Canadian Stock Warrants Only

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Western Oil shareholders approve Marathon combination

2007-10-16 13:04 MT - News Release

Ms. Dorreen Miller reports

WESTERN OIL SANDS ANNOUNCES APPROVAL OF PLAN OF ARRANGEMENT

Western Oil Sands Inc. shareholders voted over 99 per cent in favour of a special resolution approving the acquisition of Western by Marathon Oil Corp. (NYSE: MRO) pursuant to a plan of arrangement under the Business Corporations Act (Alberta).

The plan remains subject to the approval of the Court of Queen's Bench of Alberta. Application to the Court of Queen's Bench of Alberta for the final order approving the plan will be made later today.

Closing of the transaction is anticipated to occur on or about Oct. 18, 2007. Western expects to delist its common shares from the Toronto Stock Exchange at the close of trading on Oct. 19, 2007.

In addition to approving the plan, Western shareholders also approved resolutions associated with a stock option plan, a shareholder rights plan and a private placement of WesternZagros Resources Ltd. The common shares and warrants of WesternZagros will be listed on the TSX Venture Exchange and trading in the common shares (symbol WZR) and the warrants (symbol WZR.WT) is expected to commence on Oct. 22, 2007.

We seek Safe Harbor.