News
posted on
Jun 23, 2010 08:28AM
Edit this title from the Fast Facts Section
JUN 23, 2010 - 07:30 ET WesternZagros Provides Update on Kurdamir-1 Operations and Announces Management Change CALGARY, ALBERTA--(Marketwire - June 23, 2010) - NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") has completed the installation of a snubbing unit at the Kurdamir-1 well and will commence activity to recover the remaining drill string this week in order to complete well kill operations. These operations are expected to take approximately 30 days. The Company continues to submit interim insurance claims related to the well control and sidetracking efforts at its Kurdamir-1 well. Management Change "On behalf of WesternZagros, I would like to thank Rob for his contributions to the company, and wish him all the best for the future," said Simon Hatfield, Chief Executive Officer. Ian McIntosh, Vice President, Kurdistan Business Unit will take over Mr. Theriault's responsibilities on an interim basis. Mr. McIntosh joined the Company on December 17, 2009 and brought with him over 30 years of international oil and gas experience that is particularly well-suited to the Company's current exploration and operations activities in the Kurdistan region. His experience encompasses development and production engineering, in-country management and business development. His extensive background most recently includes positions at Petro-Canada Companies in Algeria, Tunisia and Libya, where he managed the exploration and development operations with over 200 staff. Kurdamir-1 is a wildcat exploration well, located on the Kalar Bawanoor Block, in the Kurdistan Region of Iraq. WesternZagros is drilling the well with its co-venturers, the Kurdistan Regional Government (KRG) and Talisman (Block K44) B.V. About WesternZagros Resources Ltd. WesternZagros is an international natural resources company engaged in acquiring properties and exploring for, developing and producing crude oil and natural gas in Iraq. WesternZagros, through its wholly-owned subsidiaries, holds a Production Sharing Contract with the Kurdistan Regional Government in the Kurdistan Region of Iraq. WesternZagros' shares trade in Canada on the TSX Venture Exchange under the symbol "WZR". This news release may contain forward-looking information based on assumptions that are subject to a wide range of business risks. WesternZagros' operations are subject to all risks normally incident to the exploration, development and operation of crude oil and natural gas properties and the drilling of crude oil and natural gas wells, including geological risk, encountering unexpected formations or pressures, premature declines of reservoirs, potential environment damage, blow-outs, fires and spills, all of which could result in personal injuries, loss of life and damage to property of WesternZagros and others; environment risks; delay or changes in plans with respect to exploration or development projects or capital expenditures; its joint venture partner's continued participation in the exploration activities under the PSC, the ability to attract key personnel; the risk of commodity price and foreign exchange rate fluctuations. All of WesternZagros' assets are located in the Kurdistan Region of Iraq. As such, WesternZagros is subject to political, economic, and other uncertainties of that region as well as risks of loss due to civil strife, acts of war, guerrilla activities and insurrections. WesternZagros' operations may be materially adversely affected by changes in government policies and legislation or social instability and other factors which are not within its control. Risks also include the uncertainty involved in the estimation of undiscovered resources. For further information on WesternZagros and the risks associated with its business, please see WesternZagros' Annual Information Form dated March 26, 2009 which is filed at www.sedar.com and on the Company's web site. Forward-looking information typically contains statements with words such as "anticipate", "estimate", "expect", "potential", "could", or similar words suggesting future outcomes. We caution readers and prospective investors of the Company's securities not to place undue reliance on forward-looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by WesternZagros. THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Robert Theriault, Senior Vice President, Engineering and Operations, is leaving WesternZagros effective July 16th, 2010, in order to pursue another career opportunity.
FOR FURTHER INFORMATION PLEASE CONTACT:
WesternZagros Resources Ltd.
Greg Stevenson
Chief Financial Officer
(403) 693-7007
or
WesternZagros Resources Ltd.
Lisa Harriman
Investor Relations
(403) 693-7017
investorrelations@westernzagros.com
www.westernzagros.com