WesternZagros Announces First Quarter 2012 Results

WesternZagros Resources announced on Wednesday its operating and financial results for the first quarter ended March 31, 2012, and additional key highlights and activities to date.

Headlines

  • $25.9 million of gross oil proceeds in Q1 2012, more than double the proceeds generated in Q4 2011.
  • Proceeds generated from the sales of 450,000 barrels of test oil from the Sarqala-1 well.
  • WesternZagros had $30.6 million in working capital at end Q1 2012 compared to $41.0 million at end Q4 2011.
  • Subsequent to the quarter end, the Corporation reported an increase in the mean estimate of gross unrisked contingent resources (“Mean Contingent Resources”) within its PSC lands to 171 million barrels (“MMbbl”) of oil compared to 54 MMbbl reported previously. Increase due to the discovery reported at the Kurdamir-2 exploration well of 147 MMbbl Mean Contingent Resources, and a further 1.4 billion barrels (“Bbbl”) mean estimate of gross unrisked prospective resources (“Mean Prospective Resources”).
  • On a Mean Prospective Resources basis for the entire PSC Lands, the Corporation is able to report 4.7 billion barrels of oil equivalent (“BOE”) compared to 3.7 billion BOE reported previously.

4 Responses to WesternZagros Announces First Quarter 2012 Results

  1. EMMET May 26, 2012 at 9:48 am #

    This is major news considering you can buy the stock under 1 dollar..Go WESTERNZARGOS!!!!

  2. Stew May 26, 2012 at 8:44 pm #

    Please don’t fall into the same trap as the dinar holders. Just becaue it’s cheap doesn’t make it a great buy. It very well could be great buy, but tell me what the market cap is? What’s the p/e? Price per share is totally meaningless without knowing a few other things.

  3. EMMET May 27, 2012 at 3:49 pm #

    Stew I think you have it wrong about WESTERNZARGOS….THE PE IS 42.3 TO LEARN MORE VISIT http://www.macroaxis.com/invest/market/WZR.V–technical–WesternZagros_Resources_Ltd

  4. Stew May 27, 2012 at 6:55 pm #

    Not sure how I’m wrong since I didn’t really make any kind of claim.
    From your link….
    WesternZagro Price to Earning
    Based on latest financial disclosure the price to earning indicator of WesternZagros Resources Ltd. is roughly 42.5 times. This is 97.67% higher than that of Basic Materials sector, and 85.59% higher than that of Independent Oil and Gas industry, The Price to Earning for all stocks is 103.74% lower than the firm.

    Just my opinion, but that reads like they are bit over priced.

    I haven’t followed this too closely. But aren’t these contracts between the Kurds and WZ frowned upon by the Iraqi government? I believe the Central Gov in Baghdad claims they have the sole right to negotiate contracts and export oil and gas