WesternZagros Resources Ltd.
TSX VENTURE : WZR

WesternZagros Resources Ltd.

December 15, 2016 19:14 ET

WesternZagros Announces Appointment of a New Director

CALGARY, ALBERTA--(Marketwired - Dec. 15, 2016) - WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company") is pleased to announce that Jonathan Oestreich has been appointed to Western Zagros's Board of Directors as an independent director effective immediately. Mr. Oestreich has also been appointed to the Board's Audit Committee and the Health, Safety, Environment, and Security Committee. In conjunction with this appointment, 500,000 options have been granted to Mr. Oestreich on December 14, 2016 with an exercise price of $0.10.

Mr. Oestreich is a Senior Advisor at Caswell Investments, LLC, where he focuses on investments in energy, infrastructure, financial services and technology.

Mr. Oestreich served as Senior Vice President and Principal in the corporate finance and mergers and acquisitions business of Brown Brothers Harriman & Co. from 2005 through 2014. During this time he led the firm's advisory efforts in oil and gas, industrial technology, and financial services. From 2000 to 2005, Mr. Oestreich was a corporate attorney with Ropes & Gray LLP in New York, working in mergers and acquisitions and securities law. He is considered an expert on valuation, financial accounting and disclosure, funding strategies and capital markets, capital structure design, cost of capital analysis and credit quality. Mr. Oestreich received a Bachelor of Science degree from the Massachusetts Institute of Technology and Juris Doctor degree from the University of Michigan Law School.

In commenting on these changes, Simon Hatfield, Chief Executive Officer, stated, "We wish to express our thanks to Jon for joining WesternZagros's Board of Directors. During the calendar year 2016, the Company has achieved a number of important milestones, including the approval of the Garmian Field Development Plan and submission of the Kurdamir Field Development Plan. The year ahead is an important one as the Company seeks to advance development and monetize its Kurdamir and Garmian projects. Jon is a highly qualified and experienced financial and legal professional and I am confident that he and the other members of the Board of Directors and senior management will effectively lead the Company in realizing these opportunities."

David Boone, Chairperson of the Board, said "We conducted a search for someone who would further strengthen our board's breadth of financial talent and background, and we are delighted to have identified such an exceptional individual. I'm confident that Jon is going to make an important and positive impact on our company. After the June 2017 Annual General Meeting, Jon will succeed Randall Oliphant as Chair of the Audit Committee as Randall will be stepping down at that time."

About WesternZagros Resources Ltd.

WesternZagros is an international natural resources company focused on acquiring properties and exploring for, developing and producing crude oil and natural gas in Iraq. WesternZagros, through its wholly-owned subsidiaries, holds a 40 percent working interest in two Production Sharing Contracts with the Kurdistan Regional Government in the Kurdistan Region of Iraq. WesternZagros's shares trade in Canada on the TSX Venture Exchange under the symbol "WZR".

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