VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 10, 2012) - Westbridge Energy Corporation ("Westbridge" or the "Company") (TSX VENTURE:WEB)(FRANKFURT:PUQ1) has made a request to the TSX Venture Exchange ("TSXV") for the re-instatement of trading of its common shares. The trading halt implemented on September 4, 2012 initiated at Westbridge's request in anticipation of the announcement of a transaction which would constitute a Fundamental Transaction for the purposes of the rules of the TSXV. Since the proposed transaction could not be consummated in a timely manner, in the form contemplated, Westbridge has requested a re-instatement of trading while negotiations continue. The Company will provide an update as further information becomes available.
Westbridge is pleased to announce that it has initiated a selection process for the appointment of an engineering consultant to assist with the analysis and resource definition for its 80% controlled Block 1811B offshore Namibia. It is anticipated that a consultant will be appointed before month end with a target date for delivery of a report to the Company by the end of October.
Westbridge is also pleased to announce the appointment of Robert Boisjoli as Chief Financial Officer. His broad experience in advisory services and financial management extends over 31 years and covers various sectors including resources, biotechnology and real estate. His accreditations include Fellow Chartered Accountant (FCA) and Chartered Business Valuator (CBV) and he specializes in mergers and acquisitions, raising equity and debt as agent and direct investing.
Cody Lee, Westbridge's President and CEO, stated, "Westbridge continues in search of accretive acquisitions where the team can identify opportunities, add scientific and corporate expertise, and thereby create value for all Westbridge stakeholders." He further commented, "Westbridge management and its board are pleased by the addition of Bob Boisjoli as CFO. His years of capital market expertise are a terrific addition to the Company. As we continue to grow, a senior finance officer such as Bob brings confidence and support to the Westbridge team. We take this opportunity to thank Jonathan Younie for his service as CFO and we look forward to his continuing support and assistance."
The Company announces the grant of up to 250,000 options to officers and consultants, subject to TSXV approval.
Westbridge Energy Corporation is an oil and gas exploration and development company. Westbridge is currently reviewing the acquisition of accretive new international oil and gas opportunities.
For additional information readers are invited to review additional corporate and property information available on SEDAR at www.sedar.com and Westbridge's website at www.westbridgeweb.com.
ON BEHALF OF THE BOARD
Peter Henry, Director
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "schedule", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward looking statements and information concerning the Company s future operations and prospects. The forward-looking statements and information are based on certain key expectations and assumptions made by the Company, including expectations and assumptions concerning equipment and crew availability, and joint venture partner financial capability. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward looking statements and information because the Company can give no assurance that they will prove to be correct. By its nature, such forward-looking information is subject to various risks and uncertainties, which could cause the Company's actual results and experience to differ materially from the anticipated results or expectations expressed. These risks and uncertainties include, but are not limited to, reservoir performance, labour, equipment and material costs, access to capital markets, interest and currency exchange rates, and political and economic conditions. Additional information on these and other factors is available in continuous disclosure materials filed by the Company with Canadian securities regulators. Readers are cautioned not to place undue reliance on this forward-looking information, which is given as of the date it is expressed in this news release or otherwise, and to not use future-oriented information or financial outlooks for anything other than their intended purpose. The Company undertakes no obligation to update publicly or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
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