Friday, 1 June 2012

WesternZagros to present at Stifel Nicolaus Energy conference in June

International oil and gas company WesternZagros Resources (CVE:WZR) said Friday that it will be presenting at the Stifel Nicolaus Energy Conference 2012 in June.
The Stifel Nicolaus Energy Conference 2012 will be hosted on June 7th at 3:15PM (EST) in Montreal, Quebec.
WesternZagros’ presenter is the company's CEO, Simon Hatfield, who will deliver a presentation of the company’s latest developments and future plans as addressed in the corporate presentation of June 2012.
The conference presentation will be posted to the company's website prior to the event.
The company’s focus is on exploring, developing and producing crude oil and natural gas in Iraq. Through its wholly-owned subsidiaries, the company holds two production sharing contracts (PSC) with the Kurdistan Regional Government in the Kurdistan region.
Recently, WesternZagros reported that it generated $25.9 million of gross oil proceeds in its first quarter, more than doubling what it made in the fourth quarter of 2011.
The company said proceeds were generated from the sales of 450,000 barrels of test oil from the Sarqala-1 well in Iraq.
The company reported it had $30.6 million in working capital at the end of the quarter that finished March 31.
After the first quarter, the company announced several operational achievements, including an increase in the mean estimate of gross unrisked contingent resources within its PSC lands to 171 million barrels of oil, compared to 54 million barrels previously.
The substantial boost was due to the discovery at the Kurdamir-2 exploration well of 147 million barrels of mean contingent resources, and a further 1.4 billion barrels of mean estimate gross unrisked prospective resources.

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