Exploration & Production | Deals - Joint Ventures
Westbridge Energy Partners with Black Pearl, Using Exxon Dataset
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Westbridge Energy Corporation is pleased to announce it has entered into a binding Letter of Intent with Black Pearl Holdings, LLC to acquire working interests in 3 projects in the southern United States.
Upon closing of the proposed transaction, WEB will secure a cash flow stream from existing production and participate in multiple drill ready projects. The projects include the Bivens Field Project, Wharton County Field Project and Lavaca County Project. In addition to the 3 projects, BPH will provide WEB an option to acquire up to a 50% working interest in any prospects generated by BPH from a 2D dataset licensed from ExxonMobil. Using this data, BPH has identified over 500 prospects and generated a 70% commercial success rate in the drilling of 60 plus prospects. The 3 initial…
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