WesternZagros Resources One2One Presentation - September 2011

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The Kurdistan Region of Iraq: Hunting Grounds for Giant Fields • The Kurdamir and Garmian Blocks, combined, form one of the largest (2,120 km 2 /500,000 acre) exploration areas in the Kurdistan Region of Iraq • The Garmian contract area (1,780 sq km) is operated by WesternZagros, with 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 Assets • Over a billion BOEs of prospective resources (audited) to be drilled in the next 10 months (see slides 38 through 44, inclusive) • Liquid hydrocarbons found at both wells drilled to date: 100% success ratio • Confirmed oil discovery at Sarqala-1 (Garmian Block) extended well test imminent • Confirmed oil discovery and gas and condensate discovery at Kurdamir-1 (Kurdamir Block) – a potentially giant field, evidence for over 1,900 metres of gross hydrocarbon interval • Multiple prospects and leads in the Garmian Block Experienced and Disciplined • Experienced management and technical teams • Ability to apply knowledge of the wider region and its exploration drilling risks • Lessons learned from two challenging wells drilled in the region to-date • Cost reduction through planning, experienced execution and risk mitigation 4
WesternZagros Today Symbol (TSX Venture Exchange) First Listed Basic Shares Outstanding 1 Diluted Shares Outstanding 2 Director & Officer Ownership 3 Market Capitalization 4 Average Daily Trading Volume (3 month) Working Capital 5 Head Office International Office 1 Basic shares outstanding at September 9, 2011 2 Diluted Shares Outstanding include options granted as at September 9, 2011 3 Including share ownership and options granted as at September 9, 2011 4 As of September 9, 2011 5 June 30, 2011 working capital - see Slide 6 for details WZR October 22, 2007 297.1 million 315.9 million 8.1% $146 million CDN 0.6 million $47 million US Calgary, Alberta, Canada Sulaymaniyah, Kurdistan Region of Iraq 5
Page 1 and 2: www.westernzagros.com Corporate Pre
Page 3: Exceptional Exploration Success on
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 and 42: Garmian Block Prospective Resources
Page 43 and 44: Kurdamir and Garmian Blocks Prospec
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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