Scandoil  

Westbridge Energy enters $1 million binding agreement to fund acquisition of leases


Published Jan 12, 2015
Westbridge Energy Corporation-3

Westbridge Energy Corporation has executed a binding agreement whereby the Company will enter into a US$1.0 million lease bank facility alongside Black Pearl Holdings, LLC with a private Japanese company. Upon closing, the Principal will fund the acquisition of leases covering seismically defined drillable conventional prospects.

Pursuant to the terms of the Facility, Private Co will commit up to US$1.0 million for the acquisition of predetermined lease packages in exchange for an interest accrual of 5% per annum and participation election to acquire a 5% working interest upon the drilling of an initial well at each of the Prospects. The participation election can be exercised anytime within 30-days of the completion of an initial well, at each of the Prospects, in exchange for funding a proportionate share of the historic cost to lease, drill and complete the initial well. The lease bank will have a term of one year.

Tags: Westbridge Energy Corporation




Advertisment:

Add a Comment to this Article

Please be civil. Job and promotion will not be added into the comment page.

(Use Markdown for formatting.)

This question helps prevent spam:

+ Larger Font | + Smaller Font
Top Stories

 

 

 

 


 


RSS

RSS
Newsletter
Newsletter
Mobile News
Mobile news

Computer
Our news on
your website


Facebook
Facebook
Twitter
Twitter

Contact
Contact
Tips
Do you have any
tips to us
Stats

 

sitemap xml