WesternZagros Resources Ltd.

Corporate Presentation
June 2010
 Caution to the Reader
This presentation contains forward-looking statements with respect to WesternZagros, including but not limited to operational information, future exploration and
development plans and anticipated future production and resources. Forward-looking information typically contains statements with words such as “anticipate”, “estimate”,
“potential”, “could”, or similar words suggesting future outcomes. WesternZagros cautions readers and prospective investors in the Company’s securities to not place undue
reliance on forward-looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and
uncertainties, which could cause actual results to differ materially from those anticipated by WesternZagros. Readers are also cautioned that disclosed test rates and
potential production rates may not be indicative of ultimate production levels.
Forward looking information is based on management's current expectations and assumptions regarding, among other things, plans for and results of drilling activity, future
capital and other expenditures (including the amount, nature and sources of funding thereof), future economic conditions, future currency and exchange rates, continued
political stability and the Company's continued ability to obtain qualified staff and equipment in a timely and cost efficient manner. In addition, budgets are based upon
WesternZagros' current exploration plans and anticipated costs both of which are subject to change based on, among other things, the actual results of drilling activity,
unexpected delays and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are
reasonable, they may prove to be incorrect.
WesternZagros’ operations are subject to all the risks normally incident to the exploration, development and operation of crude oil and natural gas properties and the drilling
of crude oil and natural gas wells, including encountering unexpected formations or pressures, premature declines of reservoirs, potential environmental damage, blow-outs,
fires and spills, all of which could result in personal injuries, loss of life and damage to property of WesternZagros and others, environmental risks; delays or changes in plans
with respect to exploration or development projects or capital expenditures; the ability to attract and retain key personnel; the risk of commodity price and foreign exchange
rate fluctuations.
All of WesternZagros’ assets are located in Kurdistan. As such, WesternZagros is subject to political, economic, and other uncertainties, including, but not limited to, the
uncertainty of negotiating with foreign governments, expropriation of property without fair compensation, adverse determinations or rulings by governmental authorities,
changes in energy policies or the personnel administering them, nationalization, currency fluctuations and devaluations, disputes between various levels of authorities,
arbitrating and enforcing claims against entities that may claim sovereignty, authorities claiming jurisdiction, potential implementation of exchange controls, royalty and
government take increases and other risks arising out of foreign governmental sovereignty over the areas in which WesternZagros’ operations are conducted, as well as risks
of loss due to civil strife, acts of war, guerrilla activities and insurrections. WesternZagros’ operations may be adversely affected by changes in government policies and
legislation or social instability and other factors which are not within the control of WesternZagros including, among other things, adverse legislation in Iraq and/or the
Kurdistan Region, a change in crude oil or natural gas pricing policy, the risks of war, terrorism, abduction, expropriation, nationalization, renegotiation or nullification of
existing concessions and contracts, taxation policies, economic sanctions, the imposition of specific drilling obligations and the development and abandonment of fields.
The ability of WesternZagros to successfully carry out its business plan beyond exploration is primarily dependent on the continued support of its shareholders, the discovery
of economically recoverable reserves, its joint venture partner’s continued participation in the exploration activities under the PSC, and the ability of the Corporation to
obtain financing to develop reserves. WesternZagros’ cash balance may not be sufficient to fund its ongoing activities at all times and carry the KRG’s 20 per cent interest
under the PSC. From time to time, WesternZagros may require additional financing in order to carry out its oil and gas acquisition, exploration and development activities.
Failure to obtain such financing on a timely basis could cause WesternZagros to forfeit its interest in certain properties, miss certain acquisition opportunities and reduce or
terminate its operations. It is possible that future global economic events and conditions may result in further volatility in the financial markets which, in turn, could
negatively impact WesternZagros’ ability to access equity or debt markets in the future.
Due to the risks, uncertainties and assumptions inherent in forward-looking statements, prospective investors should not place undue reliance on these forward-looking
statements. For a full discussion of the risk factors, please refer to the Annual Information Form on the Company’s web site.
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 Our Objective

To be recognized, through consistently superior business

performance and operations excellence, as one of the leading
junior oil and gas companies active in Iraq.

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 WesternZagros Today

 Listed on TSX Venture Exchange: WZR

 Shares Outstanding:
 Basic: 207.5 million
 Fully Diluted: 220.5 million
 Market Capitalization: $86.7 million1
 Average Daily Trading Volume (3 month): 1.4 million1
 Working Capital: $53 million2
 Head Office – Calgary, Alberta, Canada
 Overseas Office – Sulaymaniyah, Kurdistan Region of Iraq

1 As of June 17, 2010

2 As of March 31, 2009

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A Rare Opportunity: Oil Exploration in an OPEC Country

Strong  Large exploration block in the Kurdistan Region of Iraq

Block 44: 500,000 acres or 2,120 km2
Foundation
 Attractive Production Sharing Contract (PSC) terms in place

Early Stage  High impact near-term exploration opportunities

 Significant discovery at Kurdamir-1
Opportunity
 Inventory of significant prospects and leads

 Management and Board have extensive oil and gas experience

High Calibre Team and a history of value creation
 Extensive international experience with the majors and large
independents

 Strong relationship with all levels of government, including

Solid Partnerships Kurdistan Regional Government (KRG) – a PSC partner
 Experienced international industry partner (Talisman Energy)

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 Operational Milestones

Operating in Kurdistan since 2005 with no security incidents

 4 million person hours without a Lost Time Incident

Over 1,500 kilometres of high quality 2-D seismic acquired

 Over 20 prospects identified on PSC lands

2008/2009 – Safely drilled and suspended Sarqala-1

 High pressure oil discovery
 Valuable operational information gained

2009 /2010 – Significant discovery made in Tertiary at Kurdamir-1

 World class Oligocene reservoir confirmed
 High predicted rates of over 50 MMScf/day of gas
 Numerous deeper oil and gas shows (evaluation pending)

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 Early Success at Kurdamir-1

 Initial gas and condensate discovery

 Excellent Oligocene reservoir confirmed
 Upper Aaliji, Shiranish and Kometan
have oil potential
• 31° API oil sample

Flares while testing Rig on location

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Intermediate Result:
Oligocene Gas & Condensate Discovery
Bai Hassan: 2.2 billion barrels

Discovered: 1953

 Gas caps on crests of structures are a common

occurrence in the Tertiary reservoirs of the
established fields in the Kirkuk area.
 They are frequently associated with downdip oil
columns on the flanks of the structure or
deeper oil columns in the Cretaceous (ie: Bai
Hassan, Kirkuk, Khabbaz and Kor Mor fields).
 Kurdamir-1 encountered gas and condensate in
Oligocene reservoir on crest of structure; 168
 Drill stem tests in Oligocene flowed 27.5 mmcf/d of gas and metres gross pay in good quality reservoir
1,172 bbls/d of 61⁰ API natural gas liquids
 Reservoir production potential of 52 mmcf/d of gas and
2,240 bbls/d of condensate from the Tertiary
 Analysis of condensate in Oligocene reservoir indicates an oil source
8  Deeper drilling encountered numerous oil and gas shows
 Forward plan is to test Oligocene, Upper Aaliji, Shiranish and Kometan intervals
 Kurdamir-1 Well Control Operations
 Kurdamir-1 was shut in at 4,077 metres
when high pressure was encountered
while drilling in the Gulneri. A sidetrack
well was subsequently drilled after the
drill string became stuck. The company
is pursuing an insurance claim for these
costs.
 A high-pressure hydrocarbon zone was
then encountered at 3,214 metres.
While attempting to stabilize the well,
the drill pipe parted and pushed the drill
string into the rig’s derrick.
 Emergency response procedures were
activated due to the presence of sour
gas in the exposed and bent drill pipe.
No sour gas was released.
 The well has since been safely and
successfully secured.
 As a precaution, the company
evacuated a local village. The
inhabitants have since been able to
return to their homes.
 A snubbing unit is being installed to
recover the remaining drill string and
complete well kill operations.
 Confirmation of well control insurance
coverage has been received and a first
payment of $5.7 million has been
approved.
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 Understanding the Region’s Oil & Gas Fields
Period Age Formation Lithology Seal/Reservoir/Source

Pliocene Upper / Lower Bakhtiari Clastic

Upper Fars Clastic Reservoir

Lower Fars Evaporite Super Seal

Miocene
Jeribe Carbonate

Tertiary
Euphrates Carbonate
Reservoir
Oligocene Oligocene Kirkuk Group Carbonate

Pila Spi Carbonate

Eocene
Jaddala Carbonate/ Shale Seal/Reservoir

Aaliji Carbonate/ Shale Seal/Reservoir/Source

Paleocene
Kolosh Shale/Clastic

Maastrichtian/ Tanjero Clastic

Upper
Campanian Shiranish Carbonate
Reservoir
Lower

Cretaceous
Kometan Carbonate
Campanian
Turonian Gulneri Shale Seal

Upper Qamchuqa Carbonate

Reservoir
Albian Lower Qamchuqa Carbonate

Balambo Shale Seal/Source

Upper Barsarin Carbonate Reservoir

Qulijan-1 Middle Sargelu Carbonate/Shale Reservoir/Source

Jurassic

Alan Carbonate Reservoir

Sarqala-1 Mus Carbonate Reservoir

Lower
Adaiyah Evaporite Seal

Butmah Carbonate Reservoir

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 Kurdamir-1, Oligocene Resource Estimates*
(as of November 23, 2009)
A. Contingent Resources above 2,310 metres
IF PROSPECTIVE RESOURCES ARE GAS & CONDENSATE
Tertiary Gross Unrisked Discovered
(OLIGOCENE ONLY) **
and Contingent Resources (1,3,10,11)
Estimate Low P90 (6) Best P50 (7) High P10 (8) Mean (9)
Gas Initially-in-Place (4) 635 847 1,098 856
Gas (BCF) 379 523 696 532

Condensate (MMBBL) 13 21 32 22

B. Prospective Resources Below 2,310 metres if gas & condensate

If Gas/Gas Condensate Tertiary Gross Unrisked Undiscovered
and Prospective Resources (2,3,10,12, 13)
Estimate Low P90 (6) Best P50 (7) High P10 (8) Mean (9)
Undiscovered Gas 371 692 1,032 699
Initially-In-Place (4)
IF PROSPECTIVE RESOURCES ARE OIL
Gas (BCF) 180 363 609 381 (OLIGOCENE ONLY) **
Condensate (MMBBL) 8 15 25 16

C. Prospective Resources Below 2,310 metres if oil

If Oil Only Tertiary Gross Unrisked Undiscovered
and Prospective Resources (13)
Estimate Low P90 (6) Best P50 (7) High P10 (8) Mean (9)
Undiscovered Oil 164 328 508 333
Initially-In-Place (4)
Gross Unrisked
Prospective Resources 32 100 207 112
Oil (MMBBL) (2,10,12)
Source: Sproule International Ltd. independent audit, For additional information regarding gross resources (unrisked) including specific
reference to the footnotes 1 – 13, please refer to the Material Change Report filed www.sedar.com on November 26, 2009.
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** Does not include Aaliji or Shiranish potential (to be evaluated)
 Hydrocarbon Habitat of Surrounding Discoveries
Field/ Kurdamir-1 Kor Mor* Chia Surkh Pulkana Qamar Gilabat Jambur* Kirkuk* Naft Miran Khabbaz* Bai Taq Taq*
Reservoir Khaneh West-1 Hassan*
TERTIARY
Distance from
0 1 6 8 15 26 35 60 62 65 90 100 110
PSC (km)
Upper Fars oil oil NP
Lower Fars Seal
Jeribe gas/cond. oil oil oil oil/gas oil NP oil
Euphrates gas/cond. oil oil (TD) oil/gas NP
Oligocene gas/cond. gas/cond. NP NP NP oil/gas NP NP oil/gas oil/gas NP
Pilaspi/Jaddala oil oil/gas NP oil
Upper Aaliji TARGET
Aaliji Seal
CRETACEOUS
Shiranish TARGET oil gas oil oil oil oil oil
Hartha TD TD
Kometan TARGET oil oil oil/gas oil
Khasib oil
Mishrif
Gulneri Seal
U. Qamchuqa oil/gas oil/gas TD oil oil/gas oil oil
L. Qamchuqa oil/gas oil oil oil TD

Most of the fields in the chart that show shallow discoveries may have remaining undiscovered potential if drilled deeper.
Sources include: 2006 Petroleum Geological Analysis Ltd. (PGA) Report and news releases.
TD = Total Depth NP = Not Present * Producing Field
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 Kurdamir: The Potential Reward
 The Shiranish
Formation is one of
Metres
Depth (m)
WesternZagros’ target
reservoirs in the
Cretaceous.
 The Kurdamir
Block K38
Structure, which is
? approximately
30 sq kms in size on
the company’s Block,
can be interpreted as a
Block K39 30 km2 culmination on a much
larger structure that
Kurdamir-1 extends off the Block.
 The larger structure
155 km2 could be up to 155 sq
km in size at the
Block K44 Shiranish reservoir
5 km
level.
Depth map of Shiranish Formation
Sources: Talisman 2009 Corporate Presentation (Topkhana Prospect) and WesternZagros data base
 If so, the larger
structure is capable of
 Extension of structure from Block K44 to Block K39 is conceptual and containing a giant oil
requires access to Block K39 seismic data for verification. field.
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 Composite Seismic Section (SW to NE)
Kurdamir-1 and Qulijan-1 Location
A’ B B’
A
• Structural style
similar to existing
giant fields in Iraq
and Iran
Horizon Legend
Ground Elevation
Upper Fars
Lower Fars Evaporite
Base Fars Detachment
Lower Fars Transition Beds
Oligocene
Aaliji
Shiranish

Tested gas/condensate
& gas shows
Oil shows

Kurdamir-1 Legend
Current Driller 4-way

B’
(Tertiary gas/condensate)
3-way
2-way

A’
Sarhad

B Razyana
Baran
A Alyan_Albian Namiq
Yarmand

Shana Hasan_Albian
Hasan
Alyan Wurela

Smaqa_N
Mansur
Tukin
Chwar Qabri
Smaqa_S
Tilako

Zardi

Qula_W
Khala_N
Sarqala Deep
Qula Khala_S
Zhala

Confidential
0 3 6 12 Kilometers

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2 km
 Block 44 Resource Assessment* (as of March 31, 2009)
Gross Undiscovered Resources (Unrisked)(1) (4)
Block 44
As of March 31, 2009
(millions of barrels)
Category Low Estimate Best Estimate High Estimate Mean
P90 P50 P10 Estimate

Undiscovered Petroleum 4,460 6,419 9,129 6,651

Initially In Place (2)

Prospective Resources (3) 1,615 2,392 3,462 2,475

(1) These are the gross volumes estimated for the block, without any adjustments for working interest or encumbrances.
(2) Undiscovered petroleum initially in place (equivalent to undiscovered resources) is that quantity of petroleum that is estimated, on
a given date, to be contained in accumulations yet to be discovered. The recoverable portion of undiscovered petroleum initially in
place is referred to as “prospective resources,” the remainder as “unrecoverable.”
(3) 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 and a chance of
development.
(4) The gross prospective resources estimate is based on a portfolio of over 20 prospects and leads in both the Tertiary and Cretaceous
reservoirs. It does not include an estimate of those prospective resources in the reservoir intervals drilled in Sarqala-1.
(5) Additional information obtained from drilling activity or additional seismic data will result in a change to this assessment.
(6) Oil only as assessment.
For additional information regarding gross undiscovered resources (unrisked), please refer to the Material Change Report filed
www.sedar.com on May 12, 2009.
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* Source: Sproule International Ltd. independent audit
 High Level of Industry Activity in Kurdistan
 38 international oil companies
with PSCs in Kurdistan
 Drilling Operations 2010*
Block Operator
Ain Sifni / K8 Hunt
Akre-Bijeel MOL
Al Qush/Barda Rash Komet
Atrush Gen. Expl. Partners
Bazian KNOC
Bina Bawi Petoil
Chia Surkh Longford
Erbil DNO
Hawler Norbest
K39/K9 Baranan Talisman
Kalar Bawanoor WesternZagros
KorMor Dana Gas
Miran Heritage
Pulkhana ShaMaran
Qarah Dagh Niko
Sangaw North Sterling
SangawSouth & Bazian KNOC
Qulijan-1 Sarsang Hillwood
Sarta/Rovi Reliance

Sarqala-1 Shaikan/Sheikh Adi Gulf Keystone

Shorish/Mala Omar OMV
* Source: KRG and WesternZagros
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 Growing Interest in Iraq
 Kurdistan under-explored relative to
the rest of Iraq
 Quality of services increasing
 Security situation has improved
 Two oil fields are producing and
export-ready – Tawke and Taq Taq
Iraq 1st & 2nd Bid Round Awards
Field Consortium

Badrah Gazprom/Petronas/KoGas/TPAO

Gharraf Petronas/Japex

Halfayah CNPC/Petronas/Total

Majnoon Shell/Petronas

Najmah/Quiyarah Sonangol

Rumaila BP/CNPC

West Qurna Phase I ExxonMobil/Shell

West Qurna Phase II Lukoil/Statoil

Zubair ENI/Occidental/KoGas

 Iraq planning 3rd Bid Round for three

gas fields, September, 2010

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 Existing and Potential Transportation Options
 Well established oil export routes:
Mediterranean and Persian Gulf
 Potential pipeline capacity:
 Kirkuk-Ceyhan System
(1.6 MMbbls/d)
 Kirkuk-Basra (1.4 MMbbls/d)
 Baniyas-Syria System
(250 kbbls/d)
 Proposed system within
Kurdistan
 Developing Kurdistan gas
infrastructure
 Gas pipeline
 Gas powered electricity plants

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 Political Environment Continues to Evolve

 March 2010 – Federal elections

 Milestone: first fully democratic election

 Negotiations between Iraq political parties continuing

 May 2010 – Iraq approves resumption of oil exports from Kurdistan

 May 2010 – Federal Petroleum Law and Revenue Sharing Law closer to
resolution
 Allocation of management of existing fields and exploration areas

 WesternZagros PSC area not within disputed boundary region

 WesternZagros expects PSC review at the federal level - possibility of revision

and timing is uncertain

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 Production Sharing Contract (PSC)
- Fair and Balanced Terms
Total Oil Produced

Operations Oil
Royalty Oil
10% of total crude oil

Net Available Oil

Remaining net available oil

Total Profit Oil
sharing based on R-Factor
Cost Recovery Oil slide range of 35%/65% to 16%/84%
up to 45%
of net available oil

Contractor Group KRG

WesternZagros Talisman KRG†

40% 40% 20%
† Carried by WesternZagros. Ultimately to be recovered by WZ
through Kurdistan Regional Government’s share of Cost Recovery Oil

• Oil case: When the R-Factor (revenue/cost) is below one, the Contractor Group is entitled to 35% of the Profit Oil. The Contractor Group’s
percentage is then reduced on a linear scale to a minimum of 16% as the ratio is 2 or greater.
• Gas Case: When the R-Factor is below one, the Contractor Group is entitled to 40% of the Profit Gas. The Contractor Group’s percentage is then
reduced on a linear scale to a minimum of 20% as the ratio is 2.75 or greater. Cost recovery gas: up to 55% of net available gas.

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 Excellent Progress in Meeting PSC Commitments
First Exploration Sub-Period Second Exploration Sub-Period
(ends December 31, 2010) *

3 exploration wells 2 exploration wells

 1 exploration well (Sarqala-1) completed

 2nd exploration well (Kurdamir-1) underway
1,150 km of seismic 575 km of seismic

 acquired 1,547 km of seismic to date

(additional 397 km of seismic acquired will be
credited towards obligation for second
exploration sub-period)

Minimum $75 million Minimum $35 million

 commitment exceeded

 At the end of the second exploration sub-period, requirement to relinquish 25% of the net area within
the PSC lands or the entire contract area (other than any discovery or development areas).

* To be extended under Force Majeure claim.

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 Financial Position (As at March 31, 2010, US$ millions)

Without With  The anticipated costs of

Working Capital Position
Cash
Non-Cash Working Capital
Insurance Insurance Kurdamir-1 include well control
operations, but exclude any
$55.1 $55.1 costs for continuing to sidetrack
beyond 3,214m and future
(1.9) (1.9) cased-hole testing activities.

Insurance Claim - 10.0  Due to the nature of oil and gas

exploration, budgets are
Working Capital $53.2 $63.2 regularly reviewed and are
subject to change. Upon
successful completion of well
Remaining 2010 Without With control activities at Kurdamir-1,
Capital and Operating Budget Insurance Insurance WesternZagros will update the
2010 budget to include future
Kurdamir-1 $11 $- activities at Kurdamir-1 and at
the third exploration
Advance Planning of Third Well 6 6 commitment well.

Geoscience and Field Office 4 4

G&A and Business Development 4 4
Total $25 $14

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 Financial Impact of Kurdamir-1 Well Control

As of May 28, 2010 Gross Net

Estimated Kurdamir-1 Costs
Total expenditure $88 to $90 M $53 to $54 M
Well control and sidetrack expenses only $33 to $35 M $20 to $21 M
Insurance Policy and Estimated Claim
Insurance policy limit $75 M $45 M
Insurance claim (net of $1 million $32 to $34 M $19 to $20 M
deductible)

 The total gross expenditures for Kurdamir-1 excludes further costs for both sidetracking beyond
3,214 metres or cased hole testing. Any further sidetracking expenditures will increase both the
total expenditure and the amount claimed under the insurance policy.
 The insurance syndicate has now approved the insurance claim.
 Operational Priorities

 Complete well control activities at Kurdamir-1

 Prepare to drill third exploration commitment well –
Qulijan-1 (formerly Sarhad)
 Resume drilling at Kurdamir-1
 Evaluate Kurdamir-1 gas and condensate discoveries
 Evaluate exploring the flanks of the Kurdamir
structure

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 WesternZagros: Positioned for Success
 Large exploration area in an active region
 Multiple prospects with multiple reservoir targets
 Hydrocarbons already discovered
 Strong technical team with extensive experience
 Experienced international industry partner
Metres
Depth (m)

 Financed to meet
key commitments Block K38
?

 Excellent opportunity Block K39 30 km2

to create substantial Kurdamir-1

155 km2
shareholder value Block K44
5 km

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 www.westernzagros.com

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 Experienced Management & Strong Technical Team
 Simon Hatfield, CEO
Proven track record of success with over 30 years of international and domestic oil and gas experience in technical,
managerial and executive positions with Western Oil Sands, Imperial Oil, Exxon Production Research Co., PetroCanada, Chauvco
Resources and Talisman. Extensive experience in Iraq since 1995.
 Rob Theriault, Senior Vice President Engineering and Operations
Over 30 years of international and domestic experience in upstream and midstream oil & gas operations for companies including
Cairn India Ltd., Husky Oil, CSR Petroleum, Suncor. Previous roles include senior management responsibilities for exploration,
production and development.
 Greg Stevenson, CFO
Previously Controller of Western Oil Sands. Chartered Accountant with over 13 years of experience working with a major accounting
firm as well as with large public companies in the oil and gas industry. Responsible for leading the financial and accounting team.
 George Pinckney, Vice President, Exploration
Majority of 34 year career spent with Mobil Oil and ExxonMobil in locations throughout Canada, USA and Southeast Asia,
demonstrating extensive international experience. Responsible for all geotechnical work in Iraq including successful completion of
Kurdistan study area evaluation; integral role in negotiating Kurdistan PSC area.
 Ian McIntosh, Vice President, Kurdistan Business Unit
Over 30 years of international oil and gas experience focusing on development and production engineering, in-country management
and business growth in challenging environments. Previously held executive and managerial positions with Petro-Canada Companies
in Libya, Algeria and Tunisia, Adams Pearson Associates, Ranger Oil, British National Oil Corporation, and Shell International
Petroleum.

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 Experienced Management & Strong Technical Team
 Dean Molaro, General Manager Finance and Administration, Kurdistan
Holds over 20 years experience in operations, finance and accounting roles in international and domestic settings and is based in
Kurdistan, Iraq.
 Ian Ross, General Manager, Operations
30 years experience in petroleum engineering and operations including drilling, well testing and completions, early production
systems, reservoir engineering, production operations, field development projects in India, Iran, Libya, the Netherlands and the
United Kingdom.
 Dave Reeve, General Manager, Petroleum Engineering
Over 30 years experience in consulting and staff position in the engineering and operation of projects in China, Iran, Australia,
Indonesia and domestic. Proficient in production and reservoir engineering, field development design and implementation as well as
production operations and project management.

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 Board of Directors – Extensive Experience
 David Boone
 Broad Canadian and international energy experience in the upstream industry with positions including President, Offshore and
International Operations for EnCana Corporation; Executive Vice-President and Chief Operating Officer of PanCanadian Energy
 President of Barrick Energy Inc.
 Holds a Civil Engineering degree from Queen's University

 Fred Dyment (Chairman)

 Over 30 years of expertise includes positions as President and CEO for Maxx Petroleum and President and CEO of Ranger Oil
Limited, in addition to serving as Governor of the Canadian Association of Petroleum Producers (CAPP) from 1995 to 1997
 Serves on the Board of Directors of Tesco Corporation, ARC Energy Trust and TransGlobe Energy Corporation
 Holds a Chartered Accountant designation

 John Frangos
 Co-founder of Western Oil Sands, served as Western’s Executive Vice President and COO
 Played key role in negotiations with the Kurdistan Regional Government
 Prior to forming Western, employed with BHP and predecessor corporations for 28 years and was Vice-President, International
Business Development for BHP’s Minerals Business Unit
 Holds a Diploma in Mechanical and Electrical Engineering, an Associate Diploma in Mechanical Engineering and a Masters of
Business Administration degree

 Simon Hatfield
 Proven track record of success with over 30 years of international and domestic oil and gas experience in technical, managerial
and executive positions with Imperial Oil, Exxon Production Research Co., Petro-Canada, Chauvco Resources and Talisman
 Holds a Bachelor of Science (Honours) degree in Geology with Physics, a Masters of Science degree in Geology and completed
the Executive Development Program at the University of Calgary
 Extensive experience in Iraq since 1995 and initiated Kurdistan opportunity and successfully concluded the signing and
ratification of PSC

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 Board of Directors – Extensive Experience

 Jim Houck
 Proven track record of success with ChevronTexaco Inc., as President of Texaco Development Corporation from 1996 to
2001 and President of Worldwide Power and Gasification Inc. from 1998 – 2003, in addition to senior level positions in
global gas and power, business development, production operations, research and development and strategic planning
 Previously a Principal of FrontStreet Partners, a U.S-based, privately-held investment firm
 Holds a Bachelor’s degree in Engineering Science from Trinity University in San Antonio and a Master of Business
Administration degree from the University of Houston
 Randall Oliphant
 Chairman and Chief Executive Officer (CEO) of Rockcliff Group Limited, a private investment corporation; President and
CEO of Barrick Gold Corporation from 1999 - 2003, prior to holding senior financial positions with the firm from 1987-
1999
 Currently serves on the Advisory Board of Metalmark Capital LLC (formerly Morgan Stanley Capital Partners) and serves
on the Boards of a number of private companies and not-for-profit organizations
 Holds a Bachelor of Commerce Degree and is a Chartered Accountant
 William Wallace
 Over 40 years industry experience including positions as Vice-Chairman, President and COO of Barrett Resources,
Regional Vice President and Vice President, Exploration with Texaco and Group Vice President of CSX Oil and Gas
Company
 Lived and worked abroad for 16 years. Supervised international operations in Colombia, Ecuador, Venezuela, United
Kingdom, Ireland, France, New Zealand, Australia and Pakistan
 Earned a Geology degree from Middlebury College and a M.Sc. in Geology from Stanford University

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