WesternZagros Resources Ltd.
TSX VENTURE : WZR

WesternZagros Resources Ltd.

May 08, 2008 12:43 ET

WesternZagros Commences Drilling in Kurdistan

CALGARY, ALBERTA--(Marketwire - May 8, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros") is pleased to announce today that it has commenced drilling at Sarqala-1. The well is planned to target four potential reservoirs zones, reaching a total depth of approximately 4,800 metres. Sarqala-1 is expected to take between 120 and 130 days to drill.

"We are very excited about spudding our first well in Kurdistan," said Simon Hatfield, President of WesternZagros. "This is a momentous achievement for the Company and it is a result of the spirit of cooperation between the Kurdistan Regional Government and WesternZagros. Sarqala-1 is the first well of a multi-well drilling exploration program planned over the next three years."

In addition to commencing drilling operations, WesternZagros continues to actively acquire seismic over the Kalar-Bawanoor Block. WesternZagros is pleased to report that it has exceeded its seismic commitment under its Production Sharing Contract ("PSC") with the acquisition of over 1,265 kilometres to date.

WesternZagros is the operator under the PSC with a 40 per cent working interest.

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. The Company's shares trade 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 the Company's Annual Information Form which is filed at www.sedar.com.

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.

Contact Information

  • WesternZagros Resources Ltd.
    Greg Stevenson
    Vice President, Finance
    (403) 693-7007
    or
    WesternZagros Resources Ltd.
    Dorreen Miller
    Manager, Investor Relations & Communications
    (403) 693-7019