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

Proven

Producing:

Bivens Field,

Louisiana

Proven Non-

Producing:

Wharton County

Field, Texas

1

Advanced Stage

Exploration:

Lavaca County,

Texas

Early Stage

Exploration:

Offshore,

Namibia, Africa

A diverse portfolio of production, development and exploration

stage oil and gas assets...

...underpinned by extensive access to seismic data and a strong

technical and financial management team


Numerous Investment Catalysts

1) Attractive Combination of Assets 2) Attractive Terms

Diverse portfolio of assets. Reduced risk with

considerable upside

Strategy deployed by multiple US producers,

e.g. Anadarko, Apache, Marathon, Occidental

US assets with low entry cost into known oil &

gas regions. Farm-in for multiple interests

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

US technical partners with production,

development and exploration expertise

Planned merger of Westbridge and Black Pearl

Holdings, LLC in 2014. Consolidate US assets1

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

2

Note: (1) Westbridge with option to merge with Black Pearl as announced on November 27, 2013


Exceptional US Partners

Black Pearl Holdings, LLC (“BPH”) Michael Looney, President

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

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

Bachelor of Science and Master of Arts in Geology

from University of Texas at Austin

A Houston, Texas-based

exploration and production

company

Extensive experience

generating and developing

oil & gas properties in US

Team is comprised of 5 professionals who

possess over 150 years experience. Team has

worked together for over 12 years

100,000 linear miles of 2D seismic license rights

acquired from Exxon. Data covers 7 states

throughout the US Gulf Coast

Source: Black Pearl Holdings, LLC

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

3


Westbridge has an option to participate up to a 50% working interest in

drill targets generated from a 2D dataset licensed from ExxonMobil

Access to World Class 2D Seismic

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

Producing field in Beauregard Parish,

Louisiana. Over $11.5m previously

invested

31.0% working interest

Discovered in 2010 with 2 wells –

Olympia Minerals #1 and #2

• Structural 3-way rollover against fault

• Light oil and liquids rich gas

discovery

• 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

Location of Bivens Field and Regional Activity Highlights

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

Bivens

Field

Location

Analog

Wilcox

Fields or

Completions

Neale Field

Wx Production

64+ BCF

20+ MMBO

Bivens Field

Wx Production

Tenneco Fee #1

Wx Completion

El Paso Hennigan

Wx Completion Midstates Forestar 7

Wx Completion

Louisiana


6


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’

10,600’ Wx Sd

10,700’ Wx Sd

11,300’ Wx Sd

11,750’ Wx Sd

11,850’ Wx Sd

5 Pay Sands


8


Highly Productive Deep Sands


Tenneco #1 Fee Vetra #1 OM

NW SE

PTD.

14,300’

Proposed Loc.

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

9

12,700’ SD

13,050’ SD

13,100’ SD

13,200’ SD

13,400’ SD

13,500’ SD

13,850’ SD

14,100’ SD

MIDWAY


Cross Section Reference Map

10


TURTLE DOVECAY PROSPECT

TENNECO OIL#1 Tenneco Fee

TYPE LOG

NEALE FIELD64+ BCF

20+ MMBO

TURTLE DOVE CAY PROSPECT

Beauregard Parish, Louisiana

(470)

(420)

(300)

(440)

(225)

(300)

(NFP)

(400)

(NFP)

Neale Field

Type Log

Coronado

Minerals #1

Bivens North

Field

Type Log

Tenneco Fee #1

Bivens Field

Type Log

Olympia Minerals

#1

Correlation Cross Section Reference Map

Bivens Field Area

Neale Field

64+ BCF

20+ MMBO

Middle

Wilcox sands

produced

6,600,000

barrels of oil

Equivalent to

11,000’ and

12,000’ sands

at Bivens

Field

Lower Wilcox

“Rice G & B

sands”

produced

4,300,000

barrels of oil

Equivalent to

the 13,400’

and 13,500’

sands at

Bivens Field

“Central Coal

and Coke”

sand produced

2,300,000

barrels of oil

Equivalent to

the 13,200’

sand at Bivens

Field


Stratigraphic Cross Section


11

* Oil Productive

Gas/ Condensate Productive

Gas/ Condensate Shows *

NEALE FIELD

Produced 13+ MMBO

From 6 Lower Wilcox Sands

BIVENS NORTH FIELD

Tested 13,200’ Lower Wilcox Sand

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 in 2010

by BPH

37.5% working interest

Seismically defined, amplitude driven,

normally pressured Frio Sand in

Wharton County, Texas

• 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

• Full development plan to be created

• Considerable upside in reserves

expected

Location of the Wharton County Field Project Highlights

Wharton Field was discovered by BPH in 2010. The field is non-producing with proven

oil production potential and significant upside with additional wells

Wharton

County Field

Project

Boling Salt

Dome


13

Field

Location

Analog Frio

Completions

Horizon Exploration 3 Wells

Frio Completion

Boling Dome

Frio Production

25+ MMBO

Damon Mound

Frio Production

5+ MMBO


Highlights

Highly Productive Oil Reservoir

Seismic Images

Acquired seismic line

(enlarged) showing

productive anomaly, two

previously drilled wells,

and the remaining

probable up dip

productive area

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

• Porosity: 27% – 30%

• Permeability: 300md –

1500md


14

SALT

Drilled Well

Planned Well

SALT

Schematic of Main

Wharton Field

Reservoir

#1-OH #1-ST #3 (planned)

Observed

OWC


Proposed Gary Heirs #3 Well


15

-9511

-9501

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


Proven Pay with Significant Upside

Top Pay Interval

25’

Pay 12’

Pay

12’

Pay?

Possible

Net

Hydrocarbon

Gain

Possible

Net

Hydrocarbon

Gain

Gary Heirs #1 OH Gary Heirs #1 ST


16


Advanced Stage Exploration:

Lavaca County, Texas

17


Misinterpreted conventional oil & gas

play

85 square miles of proprietary 3D

seismic acquired

• Over $8.5m invested

• 3D key to unlocking geological play

• Estimated acquisition cost of $425

per acre

Targeting 50% working interest in

leases

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

Misinterpreted Play Trend

Lavaca 3D, Eagle Ford Extension Play Highlights

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

County

Lavaca 3D

seismic area –

85 square miles

Known oil,

condensate and dry

gas window


18


Highlights

Known Geology

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

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

Identified Areas for Traps Formed by

Impermeable Valley Fill Deposits

Identified Areas for Traps Formed by Sands

Deposited Within Valley Fill Deposits

Base of Middle Wilcox

Erosional Sequence

Valentine

Field

Kinkler Field

Highlights Coherency Slice from 3D Seismic Over Lavaca AMI

Identified areas for traps

located beneath or

abutting shale features

are evident on 3D

seismic

Geophysical attributes

along with integration of

the well control and

analog fields (Valentine

and Kinkler) significantly

mitigates risk of

prospects


20


Analog Fields Proving Play Trend

Highlights Correlation Cross-Section Valentine Field Lavaca County, Texas

Correlation Cross-Section Menking Field Lavaca County, Texas

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


21


Numerous Identified Drill Targets

22

The 3D seismic survey has been used to identify over 50 drill targets based on analog

fields (Valentine, Menking and Kinkler Fields)


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

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

2112A

2012B

2113A

Tullow /

Pancontinental

Source: Licence Owners

24


Brazil / Namibia: Bridge to Discovery

Source: USGS, 2010 (modified)

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

Albian

110 Ma

Cenomanian

95 Ma

Albian

90 Ma

Cenomanian-

Maastrichtian

75 Ma

25


Numerous Regional Catalysts

2011A org / 1911

org: Repsol / Tower

drilling a well in 1Q

2014.

13.1 BBO Potential

1811A:

Chariot drilled

1st well in 2012.

drilling 2nd well

in 2014

2714A:

Chariot Oil & Gas /

Petrobras / BP

drilled Nimrod

prospect, 2H 2012

Gas Show/Well

Oil Show

Dry Well

Planned Well

Source: Licence Owners

2112A

2012B

2113A

Tullow /

Pancontinental

2112:

HRT and Galp

2 wells drilled in

2013. Wingat-1

technical

discovery

Tullow farm-in

for implied

valuation of

$200m in Q3

2013

HRT and Galp

Drilled 1 well in

Orange Basin

3Q, 2013

26


Extensive Data Coverage

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

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%

1811B:

20 new lines shot (red)

11 historic lines (black)

19’s:

Over 50 new lines shot

Over 100 historic lines

2 previous exploration

wells

Oil Show

Dry Well

Planned Well

27


Corporate Information

28


Defined Capital and Development Plan

2014

Jan 2013

Launch work-

over of Bivens

Field wells

Feb 2014

Launch drilling of

Wharton well

Well Work

Over

Production

Drilling

Exploration

Drilling and

Seismic

Reprocessing

WEB

Share of

Costs (m)

May 2014

Launch drilling of

2 Lavaca wells

Jun 2014

Launch drilling of

Bivens Field

deep well

Aug 2014

Launch drilling of

an additional

Lavaca well

$0.3 $1.3 $3.0 $3.1 $1.5

Numerous technical and corporate value creating events planned for 2014

Mar 2014

Reprocessing of

Lavaca 3D data

$0.1

29

Corporate

Developments Apr 2014

Close merger of

Westbridge and

Black Pearl

Shares1

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

Jan 2014

Launch process to

farm-down/monetize

Namibian assets


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

MA from Cambridge University (Trinity Hall)

Michael Looney Director of Westbridge &

President and CEO of

Black Pearl Holdings,

LLC

Over 38 years of experience as a petroleum geologist and geophysicist

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

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

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 Independent Director

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 Independent Director

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

Bo

ard

of

Dir

ecto

rs

30


Focused Management Team


Tosan Omatsola CEO

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.

BComm in finance from Dalhousie University

Dr. Ebi Omatsola Distinguished Advisor

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

explorationist

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

Man

ag

em

en

t A

dv

iso

rs

31


Experienced US Technical Partners


32


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

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

Technology

Stephen E. Zeboski Vice President of

Exploration & Production

Over 32 years of oil and gas experience in the Gulf Coast region

Principal prospect generator associated with and part of over 400 BCF in discoveries.

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

Attended Sam Houston State University

Trevor L. Hull Vice President of

Business Development

Over 17 years of business development and operational experience

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

Bla

ck P

earl

Tech

nic

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eam


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

Investor Relations