalhousie University

Advisors

 Former Chief Geologist for Shell Nigeria and Managing Director/Chief Executive of
Consolidated Oil (now Conoil Producing Ltd.), the leading indigenous company
 Holds a BSc, MSc and PhD degrees in Geology from the Universities of Ibadan, Nigeria,
the University of Stockholm and Uppsala University in Sweden

Mark Monaghan
Senior Advisor

 Over 20 years of banking and corporate development experience with leading
investment dealers and several public companies
 Previously founder and executive director of UNX Energy, a oil & gas exploration
company sold to HRT Participacoes em Petroleo S.A. for $730m
 Holds a BA in Economics from Queens University and BComm from University of Windsor


31

Experienced US Technical Partners
Name and Position

Background

Michael Graham
Vice President of
Geophysics

 Over 40 years experience as a geophysicist working for both contractors and oil
companies
 Previously with Mobil for 16 years both domestically and internationally

Black Pearl Technical Team

 Bachelor of Science in Geophysics from the New Mexico Institute of Mining and
Technology

Stephen E. Zeboski
 Over 32 years of oil and gas experience in the Gulf Coast region
Vice President of
 Principal prospect generator associated with and part of over 400 BCF in discoveries.
Exploration & Production
Previously with Tenneco and a number of smaller independents
 Bachelor of Science in Geology and Geophysics from the University of Missouri-Rolla and
an Honorary Professional Degree in Geology from the University of Missouri-Rolla
John Wilder
Vice President of Land

 Over 33 years of experience primarily focused on the Texas Gulf Coast region

Trevor L. Hull
Vice President of
Business Development

 Over 17 years of business development and operational experience

 Attended Sam Houston State University

 Manages crude oil and gas marketing as well as pricing and trends concerning services,
operations, rig costs and availability
 Graduated from Texas A&M University. Holds a Certificate of Petroleum Land
Management from the University of Houston



32

Current Share Structure

Symbol - TSXv

WEB

Share Price1

$0.07

Basic Shares (m)2

124.0

Warrants (m)2

54.5

Options (m)

6.7

FD Shares (m)2

185.2

Market Capitalization (m)

$8.7

Cash Basic (m)2

$2.6

Notes: (1) As at December 31, 2013 (2) As at September 30, 2013 plus net proceeds, shares and warrants from financing closed December 18, 2013
and 5m shares issued to BPH


33

T H A N K Y O U

Corporate Office:
Suite 530-625 Howe Street
Vancouver, British Columbia
Canada V6C 2T6
www.westbridgeweb.com
Tel: +1-604-638-9378
Fax: +1-604-638-9379


Westbridge Energy - Corporate Presentation - January 2014

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