WesternZagros Resources One2One Presentation - September 2011

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Kurdamir and Garmian Blocks: Contingent and Prospective Resources Tables 1(a) and 2(a) Gross Unrisked Contingent Resources (2) Kurdamir and Garmian Blocks Oil, Gas and Condensate Tables 1(b), 2(b), and 4 Gross Unrisked Prospective Resources (3) Kurdamir and Garmian Blocks Oil, Gas and Condensate Kurdamir Block Play / Prospect Mean Estimate Oil Only MMbbl Mean Estimate MMBOE MMbbl Kurdamir 30 227 Garmian Block Sarqala 24 31 Total Contingent Mean Estimate 54 258 Kurdamir Block Play / Prospect Mean Estimate Oil Only MMbbl Mean Estimate MMBOE MMbbl Kurdamir 585 825 Garmian Block Upper Fars Fault Trap Play 705 798 Upper Fars Baanoor Saddle Play 120 282 Zardi Complex (Zardi, Sergdan, Tilako) 233 649 Chwar 25 36 Alyan 17 34 Mil Qasim 106 121 Sarqala 296 463 Baran 116 292 Qulijan 86 183 Sub Total Kurdamir Block 585 825 Sub Total Garmian Block 1,704 2,858 Total Prospective Mean Estimate 2,289 3,683 Please refer to the Company’s material change reports dated December 16, 2010, January 17, 2011, February 18, 2011, July 19, 2011 and September 7, 2011 for further disclosure and explanation of the contingent and prospective resources and slides 43 and 44 for footnotes 1-14 referenced in Tables 1 (b), 2(b), 3 and 4. 42
Kurdamir and Garmian Blocks Prospective and Contingent Resources Footnotes Notes to Tables 1, 2, and 3: (1) The contingent resources are the gross volumes estimated for the Tertiary Oligocene carbonate reservoirs at Kurdamir-1, without any adjustments for working interest or encumbrances. (2) Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. Contingent resources have an associated chance of development (economic, regulatory, market and facility, corporate commitment or political risks). These estimates have not been risked for the chance of development. There is no certainty that the contingent resources will be developed and, if they are developed, there is no certainty as to the timing of such development or that it will be commercially viable to produce any portion of the contingent resources. The Corporation’s Material Change Report dated December 16, 2010, which is available at www.sedar.com, contains additional detail on the specific contingencies which prevent the classification of these contingent resources as reserves. (3) The prospective resources are the undiscovered potentially recoverable gross volumes estimated for the indicated reservoirs, without any adjustments for working interest or encumbrances. Prospective resources are 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 (geological chance of success) and a chance of development (economic, regulatory, market and facility, corporate commitment or political risks). The chance of commerciality is the product of these two risk components. There is no certainty that any portion of the prospective resources will be discovered. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development or that it will be commercially viable to produce any portion of the prospective resources. In this case, prospective resources are undiscovered resources that indicate development potential in the event the discovery is commercial and should not be construed as reserves or contingent resources. (4) The gross unrisked contingent resources for gas reflect reductions for condensate recovery, surface losses, and fuel gas. (5) Other than, for Table 1(b), the prospective resources for the Tertiary Oligocene carbonate reservoir at the Kurdamir-1 well which are as at December 14, 2010. Other than, for Table 2, the prospective resources for the Upper Fars reservoir at Mil Qasim, and the Jeribe reservoir at the Sarqala-1 well which are as at January 14, 2011. 43
Page 1 and 2: www.westernzagros.com Corporate Pre
Page 3 and 4: Exceptional Exploration Success on
Page 5 and 6: WesternZagros Today Symbol (TSX Ven
Page 7 and 8: The WesternZagros Story: Steady Pro
Page 9 and 10: Near Term Potential Value Creation:
Page 11 and 12: The Kurdistan Region of Iraq Curren
Page 13 and 14: Multiple Prospects: Oil & Gas Garmi
Page 15 and 16: Production Sharing Contract (PSC):
Page 17 and 18: Political Environment Progressing O
Page 19 and 20: Oil Discovery At Sarqala-1 Followed
Page 21 and 22: Near Term Opportunities of Kurdamir
Page 23 and 24: Success at Kurdamir: Over 1,900 Met
Page 25 and 26: Kurdamir-Topkhana Structure Topkhan
Page 27 and 28: Kurdamir-Topkhana Structure: Additi
Page 29 and 30: Multiple Transportation and Market
Page 31 and 32: Making a Difference Where We Operat
Page 33 and 34: WesternZagros: On the Cusp of a Maj
Page 35 and 36: Experienced Management & Strong Tec
Page 37 and 38: Board of Directors - Disciplined, I
Page 39 and 40: Garmian Block Contingent and Prospe
Page 41: Garmian Block Prospective Resources
Page 45 and 46: The Region’s Oil & Gas Fields 45
Page 47 and 48: Kurdistan Recent PSC Activity Taza
Page 49 and 50: Bai Hassan: Analogue for Kurdamir-T
Page 51: www.westernzagros.com Head Office 6

WesternZagros Resources One2One Presentation - September 2011

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