WZR Corporate Presentation June 2010

8/8/2019 WZR Corporate Presentation June 2010

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WesternZagros Resources Ltd.Corporate Presentation

June 2010


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Caution to the ReaderThis presentation contains forward-looking statements with respect to WesternZagros, including but not limited to operational information, future exploration anddevelopment plans and anticipated future production and resources. Forward-looking information typically contains statements with words such as anticipate, estimate,potential, could, or similar words suggesting future outcomes. WesternZagros cautions readers and prospective investors in the Companys securities to not place unduereliance 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. Readers are also cautioned that disclosed test rates andpotential production rates may not be indicative of ultimate production levels.

Forward looking information is based on management's current expectations and assumptions regarding, among other things, plans for and results of drilling activity, futurecapital and other expenditures (including the amount, nature and sources of funding thereof), future economic conditions, future currency and exchange rates, continuedpolitical stability and the Company's continued ability to obtain qualified staff and equipment in a timely and cost efficient manner. In addition, budgets are based uponWesternZagros' current exploration plans and anticipated costs both of which are subject to change based on, among other things, the actual results of drilling activity,unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information arereasonable, they may prove to be incorrect.

WesternZagros operations are subject to all the risks normally incident to the exploration, development and operation of crude oil and natural gas properties and the drillingof crude oil and natural gas wells, including encountering unexpected formations or pressures, premature declines of reservoirs, potential environmental 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, environmental risks; delays or changes in planswith respect to exploration or development projects or capital expenditures; the ability to attract and retain key personnel; the risk of commodity price and foreign exchangerate fluctuations.

All of WesternZagros assets are located in Kurdistan. As such, WesternZagros is subject to political, economic, and other uncertainties, including, but not limited to, theuncertainty of negotiating with foreign governments, expropriation of property without fair compensation, adverse determinations or rulings by governmental authorities,changes in energy policies or the personnel administering them, nationalization, currency fluctuations and devaluations, disputes between various levels of authorities,arbitrating and enforcing claims against entities that may claim sovereignty, authorities claiming jurisdiction, potential implementation of exchange controls, royalty andgovernment take increases and other risks arising out of foreign governmental sovereignty over the areas in which WesternZagros operations are conducted, as well as risksof loss due to civil strife, acts of war, guerrilla activities and insurrections. WesternZagros operations may be adversely affected by changes in government policies andlegislation or social instability and other factors which are not within the control of WesternZagros including, among other things, adverse legislation in Iraq and/or theKurdistan Region, a change in crude oil or natural gas pricing policy, the risks of war, terrorism, abduction, expropriation, nationalization, renegotiation or nullification of existing concessions and contracts, taxation policies, economic sanctions, the imposition of specific drilling obligations and the development and abandonment of fields.

The ability of WesternZagros to successfully carry out its business plan beyond exploration is primarily dependent on the continued support of its shareholders, the discoveryof economically recoverable reserves, its joint venture partners continued participation in the exploration activities under the PSC, and the ability of the Corporation toobtain financing to develop reserves. WesternZagros cash balance may not be sufficient to fund its ongoing activities at all times and carry the KRGs20 per cent interestunder the PSC. From time to time, WesternZagros may require additional financing in order to carry out its oil and gas acquisition, exploration and development activities.Failure to obtain such financing on a timely basis could cause WesternZagros to forfeit its interest in certain properties, miss certain acquisition opportunities and reduce orterminate its operations. It is possible that future global economic events and conditions may result in further volatility in the financial markets which, in turn, couldnegatively impact WesternZagros ability to access equity or debt markets in the future.

Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors should not place undue reliance on these forward-lookingstatements. For a full discussion of the risk factors, please refer to the Annual InformationForm on the Companys web site.2


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Our Objective

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To be recognized, through consistently superior business performance and operations excellence, as one of the leading junior oil and gas companies active in Iraq.


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WesternZagros Today

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Listed on TSX Venture Exchange: WZR

Shares Outstanding:

Basic: 207.5 million

Fully Diluted: 220.5 million

Market Capitalization: $86.7 million 1

Average Daily Trading Volume (3 month): 1.4 million 1

Working Capital: $53 million 2

Head Office Calgary, Alberta, Canada

Overseas Office Sulaymaniyah, Kurdistan Region of Iraq

1 As of June 17, 20102 As of March 31, 2009


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A Rare Opportunity: Oil Exploration in an OPEC Country

Management and Board have extensive oil and gas experienceand a history of value creationExtensive international experience with the majors and large

independents

High Calibre Team

Strong

Foundation

Early Stage

Opportunity

Large exploration block in the Kurdistan Region of IraqBlock 44: 500,000 acres or 2,120 km 2Attractive Production Sharing Contract (PSC) terms in place

High impact near-term exploration opportunitiesSignificant discovery at Kurdamir-1

Inventory of significant prospects and leads

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Solid Partnerships Strong relationship with all levels of government, includingKurdistan Regional Government (KRG) a PSC partnerExperienced international industry partner (Talisman Energy)


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Operational Milestones

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Operating in Kurdistan since 2005 with no security incidents4 million person hours without a Lost Time Incident

Over 1,500 kilometres of high quality 2-D seismic acquiredOver 20 prospects identified on PSC lands

2008/2009 Safely drilled and suspended Sarqala-1High pressure oil discoveryValuable operational information gained

2009 /2010 Significant discovery made in Tertiary at Kurdamir-1World class Oligocene reservoir confirmedHigh predicted rates of over 50 MMScf/day of gasNumerous deeper oil and gas shows (evaluation pending)


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Early Success at Kurdamir-1

Rig on location

Initial gas and condensate discovery

Excellent Oligocene reservoir confirmed

Upper Aaliji, Shiranish and Kometanhave oil potential

31 API oil sample

Flares while testing 7


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Intermediate Result:Oligocene Gas & Condensate Discovery

Gas caps on crests of structures are a commonoccurrence in the Tertiary reservoirs of theestablished fields in the Kirkuk area.

They are frequently associated with downdip oilcolumns on the flanks of the structure or

deeper oil columns in the Cretaceous (ie: BaiHassan, Kirkuk, Khabbaz and Kor Mor fields).

Kurdamir-1 encountered gas and condensate inOligocene reservoir on crest of structure; 168metres gross pay in good quality reservoir

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Drill stem tests in Oligocene flowed 27.5 mmcf/d of gas and1,172 bbls/d of 61 API natural gas liquidsReservoir production potential of 52 mmcf/d of gas and2,240 bbls/d of condensate from the Tertiary

Analysis of condensate in Oligocene reservoir indicates an oil sourceDeeper drilling encountered numerous oil and gas showsForward plan is to test Oligocene, Upper Aaliji, Shiranish and Kometan intervals

Bai Hassan: 2.2 billion barrels

Discovered: 1953


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Kurdamir-1 Well Control OperationsKurdamir-1 was shut in at 4,077 metreswhen high pressure was encounteredwhile drilling in the Gulneri. A sidetrackwell was subsequently drilled after thedrill string became stuck. The companyis pursuing an insurance claim for thesecosts.

A high-pressure hydrocarbon zone wasthen encountered at 3,214 metres.While attempting to stabilize the well,the drill pipe parted and pushed the drillstring into the rigs derrick.

Emergency response procedures wereactivated due to the presence of sourgas in the exposed and bent drill pipe.No sour gas was released.

The well has since been safely andsuccessfully secured.

As a precaution, the companyevacuated a local village. Theinhabitants have since been able toreturn to their homes.

A snubbing unit is being installed torecover the remaining drill string andcomplete well kill operations.

Confirmation of well control insurancecoverage has been received and a firstpayment of $5.7 million has beenapproved.

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Understanding the Regions Oil & Gas Fields

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Period Age Formation Lithology Seal/Reservoir/Source

Pliocene Upper / Lower Bakhtiari Clastic

Upper Fars Clastic Reservoir

Lower Fars Evaporite Super Seal

Jeribe Carbonate

Euphrates Carbonate

Ol igoce ne Ol igoce ne Ki rkuk Group Carbonate

Pila Spi Carbonate

Jaddala Carbonate/ Shale Seal/Reservoir

Aaliji Carbonate/ Shale Seal/Reservoir/Source

Kolosh Shale/Clastic

Tanjero Clastic

Shiranish Carbonate

LowerCampanian

Kometan Carbonate

Turonian Gulneri Shale Seal

Upper Qamchuqa Carbonate

Lower Qamchuqa Carbonate

Balambo Shale Seal/Source

Upper Barsarin Carbonate Reservoir

Middle Sargelu Carbonate/Shale Reservoir/Source

Alan Carbonate Reservoir

Mus Carbonate Reservoir

Adaiyah Evaporite Seal

Butmah Carbonate Reservoir

J u r a s s

i c

Lower

T e r t i a r y

C r e t a c e o u s

Reservoir

Reservoir

Miocene

Eocene

Paleocene

Maastrichtian/Upper

Campanian

Albian

Reservoir

Qulijan-1

Sarqala-1


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Kurdamir-1, Oligocene Resource Estimates *(as of November 23, 2009)

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A. Contingent Resources above 2,310 metres

B. Prospective Resources Below 2,310 metres if gas & condensate

C. Prospective Resources Below 2,310 metres if oil

IF PROSPECTIVE RESOURCES ARE GAS & CONDENSATE

IF PROSPECTIVE RESOURCES ARE OIL

Tertiary Gross Unrisked Discoveredand Contingent Resources (1,3,10,11)

Estimate Low P90 (6) Best P50 (7) High P10 (8) Mean (9)

Gas Initially-in-Place (4) 635 847 1,098 856

Gas (BCF) 379 523 696 532

Condensate (MMBBL) 13 21 32 22

If Gas/Gas Condensate Tertiary Gross Unrisked Undiscoveredand Prospective Resources (2,3,10,12, 13)

Estimate Low P90 (6) Best P50 (7) High P10 (8) Mean (9)Undiscovered Gas 371 692 1,032 699n a y- n- ace (4)

Gas (BCF) 180 363 609 381

Condensate (MMBBL) 8 15 25 16

If Oil Only Tertiary Gross Unrisked Undiscoveredand Prospective Resources (13)

Estimate Low P90 (6) Best P50 (7) High P10 (8) Mean (9)Undiscovered Oil 164 328 508 333Initially-In-Place (4)Gross UnriskedProspective Resources 32 100 207 112Oil (MMBBL) (2,10,12)

Source: Sproule International Ltd. independent audit, For additional information regarding gross resources (unrisked) including specificreference to the footnotes 1 13, please refer to the Material Change Report filed www.sedar.com on November 26, 2009.** Does not include Aaliji or Shiranish potential (to be evaluated)

(OLIGOCENE ONLY) **

(OLIGOCENE ONLY) **
http://www.sedar.com/http://www.sedar.com/


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Hydrocarbon Habitat of Surrounding Discoveries

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Most of the fields in the chart that show shallow discoveries may have remaining undiscovered potential if drilled deeper.Sources include: 2006 Petroleum Geological Analysis Ltd. (PGA) Report and news releases.TD = Total Depth NP = Not Present * Producing Field

Field/ Kurdamir-1 Kor Mor* Chia Surkh Pulkana Qamar Gilabat Jambur* Kirkuk* Naft Miran Khabbaz* Bai Taq Taq*Reservoir Khaneh West-1 Hassan*TERTIARY

Distance fromPSC (km) 0 1 6 8 15 26 35 60 62 65 90 100 110

Upper Fars oil oil NP

Lower Fars Seal

Jeribe gas/cond. oil oil oil oil/gas oil NP oil

Euphrates gas/cond. oil oil (TD) oil/gas NP

Oligocene gas/cond. gas/cond. NP NP NP oil/gas NP NP oil/gas oil/gas NP

Pilaspi/Jaddala oil oil/gas NP oil

Upper Aaliji TARGET

Aaliji Seal

CRETACEOUS

Shiranish TARGET oil gas oil oil oil oil oil

Hartha TD TD

Kometan TARGET oil oil oil/gas oil

Khasiboil

Mishrif

Gulneri Seal

U. Qamchuqa oil/gas oil/gas TD oil oil/gas oil oil

L. Qamchuqa oil/gas oil oil oil TD


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Kurdamir: The Potential Reward

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The ShiranishFormation is one of WesternZagros target

reservoirs in theCretaceous.

The KurdamirStructure, which isapproximately30 sq kms in size on

the companys Block,can be interpreted as aculmination on a muchlarger structure thatextends off the Block.

The larger structurecould be up to 155 sqkm in size at theShiranish reservoirlevel.

If so, the largerstructure is capable of containing a giant oilfield.

Block K44

Block K39

?

Block K38

Kurdamir-1

30 km 2

155 km 2

5 km

MetresDepth (m)

Depth map of Shiranish Formation Sources: Talisman 2009 Corporate Presentation (Topkhana Prospect) and WesternZagros data base

Extension of structure from Block K44 to Block K39 is conceptual andrequires access to Block K39 seismic data for verification.


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B

2 km

A A B

Composite Seismic Section (SW to NE)Kurdamir-1 and Qulijan-1 Location

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Structural stylesimilar to existinggiant fields in Iraqand Iran

Horizon Legend

Ground Elevation

Upper Fars

Lower Fars Evaporite

Base Fars Detachment

Lower Fars Transition Beds

Oligocene

Aaliji

Shiranish

Razyana

Zhala

Tilako

Shana

Qabri

Qula

Smaqa_S

Khala_S

Hasan_Albian

Alyan_Albian

Zardi

Baran

Alyan

Yarmand

Smaqa_N

Tukin

Wurela

Qula_W

Namiq

Hasan

Chwar

Khala_N

0 6 123 Kilometers

Legend

4-way

3-way

2-way

Sarqala Deep

Mansur

Sarhad

Confidential

Kurdamir-1Current Driller

(Tertiary gas/condensate)

A

A

B

B

Tested gas/condensate& gas shows

Oil shows


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Block 44 Resource Assessment * (as of March 31, 2009)Gross Undiscovered Resources (Unrisked) (1) (4)

Block 44

As of March 31, 2009(millions of barrels)

Category Low EstimateP90

Best EstimateP50

High EstimateP10

MeanEstimate

Undiscovered PetroleumInitially In Place (2)

4,460 6,419 9,129 6,651

Prospective Resources (3) 1,615 2,392 3,462 2,475

(1) These are the gross volumes estimated for the block, without any adjustments for working interest or encumbrances.(2) Undiscovered petroleum initially in place (equivalent to undiscovered resources) is that quantity of petroleum that is estimated, on

a given date, to be contained in accumulations yet to be discovered. The recoverable portion of undiscovered petroleum initially in place is referred to as prospective resources, the remainder as unrecoverable .

(3) Those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development.

(4) The gross prospective resources estimate is based on a portfolio of over 20 prospects and leads in both the Tertiary and Cretaceousreservoirs. It does not include an estimate of those prospective resources in the reservoir intervals drilled in Sarqala-1.

(5) Additional information obtained from drilling activity or additional seismic data will result in a change to this assessment.(6) Oil only as assessment.

For additional information regarding gross undiscovered resources (unrisked), please refer to the Material Change Report filed

www.sedar.com on May 12, 2009.* Source: Sproule International Ltd. independent audit

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http://www.sedar.com/http://www.sedar.com/http://www.sedar.com/http://www.sedar.com/http://www.sedar.com/http://www.sedar.com/


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High Level of Industry Activity in Kurdistan

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38 international oil companieswith PSCs in Kurdistan

Drilling Operations 2010 *

* Source: KRG and WesternZagros

Block Operator

Ain Sifni / K8 Hunt

Akre-Bijeel MOL

Al Qush/Barda Rash Komet

Atrush Gen. Expl. Partners

Bazian KNOC

Bina Bawi PetoilChia Surkh Longford

Erbil DNO

Hawler Norbest

K39/K9 Baranan Talisman

Kalar Bawanoor WesternZagros

KorMor Dana Gas

Miran Heritage

Pulkhana ShaMaran

Qarah Dagh Niko

Sangaw North Sterling

SangawSouth & Bazian KNOC

Sarsang Hillwood

Sarta/Rovi Reliance

Shaikan/Sheikh Adi Gulf Keystone

Shorish/Mala Omar OMV

Qulijan-1

Sarqala-1


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Growing Interest in Iraq

Kurdistan under-explored relative tothe rest of Iraq

Quality of services increasing

Security situation has improved

Two oil fields are producing andexport-ready Tawke and Taq Taq

Iraq planning 3 rd Bid Round for threegas fields, September, 2010

Iraq 1st & 2nd Bid Round Awards

Field Consortium

Badrah Gazprom/Petronas/KoGas/TPAO

Gharraf Petronas/Japex

Halfayah CNPC/ Petronas /Total

Majnoon Shell/Petronas

Najmah/Quiyarah Sonangol

Rumaila BP/CNPC

West Qurna Phase I ExxonMobil /Shell

West Qurna Phase II Lukoil/Statoi l

Zubair ENI/Occidental/KoGas


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http://www.krg.org/?lngnr=12http://www.krg.org/?lngnr=12http://www.krg.org/?lngnr=12http://www.krg.org/?lngnr=12


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Political Environment Continues to Evolve

March 2010 Federal elections

Milestone: first fully democratic election

Negotiations between Iraq political parties continuing

May 2010 Iraq approves resumption of oil exports from Kurdistan

May 2010 Federal Petroleum Law and Revenue Sharing Law closer to

resolution

Allocation of management of existing fields and exploration areas

WesternZagros PSC area not within disputed boundary region

WesternZagros expects PSC review at the federal level - possibility of revision

and timing is uncertain

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P d i Sh i C (PSC)
http://www.krg.org/?lngnr=12http://www.krg.org/?lngnr=12http://www.krg.org/?lngnr=12http://www.krg.org/?lngnr=12http://www.krg.org/?lngnr=12


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Production Sharing Contract (PSC)- Fair and Balanced Terms

Royalty Oil10% of total crude oil

Operations Oil

Net Available Oil

Cost Recovery Oilup to 45%

of net available oil

Contractor Group KRG

Total Profit Oilsharing based on R-Factor

slide range of 35%/65% to 16%/84%

Total Oil Produced

WesternZagros40%

Talisman40%

KRG

20%

Remaining net available oil

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Carried by WesternZagros. Ultimately to be recovered by WZthrough Kurdistan Regional Governments share of Cost Recovery Oil

Oil case: When the R-Factor (revenue/cost) is below one, the Contractor Group is entitled to 35% of the Profit Oil. The Contrac tor Groupspercentage is then reduced on a linear scale to a minimum of 16% as the ratio is 2 or greater. Gas Case: When the R- Factor is below one, the Contractor Group is entitled to 40% of the Profit Gas. The Contractor Groups per centage is then

reduced on a linear scale to a minimum of 20% as the ratio is 2.75 or greater. Cost recovery gas: up to 55% of net available gas.


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Excellent Progress in Meeting PSC Commitments

First Exploration Sub-Period(ends December 31, 2010) *

Second Exploration Sub-Period

3 exploration wells

1 exploration well (Sarqala-1) completed2nd exploration well (Kurdamir-1) underway

2 exploration wells

1,150 km of seismic

acquired 1,547 km of seismic to date(additional 397 km of seismic acquired will becredited towards obligation for secondexploration sub-period)

575 km of seismic

Minimum $75 millioncommitment exceeded

Minimum $35 million

At the end of the second exploration sub-period, requirement to relinquish 25% of the net area withinthe PSC lands or the entire contract area (other than any discovery or development areas).

* To be extended under Force Majeure claim.21


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Financial Position (As at March 31, 2010, US$ millions)

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The anticipated costs of Kurdamir-1 include well control

operations, but exclude anycosts for continuing to sidetrackbeyond 3,214m and futurecased-hole testing activities.

Due to the nature of oil and gasexploration, budgets areregularly reviewed and aresubject to change. Uponsuccessful completion of wellcontrol activities at Kurdamir-1,WesternZagros will update the2010 budget to include futureactivities at Kurdamir-1 and atthe third exploration

commitment well.

Working Capital PositionWithoutInsurance

WithInsurance

Cash $55.1 $55.1

Non-Cash Working Capital (1.9) (1.9)

Insurance Claim - 10.0Working Capital $53.2 $63.2

Remaining 2010Capital and Operating Budget

WithoutInsurance

WithInsurance

Kurdamir-1 $11 $ -

Advance Planning of Third Well 6 6Geoscience and Field Office 4 4

G&A and Business Development 4 4Total $25 $14


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Financial Impact of Kurdamir-1 Well Control

As of May 28, 2010 Gross NetEstimated Kurdamir-1 Costs

Total expenditure $88 to $90 M $53 to $54 M

Well control and sidetrack expenses only $33 to $35 M $20 to $21 M

Insurance Policy and Estimated Claim

Insurance policy limit $75 M $45 M

Insurance claim (net of $1 million

deductible)

$32 to $34 M $19 to $20 M

The total gross expenditures for Kurdamir-1 excludes further costs for both sidetracking beyond3,214 metres or cased hole testing. Any further sidetracking expenditures will increase both thetotal expenditure and the amount claimed under the insurance policy.The insurance syndicate has now approved the insurance claim.


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Operational Priorities

Complete well control activities at Kurdamir-1

Prepare to drill third exploration commitment well Qulijan-1 (formerly Sarhad)

Resume drilling at Kurdamir-1

Evaluate Kurdamir-1 gas and condensate discoveries

Evaluate exploring the flanks of the Kurdamir

structure

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WesternZagros: Positioned for Success

Large exploration area in an active region

Multiple prospects with multiple reservoir targetsHydrocarbons already discovered

Strong technical team with extensive experience

Experienced international industry partner

Financed to meetkey commitments

Excellent opportunityto create substantialshareholder value

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Block K44

Block K39

?

Block K38

Kurdamir-1

30 km 2

155 km 2

5 km

MetresDepth (m)


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www.westernzagros.com

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Experienced Management & Strong Technical Team

Simon Hatfield , CEOProven track record of success with over 30 years of international and domestic oil and gas experience in technical,managerial and executive positions with Western Oil Sands, Imperial Oil, Exxon Production Research Co., PetroCanada, Chauvco

Resources and Talisman. Extensive experience in Iraq since 1995.Rob Theriault , Senior Vice President Engineering and OperationsOver 30 years of international and domestic experience in upstream and midstream oil & gas operations for companies includingCairn India Ltd., Husky Oil, CSR Petroleum, Suncor. Previous roles include senior management responsibilities for exploration,production and development .

Greg Stevenson , CFOPreviously Controller of Western Oil Sands. Chartered Accountant with over 13 years of experience working with a major accountingfirm as well as with large public companies in the oil and gas industry. Responsible for leading the financial and accounting team.

George Pinckney , Vice President, ExplorationMajority of 34 year career spent with Mobil Oil and ExxonMobil in locations throughout Canada, USA and Southeast Asia,demonstrating extensive international experience. Responsible for all geotechnical work in Iraq including successful completion of Kurdistan study area evaluation; integral role in negotiating Kurdistan PSC area.

Ian McIntosh , Vice President, Kurdistan Business Unit Over 30 years of international oil and gas experience focusing on development and production engineering, in-country managementand business growth in challenging environments. Previously held executive and managerial positions with Petro -Canada Companiesin Libya, Algeria and Tunisia, Adams Pearson Associates, Ranger Oil, British National Oil Corporation, and Shell International

Petroleum.

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Experienced Management & Strong Technical Team

Dean Molaro , General Manager Finance and Administration, KurdistanHolds over 20 years experience in operations, finance and accounting roles in international and domestic settings and is based inKurdistan, Iraq.

Ian Ross, General Manager, Operations30 years experience in petroleum engineering and operations including drilling, well testing and completions, early productionsystems, reservoir engineering, production operations, field development projects in India, Iran, Libya, the Netherlands and theUnited Kingdom.

Dave Reeve, General Manager, Petroleum EngineeringOver 30 years experience in consulting and staff position in the engineering and operation of projects in China, Iran, Australia,Indonesia and domestic. Proficient in production and reservoir engineering, field development design and implementation as well asproduction operations and project management.

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Board of Directors Extensive Experience

David BooneBroad Canadian and international energy experience in the upstream industry with positions including President, Offshore andInternational Operations for EnCana Corporation; Executive Vice-President and Chief Operating Officer of PanCanadian Energy

President of Barrick Energy Inc.Holds a Civil Engineering degree from Queen's University

Fred Dyment (Chairman)Over 30 years of expertise includes positions as President and CEO for Maxx Petroleum and President and CEO of Ranger OilLimited, in addition to serving as Governor of the Canadian Association of Petroleum Producers (CAPP) from 1995 to 1997Serves on the Board of Directors of Tesco Corporation, ARC Energy Trust and TransGlobe Energy CorporationHolds a Chartered Accountant designation

John FrangosCo-founder of Western Oil Sands, served as Westerns Executive Vice President and COOPlayed key role in negotiations with the Kurdistan Regional GovernmentPrior to forming Western, employed with BHP and predecessor corporations for 28 years and was Vice-President, InternationalBusiness Development for BHPs Minerals Business UnitHolds a Diploma in Mechanical and Electrical Engineering, an Associate Diploma in Mechanical Engineering and a Masters of Business Administration degree

Simon HatfieldProven track record of success with over 30 years of international and domestic oil and gas experience in technical, managerialand executive positions with Imperial Oil, Exxon Production Research Co., Petro-Canada, Chauvco Resources and TalismanHolds a Bachelor of Science (Honours) degree in Geology with Physics, a Masters of Science degree in Geology and completedthe Executive Development Program at the University of CalgaryExtensive experience in Iraq since 1995 and initiated Kurdistan opportunity and successfully concluded the signing andratification of PSC

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Board of Directors Extensive Experience

Jim HouckProven track record of success with ChevronTexaco Inc., as President of Texaco Development Corporation from 1996 to

2001 and President of Worldwide Power and Gasification Inc. from 1998 2003, in addition to senior level positions inglobal gas and power, business development, production operations, research and development and strategic planningPreviously a Principal of FrontStreet Partners, a U.S-based, privately-held investment firm

Holds a Bachelors degree in Engineering Science from Trinity University in San Antonio and a Master of BusinessAdministration degree from the University of Houston

Randall OliphantChairman and Chief Executive Officer (CEO) of Rockcliff Group Limited, a private investment corporation; President andCEO of Barrick Gold Corporation from 1999 - 2003, prior to holding senior financial positions with the firm from 1987-

1999Currently serves on the Advisory Board of Metalmark Capital LLC (formerly Morgan Stanley Capital Partners) and serveson the Boards of a number of private companies and not-for-profit organizationsHolds a Bachelor of Commerce Degree and is a Chartered Accountant

William WallaceOver 40 years industry experience including positions as Vice-Chairman, President and COO of Barrett Resources,Regional Vice President and Vice President, Exploration with Texaco and Group Vice President of CSX Oil and GasCompany

Lived and worked abroad for 16 years. Supervised international operations in Colombia, Ecuador, Venezuela, UnitedKingdom, Ireland, France, New Zealand, Australia and Pakistan

Earned a Geology degree from Middlebury College and a M.Sc. in Geology from Stanford University

WZR Corporate Presentation June 2010

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