Westbridge Energy Corporation has entered into a binding Letter of Intent (LOI) with Black Pearl Holdings, LLC (BPH) 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 (the "ExxonMobil Dataset"). This 2D dataset spans approximately 100,000 linear miles in 7 states throughout the US Gulf Coast region. 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 projects were all identified using the ExxonMobil Dataset.