WesternZagros Resources Ltd.

WesternZagros Resources Ltd. is an international natural resources company engaged in acquiring properties and exploring for, developing and producing crude oil and natural gas. WesternZagros holds two Production Sharing Contracts with the Kurdistan Regional Government in the Kurdistan region of Iraq.

Expert Comments:

Gerry Donnelly, FirstEnergy Capital (12/8/14)
"The recent CA$200M rights issue and US$200M debt facility ensures that WesternZagros Resources Ltd. is fully funded for the immediate work program that will see recommencement of production at Sarqala and first oil at Kurdamir over the coming 12 to 18 months. . .we upgrade our recommendation from Market Perform to Outperform. We continue to assert that as one of the most attractively priced vehicles to play Kurdistan, supported by highly favorable fiscal terms and monetization of light oil, this story is a potential M&A play."

Morning Coffee (5/23/14)
"Perhaps more importantly WesternZagros Resources Inc. announced it formed a Special Committee to evaluate all financing and strategic alternatives available to the company with a view to enhancing shareholder value. WesternZagros has retained a Wall Street banker to act as its financial adviser."

David Dudlyke, Dundee Capital Markets (5/22/14)
"An extended 44-day well test of the lowest Oligocene test interval (DST-6) within WesternZagros Resources Ltd.'s Kurdamir-2 well resulted in aggregate light oil production of 90 Mbbl, significant gas volumes but no formation water. The latter, given the test duration, depth and drawdown, is indicative, in management's view, of an Oligocene oil-water contact materially deeper than the 'lowest known oil' assumption of the current audited gross contingent oil resource estimate of 386 MMbbl."

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