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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. WesternZagros, holds two Production Sharing Contracts ("PSCs") with the Kurdistan Regional Government in the Kurdistan Region of Iraq.
WesternZagros' primary focus is the development and exploration of its PSC lands. The Company's objective is to be recognized, through consistently superior business performance and operations excellence, as one of the leading independent oil and gas companies active in Iraq.
The Kurdistan Region of Iraq has been both under-explored and under-developed relative to the rest of Iraq and it provides an early stage opportunity on trend with several large fields, including the Kirkuk field.
In executing its strategy, WesternZagros' priority is to recruit and retain local personnel and to actively participate in, and contribute to, community development projects.
The KRG has received an expert independent legal opinion that confirms the KRG's constitutional authority to manage the Kurdistan Region's oil and gas resources.
On October 22, 2007, WesternZagros became a publicly-traded company listed on the TSX Venture Exchange as a result of the approval of a Plan of Arrangement (the "Plan") with Western Oil Sands Inc. ("Western").
In 2003, WesternZagros began examining oil and gas exploration and development opportunities in Iraq with a focus on the Kurdistan region. In November 2004, WesternZagros signed a Memorandum of Understanding ("MOU") with the Kurdistan Regional Government ("KRG") Sulaymaniya Administration in order to conduct an exploration study in an area within southern Kurdistan. In March 2005, WesternZagros also signed an MOU with the federal Ministry of Oil in Baghdad regarding various technical cooperation projects.
With the adoption of the Iraq Constitution in October 2005, WesternZagros proposed and negotiated an EPSA with the KRG on the Kalar-Bawanoor Block in southern Kurdistan. This EPSA was signed in Sulaymaniya on May 4, 2006.
In June 2007, a draft Federal Revenue Sharing Law was approved by the Iraqi cabinet representatives and the KRG. According to this law, the Kurdistan Region will receive 17% of net revenue.
On August 6, 2007, the Kurdistan Parliament approved the Kurdistan Region Oil and Gas Law.
On February 28, 2008, WesternZagros signed a Production Sharing Contract ("PSC") with the KRG for the 2,120 square kilometre (523,863 acres) Kalar-Bawanoor Block which amends the Company's previous EPSA.
Under the terms of this PSC, WesternZagros has a 40% interest and the KRG has a direct 20% interest, carried by WesternZagros. The remaining 40% was allocated to a wholly-owned subsidiary of Talisman Energy Inc. by the KRG on June 23, 2008.
On August 2, 2011, WesternZagros finalized an agreement with the KRG and Talisman to amend the original PSC. The agreement divides the contract area of the Original PSC into two contract areas named Garmian and Kurdamir, each operated under a distinct PSC.
WesternZagros will continue to operate the southern contract area named the Garmian Block that covers approximately 1,780 square kilometres and is now governed under the new Garmian PSC. The Garmian Block contains the Sarqala-1 oil discovery, the Mil Qasim-1 prospect, and the other numerous prospects that contributed to a large increase in prospective resources reported by the Company on July 20, 2011. The northern contract area is named the Kurdamir Block. It covers some 340 square kilometres and contains the Kurdamir-1 oil, gas and condensate discovery and is now governed under an amended version of the Original PSC (the "Kurdamir PSC"). The northern area is now operated by Talisman. WesternZagros's production sharing terms, under both the Garmian and Kurdamir PSCs, remain unchanged from the Original PSC.
WesternZagros' Management and Board of Directors possess extensive experience in the resource sector, both domestic and international, and have a history of value creation.
Chairman
Mr. Fred Dyment has over 30 years of experience in the oil and gas industry. As Executive Chairman, Mr. Dyment provides direction and leadership to management and chairs the Board. He spent the majority of his career at Ranger Oil Limited holding the positions of Controller, Vice President Finance, Chief Financial Office and, finally, Chief Executive Officer. After Ranger Oil was sold to Canadian Natural Resources in 2000, he served as Chief Executive Officer of Maxx Petroleum Company from 2000 to 2001. Mr. Dyment served as Governor of the Canadian Association of Petroleum Producers (CAPP) from 1995 to 1997. He serves on the Board of Directors of Tesco Corporation, ARC Energy Trust and Transglobe Energy Corporation. He holds a Chartered Accountant designation.
Chief Executive Officer
Mr. Simon Hatfield has over 30 years of international and domestic experience in technical, managerial and executive positions with Imperial Oil, Exxon Production Research Company, Petro-Canada, Chauvco Resources, Talisman Energy and Western Oil Sands. Mr. Hatfield has conducted business throughout the Americas, North and West Africa, the Middle East and South East Asia and has extensive experience in Iraq since 1995. Mr. Hatfield initiated the Kurdistan opportunity for WesternZagros and led the technical and business process which successfully concluded the signing and ratification of the Company's Production Sharing Contract. He holds a Bachelor of Science (Honours) degree in Geology with Physics, a Masters of Science degree in Geology and completed the Executive Development Program at the University of Calgary. He is a member of the Association of International Petroleum Negotiators.
Chief Financial Officer
Mr. Greg Stevenson is a Chartered Accountant with over 11 years' experience working with a major accounting firm as well as with large public companies in the oil and gas industry. Prior to joining WesternZagros as Vice President, Finance, Mr. Stevenson was Controller at Western Oil Sands. During his tenure at Western Oil Sands, Mr. Stevenson was part of the senior finance team responsible for budgeting, forecasting and modeling its business activities. Mr. Stevenson was also intimately involved in WesternZagros matters and he will lead the financial and accounting team in supporting the Company's activities.
Vice President, Exploration
Dr. Pinckney has extensive international experience and has spent the majority of his 32 year career with Mobil Oil and ExxonMobil in locations throughout Canada, the United States and Southeast Asia. He was educated in the United Kingdom and holds a PhD degree in Geology and a Bachelor of Science degree (Honours) in Geology. Dr. Pinckney is a member of the Association of Professional Engineers, Geologists and Geophysicists of Alberta, the Canadian Society of Petroleum Geologists, the American Society, the Indonesian Petroleum Association, the Southesast Asia Petroleum Exploration Society and the Canadian Gas Potential Committee (East Cost Sub-Committee).
Vice President, Kurdistan Business Unit
Mr. McIntosh has over 30 years of international oil and gas experience focusing on development and production engineering, in-country management and business growth in challenging environments. He previously held executive and managerial positions with Petro-Canada Companies in Libya, Algeria and Tunisia, Adams Pearson Associates, Ranger Oil, British National Oil Corporation, and Shell International Petroleum.
General Manager, Petroleum Engineering
Mr. Reeve brings proficiency in production and reservoir engineering, field development design and implementation as well as production operations and project management. Prior to joining WesternZagros, Mr. Reeve held the position of General Manager with Ivanhoe Energy in China. He has over 30 years experience in consulting and staff positions in the engineering and operation of projects in China, Iran, Australia, Indonesia and domestic. He holds a Bachelor of Applied Science, Chemical Engineering from the University of Waterloo.
WesternZagros is one of a number of oil and gas companies/consortia active in the Kurdistan region of Iraq.
WesternZagros holds a two Production Sharing Contracts ("PSCs") in the Kurdistan Region of Iraq which provides for the exploration and development of crude oil and natural gas. The Kurdamir and Garmian Blocks, combined, form one of the largest (2,120 km2/500,000 acres) in the Kurdistan Region of Iraq. The Garmian contract area (1,780 sq km) is operated by WesternZagros, holding a 40% working interest. The Kurdamir contract area (340 sq km) is operated by Talisman. WesternZagros also has a 40% working interest. The KRG holds a 20% working interest in both PSCs.
Iraq has numerous large undeveloped fields and unexplored areas. Out of the 73 oil fields discovered, only 15 are producing. Six of the 73 oil fields are classified as super-giant (over 5 billion barrels), 23 as giant (500 million to 4 billion barrels) and 44 as medium to large (50 to 500 million barrels) or small (less than 50 million barrels).
Iraq has approximately 115 billion barrels (approximately 75 billion barrels undeveloped) of proven oil reserves and 220 billion barrels of proven and probable reserves.
Corporate Presentation (PDF)
November 2011
Morgan Stanley Canadian Energy Conference (PDF)
November 7-9, 2011
Managing Oil and Gas Exploration Risk in the Kurdistan Region of Iraq (PDF)
September 26, 2011
Simon Hatfield, CEO - London Interview (Video)
July 21, 2011
Stifel Nicolaus Energy Conference Presentation (PDF)
June 2011
2011 Annual General Meeting Presentation (PDF)
June 2011
2011 Annual General Meeting Webcast (Audio)
June 2011
Defining Zagros Structural Domains in the Kurdish Region of Northern Iraq (PDF)
Presentation to CSPG Structural Geology Division, Calgary, February 4, 2011
2010 Annual General Meeting Presentation (PDF)
June 1, 2010
2010 Annual General Meeting Webcast (Audio)
June 1, 2010
WesternZagros BTV Feature Report (Video)
December 10, 2009
Conference - June 9, 2009; Denver, Colorado
Poster Presentation (PDF)
Third Quarter Interim Report (PDF)
Second Quarter Interim Report (PDF)
First Quarter Interim Report (PDF)
Annual Report (PDF)
Management's Discussion and Analysis (PDF)
Year-end Financials (PDF)
Annual Information Form (PDF)
Third Quarter Interim Report (PDF)
Second Quarter Interim Report (PDF)
First Quarter Interim Report (PDF
Interview with CEO Simon Hatfield. Mr. Hatfield say the shares are chronically undervalued : http://www.youtube.com/watch?v=jD5iYD5W75c
