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WZR - WesternZagros Resources

post #1 of 19
Thread Starter 
WesternZagros is an international natural resources company engaged in acquiring properties and exploring for, developing and producing crude oil and natural gas. WesternZagros, through its wholly-owned subsidiaries, holds an Exploration and Production Sharing Agreement ("EPSA") with the Kurdistan Regional Government ("KRG") in the Kurdistan Region of Iraq.
post #2 of 19
Up 32% today, no news that I can find. Any opinions?
post #3 of 19
post #4 of 19
Closed up 32.26% at $0.82 on Monday. I still cannot figure out the variation on this stock, as I bought more two days ago at $0.55. No news (that is published anyway), Russia - Israel? What is driving this up?
post #5 of 19
At close someone bought 1,224,500 shares @ .85! This stock got up to $1.14 yesterday. WTF?
post #6 of 19
$2.05 today

Been watching this go up and up and up... is it still a buy?
post #7 of 19
I think within the next three months these guys should be getting results from their second well. I'm hoping for good news and buying more stock tommorow.
post #8 of 19
WesternZagros Provides Operational Update

12:47 PM ET, August 5, 2009


WesternZagros Resources Ltd. (WZR) ("WesternZagros" or "the Company") announced today that drilling of Kurdamir-1 has progressed to a current depth of 2,067 metres. Drilling was successfully completed through the halite (salt) deposits in the Lower Fars Formation which, as expected, were not as thick as the salt deposits encountered at Sarqala-1. The well was logged in order to gather key data, including information related to pressure predictions and wellbore stability, and the 11 3/4" casing was set near the base of the Lower Fars Formation at 2,050 metres.

Kurdamir-1 is located on an anticlinal structure and is targeting four potential reservoir zones - the Oligocene and Pilaspi/Jaddala intervals in the Tertiary, and the Shiranish and upper Qamchuqa intervals in the Cretaceous. The Kurdamir-1 well was designed with two additional strings of casing, applying the lessons learned from Sarqala-1. With the 11 3/4" casing now set, three strings of casing remain available as drilling at Kurdamir-1 progresses through the potential reservoir zones to an estimated total depth of 4,000 metres.

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; the ability to attract key personnel; the risk of commodity price and foreign exchange rate fluctuations.

All of WesternZagros' assets are located in Kurdistan. 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 from 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.

SOURCE: WesternZagros Resources Ltd.

WesternZagros Resources Ltd.Greg StevensonVice President, Finance(403) 693-7007WesternZagros Resources Ltd.Dorreen MillerManager, Investor Relations & Communications(403) 693-7019Email: investorrelations@westernzagros.comWebsite: www.westernzagros.com
post #9 of 19
WesternZagros Announces 2009 Second Quarter Results

post #10 of 19
Up 10.27% today - no news - what gives?
post #11 of 19
It is Time.
post #12 of 19
This is very hot as WZ have made a discovery this morning. I just heard that they have done it!!
post #13 of 19
Originally Posted by sunnykalarshepherd View Post
This is very hot as WZ have made a discovery this morning. I just heard that they have done it!!
post #14 of 19
This baby is down 45% today with the announcement (hit gas instead of oil)

Somebody convince me not to buy it... Canaccord just reiterated their BUY on it...


WZR : TSX-V : C$1.34 | C$278.00M
Speculative Buy, C$2.00

Early results from Kurdamir-1 are encouraging; reiterate SPECULATIVE BUY rating, C$2 target price

Terry Peters, 1.416.869.6597

WesternZagros announced interim results from the Kurdamir-1 well in Kurdistan, indicating a gas/condensate discovery in the Tertiary interval. Delays in news on the well had previously put downward pressure on the stock. WesternZagros announced it had encountered a 168 m gross interval in the Tertiary and had conducted logging, coring and two drill stem tests. Combined rates were 27.5 mmcf/d and 1,172 b/d of condensate, restricted by equipment. Independent analysis indicated potential production of 52 mmcf/d and 2,240 b/d could be expected. Total depth is anticipated to be 3,500-4,000 m and, excluding any testing, would be reached in the first quarter of 2010. Well costs are now estimated to be US$60-65 million, of which WesternZagros's share would be ~US$35-40 million. At June, WesternZagros had US$93 million in cash.

We expect Western shares will react positively to the news. While an oil discovery would have a bigger impact, there is a possibility that the interval represents a gas cap, and that oil may be encountered in the flanks of the structure. In addition, the primary objectives are in the lower, Cretaceous, interval and WesternZagros is drilling ahead.

We rate WesternZagros a SPECULATIVE BUY with a $2.00 target.

Our target price reflects an estimated NAV based on a mid-point between our high and low reserve valuations, discounted at 15% and risked by a 30% chance of success.
post #15 of 19
I was watching this one in the past few months, I had expected that since the SP was tumbling of its high of $2.87, It can be a good buy for an initial position in the next few days/weeks when it settles. was expecting VST to go down as well!
post #16 of 19
i looked at this one myself for a bounce play today. anon seemed very motivated in pushing it down...i would give it a day or so to see where this shakes out and on what kind of volume before i would take a position. and even then i would be very careful to piece -in with small 5-10k buys to begin with. jmho cheers
post #17 of 19
I don;t understand such a big drop. Please correct me if I'm wrong but the way I read the NR is that these are only interim drilling results and we still have to wait until we hit TD in the first quarter of next year before we get full results. All we have here is a big delay and confirmation of pretty good gas discovery. Others are saying when you have gas zones you will also have oil in zones just below. If we can get a true expert of this region to confirm this I think this well would now have even greater potential to hit.
post #18 of 19
So what's everybody doing on this one?

I'm getting eager to pull the buy trigger again
post #19 of 19
Added to watchlist,

Might buy if it goes bullish
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