CALGARY, ALBERTA--(Marketwired - Aug. 13, 2014) -
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 implemented a number of precautionary measures on its Garmian Block in the Kurdistan Region of Iraq where our assets remain safe and secure. The measures are to ensure the safety of employees, contractors and equipment following the recent curtailment of a number of third-party oil field services. The measures include the temporary reduction of operations and relocation of non-essential personnel away from field locations and company regional offices. As a result, the final stage of the Company's Sarqala-1 well workover has been suspended. Despite these measures, preparations continue for the additional development of the Sarqala oilfield.
"Although there has been no direct impact on our operations to date, after a careful review of the industry conditions, we have taken these steps. We anticipate that this will be a brief interruption and we are planning to promptly resume our work once industry conditions stabilize," said Simon Hatfield, WesternZagros Chief Executive Officer.
WesternZagros's non-operated Kurdamir Block has seen similar measures put in place.
WesternZagros remains in close communication with its partners and the Kurdistan Regional Government, and is confident in the Regional Government's ability to maintain the security of its oil infrastructure.
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. WesternZagros's shares trade in Canada on the TSX Venture Exchange under the symbol "WZR".
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
WESTERNZAGROS RESOURCES WAS RECOGNIZED AS A TSX VENTURE 50® COMPANY IN 2012 AND 2013. TSX VENTURE 50 IS A TRADE-MARK OF TSX INC. AND IS USED UNDER LICENSE.