WesternZagros will host a webcast on Tuesday, January 29, 2013, to discuss the Sproule audited resource estimates. The investment community is invited to participate in the webcast, which will begin at 9:00 A.M. Mountain Standard Time. Access to the webcast is available at http://www.gowebcasting.com/4147. A replay of the webcast will be available on the Company website, www.westernzagros.com, following the presentation.
Sproule carried out its independent audit in accordance with the current guidelines outlined in the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook") and in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101"). Pursuant to the COGE Handbook, an audit is the process whereby an independent qualified reserves auditor carries out procedures designed to allow the auditor to provide reasonable assurance that a reporting issuer's reserves data (or specific parts thereof) have, in all material respects, been determined and presented in accordance with the COGE Handbook and are, therefore, free of material misstatement.
Tables 1(a) and 1(c), below, provide estimates of the gross unrisked recoverable contingent and prospective oil, and oil equivalent resources for the Oligocene, Eocene and Cretaceous reservoirs included in this latest Sproule audit.
Tables 1(b) and 1(d), below, provide estimates of the gross unrisked discovered (oil and gas) and undiscovered (oil) initially-in-place, included in this latest Sproule audit of the Oligocene, Eocene and Cretaceous reservoirs of the Kurdamir structure.
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