Westbridge Energy - Corporate Presentation - January 2014


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January 2014, Corporate Presentation

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Westbridge Energy - Corporate Presentation - January 2014

  1. 1. Westbridge Energy Corp. US Production with African Optionality, January 2014 TSX.V: WEB | FRANKFURT: PUQ1
  2. 2. 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. TSX.V: WEB | FRANKFURT: PUQ1
  3. 3. 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 TSX.V: WEB | FRANKFURT: PUQ1 1
  4. 4. 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 TSX.V: WEB | FRANKFURT: PUQ1 2
  5. 5. 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 TSX.V: WEB | FRANKFURT: PUQ1 3
  6. 6. 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 TSX.V: WEB | FRANKFURT: PUQ1 4
  7. 7. Proven Producing: Bivens Field, Louisiana TSX.V: WEB | FRANKFURT: PUQ1 5
  8. 8. 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 Source: Black Pearl Holdings, LLC TSX.V: WEB | FRANKFURT: PUQ1 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
  9. 9. Olympia Minerals #1 Well TD – 13,500’ Lower Wilcox Marker 9 Pay Sands 3 Possible Pay Sands Source: Black Pearl Holdings, LLC TSX.V: WEB | FRANKFURT: PUQ1 7
  10. 10. 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 Source: Black Pearl Holdings, LLC TSX.V: WEB | FRANKFURT: PUQ1 8
  11. 11. 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 Source: Black Pearl Holdings, LLC TSX.V: WEB | FRANKFURT: PUQ1 9 PTD. 14,300’
  12. 12. 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 Source: Black Pearl Holdings, LLC TSX.V: WEB | FRANKFURT: PUQ1 10  “Central Coal and Coke” sand produced 2,300,000 barrels of oil  Equivalent to the 13,200’ sand at Bivens Field
  13. 13. 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 Source: Black Pearl Holdings, LLC TSX.V: WEB | FRANKFURT: PUQ1 11 BIVENS FIELD Over 75’ Of Calculated Pay From 5 Lower Wilcox Sands
  14. 14. Proven Non-Producing: Wharton County Field, Texas TSX.V: WEB | FRANKFURT: PUQ1 12
  15. 15. 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 Source: Black Pearl Holdings, LLC TSX.V: WEB | FRANKFURT: PUQ1 13 • Full development plan to be created • Analog Frio Completions Considerable upside in reserves expected
  16. 16. 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 Source: Black Pearl Holdings, LLC TSX.V: WEB | FRANKFURT: PUQ1 14 Porosity: 27% – 30% Permeability: 300md – 1500md
  17. 17. 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 Source: Black Pearl Holdings, LLC TSX.V: WEB | FRANKFURT: PUQ1 15
  18. 18. 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 Source: Black Pearl Holdings, LLC TSX.V: WEB | FRANKFURT: PUQ1 16
  19. 19. Advanced Stage Exploration: Lavaca County, Texas TSX.V: WEB | FRANKFURT: PUQ1 17
  20. 20. 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 Source: Black Pearl Holdings, LLC TSX.V: WEB | FRANKFURT: PUQ1 18
  21. 21. 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 Source: Black Pearl Holdings, LLC TSX.V: WEB | FRANKFURT: PUQ1 19
  22. 22. 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 Source: Black Pearl Holdings, LLC TSX.V: WEB | FRANKFURT: PUQ1 20  Geophysical attributes along with integration of the well control and analog fields (Valentine and Kinkler) significantly mitigates risk of prospects
  23. 23. 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 Source: Black Pearl Holdings, LLC TSX.V: WEB | FRANKFURT: PUQ1 21
  24. 24. 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) TSX.V: WEB | FRANKFURT: PUQ1 22
  25. 25. Early Stage Exploration: Offshore, Namibia, Africa TSX.V: WEB | FRANKFURT: PUQ1 23
  26. 26. 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 TSX.V: WEB | FRANKFURT: PUQ1 24 2113A 
  27. 27. 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) TSX.V: WEB | FRANKFURT: PUQ1 25
  28. 28. 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 TSX.V: WEB | FRANKFURT: PUQ1 26
  29. 29. 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 TSX.V: WEB | FRANKFURT: PUQ1 27
  30. 30. Corporate Information TSX.V: WEB | FRANKFURT: PUQ1 28
  31. 31. 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 TSX.V: WEB | FRANKFURT: PUQ1 29
  32. 32. 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 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 TSX.V: WEB | FRANKFURT: PUQ1 30
  33. 33. 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 TSX.V: WEB | FRANKFURT: PUQ1 31
  34. 34. 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 Source: Black Pearl Holdings, LLC TSX.V: WEB | FRANKFURT: PUQ1 32
  35. 35. 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 TSX.V: WEB | FRANKFURT: PUQ1 33
  36. 36. 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 TSX.V: WEB | FRANKFURT: PUQ1