Corporate Presentation April 2012

TSX.V: WZR www.westernzagros.com

Caution to the Reader

This presentation contains forward-looking statements with respect to WesternZagros, including but not limited to operational information, future exploration and testing plans and estimated costs and timing associated therewith, working capital, production, sales 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 not to 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 long-term performance or of ultimate recovery. In addition, the forward looking information is made as of the date hereof, and WesternZagros assumes no obligation to update or revise such to reflect new events or circumstances, except as required by law.

Forward looking information is based on management's current expectations and assumptions regarding, among other things, plans for and results of drilling activity and testing programs, future capital and other expenditures (including the amount, nature and sources of funding thereof), future economic conditions, future currency and exchange rates, future oil prices, continued political stability, continued participation of the Company’s co-venturers, successful resolution of disputes, continued ability to successfully market its production, continued ability to obtain qualified staff and equipment in a timely and cost efficient manner. In addition, budgets are based upon WesternZagros' current exploration and appraisal plans and anticipated costs both of which are subject to change based on, among other things, the actual results of drilling and testing activity, unexpected delays, availability of financing 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’s operations are subject to all the risks normally incident to the exploration, production, 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; inherent uncertainties in interpreting geological data; delays in collecting payment for production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the ability to attract and retain key personnel; and the risk of commodity price and foreign exchange rate fluctuations.

All of WesternZagros’s assets are located in Kurdistan. As such, WesternZagros is also 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’s operations are conducted, as well as risks of loss due to civil strife, acts of war, guerrilla activities and insurrections. WesternZagros’s 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, 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 is primarily dependent on the continued support of its shareholders, the discovery of economically recoverable reserves, its co-venturers’ continued participation in the exploration activities under the PSCs, 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 carried interests under the PSCs. From time to time, WesternZagros may require additional financing in order to carry out its oil and gas acquisition, exploration and development activities. In addition, any change in the co-venturers’ participation could increase or reduce the Company’s capital requirements. 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’s 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 and fourth quarter, 2011 MD&A on SEDAR at www.sedar.com or on the Company’s web site. Additional information relating to WesternZagros is also available on SEDAR at www.sedar.com, including the Company’s Annual Information Form dated March 26, 2012 which include the risks and level of uncertainty associated with the Company’s ability to recover resources from the PSC lands.

2

Corporate Profile: Junior E & P Company

Pure Play

Symbol on TSX Venture Exchange1

First Listed

Basic Shares Outstanding2

Diluted Shares Outstanding3

Director & Officer Ownership4

Market Capitalization5

Average Daily Trading Volume (3 mo.)

Working Capital6

Head Office

International Office

Focused on Kurdistan Region of Northern Iraq

WZR

October 22, 2007

371.2 million

397.1 million

7.6%

$300 million CDN

1.8 million

$41.0 million US

Calgary, Alberta, Canada

Sulaymaniyah, Kurdistan Region of Iraq

1 WesternZagros was recognized as a TSX Venture 50® company in 2012. TSX Venture 50 is a trade-mark of TSX Inc. and is used under license. 2Basic shares outstanding at April 12, 2012 3 Diluted Shares Outstanding include options granted as at April 12, 2012 4 Including share ownership and options granted as at April 12, 2012 5 As of April 12, 2012 closing share price 6 December 31, 2011 working capital - see Slide 9 for details 3

Our Assets: Two E&P Blocks in Kurdistan, Northern Iraq

Assets

• Early entrant: blocks are one

of the largest (2,120

km2/500,000 acres)

exploration areas, 40%

working interest in both

• On trend with super-giant

Kirkuk oil field

• Oil found at four wells drilled

and tested to date: 100%

success ratio

4

Our Assets: Two E&P Blocks in Kurdistan, Northern Iraq

Assets

• Multiple prospects and leads

• Over 3.6 billion BOEs of audited mean

prospective resources*

• Oil, gas and condensate discovered at

Kurdamir-1 and Kurdamir-2 – a

potentially giant field, over 1,900

metres of gross hydrocarbon interval

• Oil discovered at Sarqala-1 (Garmian

Block); EWT producing 5,000 bbls/day

of light oil

• Oil discovered at Mil Qasim-1

(Garmian Block): additional well

testing commenced Q2 2012

5

• Independently audited by Sproule International Limited - see Slides 35 through 41, inclusive, for data

(prior to Kurdamir-2 results, pending increase)

6

Building on Exceptional Exploration Success and Early Production

Targeting over 1 billion prospective barrels of oil:*

Kurdamir Discovery:

- deeper drilling and evaluation beneath major Oligocene Discovery (Eocene and Cretaceous targets)

- extensive testing program of all three reservoirs: July 2012

- extended well test of Kurdamir-2

- 3D seismic program

- Kurdamir-3 appraisal well

Sarqala Discovery:

- ongoing extended well test of Sarqala-1 producer (5,000+ bbl/d)

- 3D seismic program

- Sarqala-2 appraisal and production well

- Hasira-1 appraisal and production well plus deeper Oligocene exploration

Mil Qasim Discovery:

- additional well testing of Upper Fars reservoir: commenced Q2 2012

- evaluating Upper Bakhtiari reservoir shallow drilling exploration program

Separators and Wellhead – Sarqala-1

Security Bay: Sarqala-1

Mil Qasim Rig

Shipping Pump Manifold – Sarqala-1

Production Tanks: Sarqala -1

Kurdamir-2 Rig

• Independently audited by Sproule International Limited - see Slides 35 through 41, inclusive, for data

(prior to Kurdamir-2 results, pending increase)

7

Exploration and Appraisal Well Drilling Timeline

8

Near-Term Potential Value Creation: 2012

Gross Unrisked Prospective Resources (Audited) *

* See slides 35 through 41, inclusive, for data

Size of the prize is over 1 billion BOEs of prospective resources

May/June 2011 Oil Discovery

40o API light oil

5,000 bbl/d extended well test planning to

increase to 8,000 bbl/d

February 2012 Oil Discovery

800 metre gross interval

of 44° API light oil Additional well testing Q2 2012

March 2012 Oil Discovery

38-42° API light oil Planning additional

well tests

Anticipated drilling

completion end Q2 2012

Pre-drill estimates

Financial Position: Forecast to end Q2 2012

9

1. WesternZagros has completed $25.9 million of sales under Extended Well Testing to March 31, 2012. 2. Includes 100% of Garmian costs. Upon assignment of the outstanding Third Party Interest in the Garmian Block by the Kurdistan Regional

Government, the new party will be required to repay to WesternZagros their share of costs related to the Garmian expenditures. Based on 2011 and H1 2012 spending, this is estimated to be approximately $55 million.

Working Capital Position (as at December 31, 2011)

Cash and Short Term Investments 74.5 Non-Cash Working Capital (including trade and other payables) (33.5) Working Capital 41.0

Estimated Proceeds from Extended Well Test H1 2012

Sales1 (approximate 5,000 bbl/d production rate) 52.0

Operating Expense (8.0)

Net Proceeds 44.0

Capital and Operating Budget H1 2012

Drilling and Related Operations 4 - Garmian2 26.0 - Kurdamir 35.0

Field Office and PSC-Related Expenditures 4.0 G&A, Business Development and Other 3.0 Total Budget 68.0

• Size of the prize is over 3.6 billion BOEs of prospective resources (mean unrisked estimate)*

• Four discoveries at Kurdamir 1 and Kurdamir-2, Sarqala-1 and Mil Qasim-1 wells

• Proven light oil: desirable for domestic market and export blend 69% of Iraq’s reserves are 27°

API or heavier** • Located south of the mountain

front: less complex structures • In the proven Oligocene Fairway • On trend with the super giant

Kirkuk oilfield • Proximal to infrastructure

10

* audited by Sproule International Limited – see slides 35 through 41 inclusive, for data (prior to Kurdamir-2 results, pending increase)

** Source: WesternZagros confidential files

Kurdamir and Garmian Blocks: Light Oil Prone

Kurdistan: Current and Planned Production Capability

11 Data obtained from corporation presentations/ websites

Current Production Capbility (Jan 2012):

TTOPCO Taq Taq (trucked)

DNO Tawke

KAR Khurmala

Dana Gas Kor Mor (condensate trucked)

WesternZagros Sarqala (trucked)

Gulf Keystone Shaikan (trucked)

Sub Total

Planned Production Capability Additions in 2012:

WesternZagros

TTOPCO Taq Taq

DNO Tawke

KAR Khurmala

Gulf Keystone Shaikan +35,000 bopd

Afren Barda Rash 10,000 bopd

Other EPFs

Sub Total

Total Current and Planned

Capability:

Export Volumes:

Mid 2011 (peak)

Average 2011

Forecast 2012

5,000 bpod

254,000 bopd

5,000 bpod

153,000 bopd

407,000 bopd

Sarqala/Mil Qasim + 3,000 bopd

80,000 bopd

75,000 bopd

75,000 bpod

14,000 bopd

5,000 bopd

175,000 bopd

+45,000 bopd

+25,000 bopd

+30,000 bopd

200,000 bopd

~100,000 bopd

Production Sharing Contract (PSC): Fair and Balanced Terms

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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* WesternZagros funds the KRG costs, ultimately to be recovered by WesternZagros through KRG’s share of Cost Recovery Oil. For the Garmian Block only, the current PSC requires that the third party participant will be required to pay for half of the KRG’s carried share. This will be confirmed once the TPPI is assigned. ** WesternZagros initially funds the 40% of the costs for the third party participant until the TPPI is assigned by the KRG. The amounts funded by WesternZagros for the TPPI will be repaid upon assignment of this interest. *** KRG is entitled to a 3% capacity building bonus of WesternZagros profit oil for a net effective share of 38.8%.

5%

10%

15%

20%

25%

30%

35%

40%

Effective Contractor Profit Oil % Allocations Based on R-Factors (1)

Pre-Iraqi Constitution PSC

Top Quartile PSC Effective Profit Oil Entitlement

1. Repsol and Norbest maximum profit oil rate is 32% and 23.8% until such time the R-Factor is greater than 1

2. Not adjusted for individual contractor working interest

Source: The profit oil terms have been assessed from enacted copies of the production sharing agreements published by the Kurdistan

Regional Government on their website www.KRG.org as of September 20th, 2011 13

$200mm upon Entry $280mm due June 30 '12

$140mm upon Entry

$65mm upon Entry

Light oil column with large gas cap discovered in the Oligocene reservoir at Kurdamir-1 in 2010

118 metres of gross, light oil pay confirmed in Kurdamir-2 in 2012

Maximum extent of oil leg unknown

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Kurdamir Block: Major Oil Discovery in Oligocene

Oil Sample from Kurdamir-2: March 2012

Mean estimate of prospective resources: estimate of 585 MMbbls on Kurdamir alone, upside is 1 billion barrels* (Oligocene, Eocene and Cretaceous). Pre-Kurdamir-2: contingent and prospective resources anticipated to materially increase

Confirmed oil column in the Oligocene reservoir, testing light oil with major upside

Oligocene Prospective Resources (MMbbls) * P90 P50 P10

Oil 85 260 560

Discovered gas and condensate • Drill stem tests flowed 27.5 MMcf/d of

gas and 1,172 bbls/d of 61⁰ API natural gas liquids

• High predicted rates of over 50 MMcf/d of gas and 2,240 bbls/d of condensate

• Contingent Resources (Gas in BCF and Condensate in MMbbls)

P90 P50 P10 Gas 505 850 1420 Condensate 22 33 48

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Oil shows in Eocene and Cretaceous reservoirs.

Oil interval confirmed by Weatherford geochemical analyses (Aug 2011)

• Major upside in deeper untested zones Prospective Resources (oil) P90 P50 P10 MMbbls 18 86 273 Eocene 59 152 340 Cretaceous

Success at Kurdamir-1: Over 1,900 Metres of Gross Hydrocarbon Interval

Well Testing at the Kurdamir-1: November 2010

• Independently audited by Sproule International Limited - see Slides 35 through 41, inclusive, for data • (prior to Kurdamir-2 results, pending increase)

Kurdamir-2: Major Oil Discovery in Oligocene

• Initial drill stem test conducted at a depth of 2,477 metres, across 55 metres of the Oligocene porous zone

• Tested 38-42 degree API oil

• Test was conducted across the gas-oil contact at 2,444 metres: tested 22 metres gas pay over 33 metres oil pay

• Test flowed at rate of 7.3 MMcf/d of gas and 950 bbl/d without stimulation

• 140 metres thick porous zone between 2,422 and 2,562 metres, all of which is hydrocarbon bearing (majority oil)

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• Well log data indicates 118 metres of gross oil pay beneath 22 metres of gross gas pay

• No water encountered within the Oligocene interval

• Maximum extent of oil leg unknown

Kurdamir-Topkhana Structure Share a Common Oil Leg (A – A’)

17

Kurdamir structure extends off the Block and is potentially a giant oil field (>500 million barrels)

Kurdamir-2 is the important test of the oil potential in the Oligocene, Eocene and the Cretaceous of the Kurdamir-Topkhana structure

Pre-drill mean estimate of prospective resources: 585 MMbbls on Kurdamir Block alone* Anticipated to materially change

* See Slides 35 through 41 inclusive, for data

Kurdamir-Topkhana Structure: The Potential Rewards

Depth map of Oligocene Formation

18

Oligocene Formation • Results of Kurdamir-2 have increased known hydrocarbon column proven in the Oligocene to at least 420 metres • No oil-water contact encountered in Kurdamir-2 meaning the maximum thickness of the oil column is not yet known. Major upside possible. • Bottom of the known oil column extends down to at least 2,562 metres; significantly deeper than the limit of closure of the Kurdamir structure as mapped from

seismic data: Oligocene reservoir is involved in a larger trap and that Kurdamir and Topkhana share a common oil leg

Depth map of Cretaceous Formation

Cretaceous Formation

• Potential similar to Oligocene in the deeper zones: Eocene and Cretaceous (Shiranish and Kometan)

Kurdamir: Long Potential Oligocene Oil Leg

19

Kurdamir structure extends off the Block and is potentially one of the world’s biggest oil fields

Kurdamir-2 is the important test of the oil potential in the Oligocene, Eocene and the Cretaceous of the Kurdamir-Topkhana structure

Mean estimate of prospective resources: 585 MMbbls on Kurdamir Block alone*

New Kurdamir Oligocene resource assessment underway

* See Slides 35 through 41 inclusive, for data

Kurdamir Structure: Major Discovery in Oligocene

Next Steps:

• Eocene and Cretaceous reservoirs at Kurdamir-2 to be drilled by June 30, 2012

• Examining options for additional cased hole testing focused on the full 118 metres of gross Oligocene oil pay after PSC commitments met.

• Planning a 3D seismic program, extended well test, and a further appraisal well

Well testing at Kurdamir-2: March 2012

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Horizon Legend

Ground Elevation

Upper Fars

Lower Fars Evaporite

Base Fars Detachment

Lower Fars Transition Beds

Oligocene

Aaliji

Shiranish

Composite Seismic Section (SW to NE) of Kurdamir-1 and Kurdamir-2 locations

Near Term Plans on the Garmian Block

Mil Qasim-1 Well

• Tested 43-44° light oil in the Upper Fars Formation approximately 800 metres of gross hydrocarbon bearing intervals

• Commenced additional well test from the Test 4 interval in Q2 2012

Sarqala-2 Well

• First appraisal well following Sarqala-1 discovery

• Anticipated spud date in second half of 2012

Hasira-1 Well

• Exploration well targeting the Oligocene. Also appraisal well of the Jeribe reservoir

• Second exploration well to comply with PSC obligations under the Second Exploration Sub Period

• Anticipated spud date in second half of 2012

21 Mil Qasim Well Hasira-1 Well Location Sarqala-1 Well Location

Mil Qasim and Sarqala Structures

Sarqala-1 Well • Producing at approximately 5,000 bbl/d, with planned

increase to 8,000 bbl/d of light, 40° API oil from the Jeribe Formation

• Major increase of prospective oil resources in the Jeribe reservoir to:P90- P50 -P10 MMbbls : 31-136-429

Sarqala-2 Well • Appraisal well to delineate the Upper Fars and complete for

production in the Jeribe reservoir • Distance of 3 kilometres away from Sarqala-1 Mil Qasim-1 Well • Flowed light 43-44° light oil in the low permeability

sandstone reservoirs and natural fractures from the Upper Fars reservoir

22

• Upside (prospective oil resources) in the Upper Fars reservoir is:P90 - P50 -P10 MMbbls : 7 – 63- 265

• Additional testing of Upper Fars reservoir underway Hasira-1 Well • Appraisal and exploration well to delineate the Upper Fars,

Jeribe and test the Oligocene reservoirs (potential and Oligocene producer)

• Distance of 3 kilometres away from Sarqala-1

Mil Qasim-1: Additional Well Testing

Composite Seismic Section (SW to NE) of Mil Qasim-1 and Sarqala-1 locations

• Flowed light, 43 – 44° API oil in the Upper Fars Formation. No formation water or H2S have been identified

• Identified approximately 800 metres of gross sandstone reservoir with four intervals tested

• Independent third party engineering expert indicates one of the tested intervals has the potential to produce at over 1,000 bopd through stimulation or alternative drilling techniques

• Total depth of 2,425 metres reached in December 2011

23

Sarqala and Mil Qasim Structures

24

• Sarqala-1 drilled gross oil interval of 2,400 metres • No gas cap or water leg encountered in Sarqala-1 • Sarqala-2 and Hasira-1 will be drilled in H2 2012

• Mil Qasim-1 drilled gross oil interval of 800 metres

• No water encountered in Mil Qasim-1 • Additional well testing underway • Investigating shallow, multi-well

drilling program to evaluate the Upper Bakhtiari Formation at a depth of approximately 500 metres.

Multiple Transportation and Market Options

Two Oil Markets:

• Domestic sales in Kurdistan

• Sales price of $50-$65/bbl depending on quality/location • Contracted volumes pre-paid and transported by local buyers

• Export market managed by State Oil Marketing Organization

• All Kurdistan exports utilizing Kirkuk-Ceyhan System • KRG receives payment from Federal Minister of Finance • KRG pays contractors • Exported sales realize 50% of market price

Well-established oil export routes from Iraq:

• Mediterranean and Persian Gulf

Existing pipelines:

• Kirkuk-Ceyhan System • Kirkuk-Basra • Baniyas-Syria System

25

Planned pipelines:

• Planned KICE pipeline from Taq Taq field to Fish Khabur at Turkish border

• Direct exports of oil through Turkey anticipated by end 2013, of gas, anticipated by end of 2014

Developing Kurdistan gas infrastructure

• Existing gas pipeline: Kor Mor to Chemchamal and Erbil providing gas to electrical plants

Long-term benefits for the local community:

health, water, education and

recreation

Strong focus on health, safety and security

Corporate Social Responsibility

Making a Difference Where We Operate

• Participate in the United Nations Global Compact with adherence to the Ten Principles

• Work with key stakeholders in our area of operations

• Aim to establish sustainable long-term benefits for the local community

• Target the health, water, education and recreation sectors

• Believe in creating a positive impact in the local community and improving quality of life

• Consult with communities and liaise with other operators, NGOs and KRG institutions to determine our CSR activities

• Hire local personnel wherever possible

27

Corporate Social Responsibility Investment Priorities

We:

WesternZagros: Next Steps

28

Targeting over 1 billion prospective barrels of oil:*

Kurdamir Discovery:

- deeper drilling and evaluating beneath major Oligocene Discovery (Eocene and Cretaceous targets)

- extensive testing of all three reservoirs (July 2012)

- extended well test of Kurdamir-2 Oligocene Discovery

- 3D seismic program

- Kurdamir-3 appraisal well

Sarqala Discovery:

- extended well test in Sarqala-1 producer (5,000+ bbl/d)

- 3D seismic program

- Sarqala-2 appraisal and production well

- Hasira-1 appraisal and production well plus deeper Oligocene exploration

Mil Qasim Discovery:

- additional well testing of Upper Fars reservoir: commenced Q2 2012

- evaluating Upper Bakhtiari reservoir shallow drilling exploration program

* Independently audited by Sproule International Limited - see Slides 35 through 41, inclusive, for data

WesternZagros: Delivering on Major Oil Discoveries

29

Size of the prize is over 1 billion BOEs of prospective resources*

Current team possesses the entrepreneurial energy required to explore, and produce the hydrocarbon resources in the Kurdamir and Garmian blocks. Combined, these form one of the largest exploration areas in Kurdistan, one of the world’s most highest ranked exploration regions

High degree of proven expertise for exploration in challenging regions

Disciplined approach to financing, resource reporting and drilling • Release only independently audited contingent and prospective resource numbers • Maintain financial flexibility • Highly attentive to safety • Recognize importance of on-the-ground relationships

Drilling results support the potential of a giant oil field at Kurdamir

Gross Unrisked Prospective Resources (Audited)

* Independently audited by Sproule International Limited - See Slides 35 through 41, inclusive, for data

Additional Information

30 WesternZagros management, KRG representative and site personnel celebrating commencement

of production for the Sarqala-1 extended well test October, 2011

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. Greg Stevenson, CFO Previously Controller of Western Oil Sands. Chartered Accountant with over 15 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. Tony Kraljic, Vice President Business Development Over 14 years experience as VP Finance, CEDA Int. Corp., Manager of Finance & Accounting and Manager of Taxation at Marathon/Western Oil Sands, Senior Tax Planner and Financial Analyst at Shell, and Tax Manager at Arthur Andersen LLP. Responsible for strategic planning, joint venture relations and business development. Ian McIntosh, Vice President, Kurdistan Business Unit Over 30 years of international oil and gas experience in development and production engineering, in-country management and business growth in challenging environments. Previous executive and managerial positions with Petro-Canada in Libya, Algeria and Tunisia, Adams Pearson Associates, and Ranger Oil. Mike Tinkler, Vice President, Exploration and Reservoir Development Over 30 years of international oil and gas experience in management positions for projects with Husky in China and Indonesia, and with Hunt Oil for projects in the Middle East, United Kingdom and Canada. Responsible for all geotechnical work in Iraq.

31

Experienced Management & Strong Technical Team

Dr. George Pinckney, Executive Advisor, Corporate Projects Majority of 36 year career spent with Mobil Oil and ExxonMobil in locations throughout Canada, USA and Southeast Asia, demonstrating extensive international experience. Lee Westermark, General Manager, Operations Over 35 years of domestic and international experience in drilling management, engineering and operations and production operations management with Imperial Oil Limited and ExxonMobil. Executive and managerial positions in Canada . Houston, London and the Middle East. Dave Reeve, General Manager, Petroleum Engineering Over 30 years experience in consulting and staff position in production and reservoir engineering and operations of projects in China, Iran, Australia, Indonesia and domestic.

32

Board of Directors: Disciplined, Independent, Experienced

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 & CEO of Barrick Energy Inc.

• Holds a Civil Engineering degree from Queen's University

David Cook

• Over 30 years of international experience in the oil and gas sector in technical, managerial and executive positions with Amoco, BP, and TNK-BP. Prior to his current position of Executive Officer and Head of Upstream with TAQA, held the position of Vice President for BP Russia.

• Holds a Bachelor of Science degree in Geophysics and a PhD in Geological Sciences from Michigan State 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

33

Board of Directors: Disciplined, Independent, Experienced

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

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

• President and CEO of The Churchill Corporation

• 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

• Executive Chairman and Director of New Gold Inc. Served as 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 and Director of Barrett Resources, Director, President and COO of Plains Petroleum, 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 34

Kurdamir Block Contingent and Prospective Resources: Kurdamir Pre-Kurdamir-2: Anticipated to materially increase

35

Please refer to the Company’s material change reports dated December 16, 2010 and January 17, 2011 for further disclosure and explanation of the contingent and prospective resources and slides 40 and 41 for footnotes 1-14 referenced in Tables 1a and 1b

Table 1(a) Gross Unrisked

Contingent Resources (1), (2)

Kurdamir Block Oil, Gas and Condensate As of Dec 14,

2010

Low

Estimate(6) Best

Estimate(7) High

Estimate(8) Mean

Estimate(9)

Prospect Reservoir Hydrocarbon P90 P50 P10 Mean

Type MMbbl/Bcf MMbbl/Bcf MMbbl/Bcf MMbbl/Bcf

Kurdamir Tertiary Oligocene Oil 0.7 6.5 60 30

Solution Gas 1 10 100 50

Associated Gas(4) 505 850 1420 920

Condensate 22 33 48 35

Kurdamir Total Mean MMBOE(14) - Gross Unrisked Contingent Resources 227

Table 1(b) Gross Unrisked

Prospective Resources (1), (3)

Kurdamir Block Oil, Gas and Condensate As of Jan 14,

2011 (5)

Low

Estimate(6) Best

Estimate(7) High

Estimate(8) Mean

Estimate(9)

Prospect Reservoir Hydrocarbon P90 P50 P10 Mean

Type MMbbl MMbbl MMbbl MMbbl

Kurdamir Tertiary Oligocene(5) Oil 85 260 560 280

MMBOE(14) 106 328 712 359

Kurdamir Tertiary Eocene Oil 18 86 273 124

MMBOE 28 122 399 181

Kurdamir Cretaceous Oil 59 152 340 181

MMBOE 84 233 549 285

Kurdamir Sub Total Mean Oil Only - Gross Unrisked Prospective Resources 585

Kurdamir Sub Total Mean MMBOE - Gross Unrisked Prospective Resources 825

Table represents pre-drill numbers. Pre-Kurdamir-2: Anticipated to materially increase

Garmian Block Contingent and Prospective Resources: Sarqala

36

Please refer to the Company’s material change reports dated February 22, 2011 and September 14, 2011 for further disclosure and explanation of the contingent and prospective resources and slides 40and 41 for footnotes 1-14 referenced in Table 2

Table 2(a) Gross Unrisked

Contingent Resources (1), (2)

Garmian Block Oil, Gas and Condensate

As of Sept 7 2011

Low

Estimate(6) Best

Estimate(7) High

Estimate(8) Mean

Estimate(9)

Prospect Reservoir Hydrocarbon P90 P50 P10 Mean

Type MMbbl MMbbl MMbbl MMbbl

Sarqala Jeribe /

Upper

Dhiban

Oil 9 21 44 24

MMBOE(14) 12 27 56 31

Jeriba/Upper Dhiban Total Mean Oil Only - Gross Unrisked Contingent Resources 24

Jeribe/Upper Dhiban Total Mean MMBOE – Gross Unrisked Contingent Resources 31

Table 2(b) Gross Unrisked

Prospective Resources(1), (3)

Garmian Block Oil, Gas and Condensate As of Sept 7,

2011

Low

Estimate(6) Best

Estimate(7) High

Estimate(8) Mean

Estimate(9)

Prospect Reservoir Hydrocarbon P90 P50 P10 Mean

Type MMbbl MMbbl MMbbl MMbbl

Sarqala Structure

Below

Lowest

Known Oil

Jeribe/Upper

Dhiban

Oil 17 49 125 63

MMBOE(14) 22 62 158 80

Sarqala Potential

Extension

Southwest

Flank

Jeribe/Upper

Dhiban

Oil 14 87 304 135

MMBOE 17 110 384 170

Jeribe/Upper Dhiban Total Mean Oil Only - Gross Unrisked Prospective Resources 198

Jeribe/Upper Dhiban Total Mean MMBOE - Gross Unrisked Prospective Resources 250

Table 2(c) Gross Unrisked

Prospective Resources (1), (3)

Garmian Block Oil, Gas and Condensate As of Sept 7,

2011(5)

Low

Estimate(6) Best

Estimate(7) High

Estimate(8) Mean

Estimate(9)

Prospect Reservoir Hydrocarbon P90 P50 P10 Mean

Type MMbbl MMbbl MMbbl MMbbl

Sarqala Jeribe / Upper Dhiban

Oil 31 136 429 198

MMBOE(14) 39 172 542 250

Sarqala(13) Oligocene Oil 18 41 87 48

MMBOE 21 54 117 63

Sarqala(13) Eocene Oil 4 27 109 44

MMBOE 16 88 303 130

Sarqala(13) Cretaceous Oil 0.5 4 14 6

MMBOE 4 14 44 20

Jeribe/Upper Dhiban Total Mean Oil Only - Gross Unrisked Prospective Resources 296

Jeribe/Upper Dhiban Total Mean MMBOE - Gross Unrisked Prospective Resources 463

Garmian Block Prospective Resources: Mil Qasim, Baran and Qulijan

37

Please refer to the Company’s material change reports dated January 17, 2011 and February 22, 2011 for further disclosure and explanation of the contingent and prospective resources and slides 40 and 41 for footnotes 1-14 referenced in Table 3

Low

Estimate(6) Best

Estimate(7) High

Estimate(8) Mean

Estimate(9)

Prospect Reservoir Hydrocarbon P90 P50 P10 Mean

Type MMbbl MMbbl MMbbl MMbbl

Mil Qasim Upper Fars Oil 7 63 265 106

MMBOE(14) 8 71 303 121

Mil Qasim Sub Total Mean Oil Only – Gross Unrisked Prospective Resources 106

Mil Qasim Sub Total Mean MMBOE – Gross Unrisked Prospective Resources 121

Table 3 Gross Unrisked

Prospective Resources (1), (3)

Garmian Block Oil, Gas &

Condensate Mil Qasim, Baran,

and Qulijan Prospects

As of Jan 31, 2011(5)

Baran(10,12) Oligocene Oil 8 48 251 105

MMBOE 23 129 618 261

Baran(10,12) Eocene Oil 0.6 4 27 11

MMBOE(14) 3 14 77 31

Baran Sub Total Mean Oil Only - Gross Unrisked Prospective Resources 116

Baran Sub Total Mean MMBOE - Gross Unrisked Prospective Resources 292

Qulijan(10,11) Oligocene Oil 7 45 157 66

MMBOE(14) 21 100 307 137

Qulijan(10,11) Eocene Oil 1 9 34 14

MMBOE 3 20 72 32

Qulijan(10,11) Cretaceous Oil 0.4 3 13 6

MMBOE 2 9 32 15

Qulijan Sub Total Mean Oil Only - Gross Unrisked Prospective Resources 86

Qulijan Sub Total Mean MMBOE - Gross Unrisked Prospective Resources 183

Garmian Block Prospective Resources: Additional Plays and Prospects

38

Please refer to the Company’s material change reports dated July 19, 2011 for further disclosure and explanation of the prospective resources and slides 40and 41 for footnotes 1-14 referenced in Table 4

Table 4 Gross

Unrisked Prospective

Resources (1),

(3)

Garmian Block Oil, Gas and Condensate

and Bawanoor,

Tilako, Zardi, Segrdan,

Chwar, Alyan and Upper

Fars Prospects As of July 19,

2011

Low

Estimate(6) Best

Estimate(7) High

Estimate(8) Mean

Estimate(9)

Prospect / Play Reservoir Hydrocarbon P90 P50 P10 Mean

Type MMbbl MMbbl MMbbl MMbbl

Upper Fars Fault Trap Play Upper Fars Oil 60 425 1,730 705

MMBOE(14) 68 480 1,953 798

Upper Fars Bawanoor Saddle Play Upper Fars Oil 16 80 275 120

MMBOE 19 96 331 282

Zardi Jeribe Oil 12 34 86 43

MMBOE 15 42 108 54

Mio-Oligocene Oil 4 34 130 54

MMBOE 6 46 173 184

Eocene Oil 2 18 73 30

MMBOE 3 26 102 104

Segrdan Jeribe Oil 7 19 54 27

MMBOE 9 24 69 34

Mio-Oligocene Oil 3 26 123 49

MMBOE 4 35 179 182

Eocene Oil 1 8 45 17

MMBOE 1 11 64 69

Chwar Jeribe Oil 6 19 46 23

MMBOE 7 24 59 30

Mio-Oligocene Oil 0 0 2 1

MMBOE 0 0 3 2

Eocene Oil 0 1 3 1

MMBOE 0 1 4 4

Alyan Mio-Oligocene Oil 1 8 35 14

MMBOE 1 10 43 27

Eocene Oil 0 1 4 1

MMBOE 0 1 5 4

Shiranish Oil 0 1 3 1

MMBOE 0 1 4 4

Tilako Jeribe Oil 2 6 14 7

MMBOE 3 8 17 9

Mio-Oligocene Oil 0 2 9 4

MMBOE 1 3 12 9

Eocene Oil 0 1 4 2

MMBOE 0 2 6 4

Table 3 Total Mean Oil Only – Gross Unrisked Prospective Resources

1,099

Table 3 Total Mean MMBOE - Gross Unrisked Prospective Resources 1,798

Kurdamir and Garmian Blocks: Contingent and Prospective Resources

39

Please refer to the Company’s material change reports dated December 16, 2010, January 17, 2011, February 22, 2011, July 19, 2011 and September 14, 2011 for further disclosure and explanation of the contingent and prospective resources and slides 40and 41 for footnotes 1-14 referenced in Tables 1, 2, 3 and 4.

Tables 1(a) and 2(a) Gross Unrisked

Contingent Resources (1),(2) Kurdamir and

Garmian Blocks Oil, Gas and Condensate

Play / Prospect Mean Estimate(9) Oil Only MMbbl

Mean Estimate(9) MMBOE(14) MMbbl

Kurdamir Block

Kurdamir 30 227

Garmian Block

Sarqala 24 31

Total Contingent Mean Estimate 54 258

Tables 1(b), 2(c), 3 and 4

Gross Unrisked Prospective

Resources (1),(3)

Kurdamir and Garmian Blocks

Oil, Gas and Condensate

Play / Prospect Mean Estimate(9) Oil Only MMbbl

Mean Estimate(9) MMBOE(14) MMbbl

Kurdamir Block

Kurdamir 585 825

Garmian Block

Upper Fars Fault Trap Play 705 798

Upper Fars Baanoor Saddle Play 120 282

Zardi Complex (Zardi, Sergdan, Tilako) 233 649

Chwar 25 36

Alyan 17 34

Mil Qasim 106 121

Sarqala 296 463

Baran 116 292

Qulijan 86 183

Sub Total Kurdamir Block 585 825

Sub Total Garmian Block 1,704 2,858

Total Prospective Mean Estimate 2,289 3,683

Kurdamir and Garmian Blocks Prospective and Contingent Resources Footnotes

40

Notes to Tables 1, 2, 3 and 4:

(1) The resources presented are the gross volumes estimated for the indicated reservoirs without any adjustments for the

Corporation’s working interest or encumbrances. For a description of the production sharing terms under the PSCs, see

Slide 13.

(2) Contingent Resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from

known accumulations using established technology or technology under development, but which are not currently

considered to be commercially recoverable due to one or more contingencies. Contingent resources have an associated

chance of development (economic, regulatory, market and facility, corporate commitment or political risks). These

estimates have not been risked for the chance of development. There is no certainty that the contingent resources will be

developed and, if they are developed, there is no certainty as to the timing of such development or that it will be

commercially viable to produce any portion of the contingent resources. The Corporation’s material change reports dated

December 16, 2010 and September 14, 2011, which are available at www.sedar.com, contain additional detail on the

specific contingencies which prevent the classification of these contingent resources as reserves.

(3) Prospective resources are 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 (geological chance of success) and a chance of development (economic, regulatory,

market and facility, corporate commitment or political risks). The chance of commerciality is the product of these two risk

components. These estimates have not been risked for the chance of discovery or for the chance of development. There

is no certainty that any portion of the prospective resources will be discovered. If a discovery is made, there is no certainty

that it will be developed or, if it is developed, there is no certainty as to the timing of such development or that it will be

commercially viable to produce any portion of the prospective resources. In this case, prospective resources are

undiscovered resources that indicate development potential in the event the discovery is commercial and should not be

construed as reserves or contingent resources.

(4) The gross unrisked contingent resources for gas reflect reductions for condensate recovery, surface losses, and fuel gas.

(5) Other than, for Table 1(b), the prospective resources for the Tertiary Oligocene carbonate reservoir at the Kurdamir-1 well

which are as at December 14, 2010, other than, for Table 2(c), the prospective resources for the Oligocene, Eocene and

Cretaceous reservoirs at Sarqala which are as at January 31, 2011. Other than, for Table 3, the prospective resources for

the Upper Fars reservoir at Mil Qasim, which are as at January 14, 2011.

41

(6) Low Estimate is considered to be a conservative estimate of the quantity that will actually be recovered. It is likely that the

actual remaining quantities recovered will exceed the low estimate. If probabilistic methods are used, there should be at

least a 90 percent probability (P90) that the quantities actu ally recovered will equal or exceed the low estimate.

(7) Best Estimate is considered to be the best estimate of the quantity that will actually be recovered. It is equally likely th at

the actual remaining quantities recovered will be greater of less than th e best estimate. If probabilistic methods are used,

there should be at least a 50 percent probability (P50) that the quantities actually recovered will equal or exceed the best

estimate.

(8) High Estimate is considered to be an optimistic estimate of the quan tity that will actually be recovered. It is unlikely that

the actual remaining quantities recovered will exceed the high estimate. If probabilistic methods are used, there should be

at least a 10 percent probability (P10) that the quantities actually reco vered will equal or exceed the high estimate.

(9) Mean Estimate is the average from the probabilistic assessment.

(10) The prospective resource estimates for the Qulijan Oligocene, Eocene and Cretaceous, Baran Oligocene and Eocene,

and Sarqala Oligocene, Eocene a nd Cretaceous prospects are based upon interpretation of WesternZagros’ recent

vintage 2D seismic database within Block K44 (1483 kilometres, 42 lines)and well data from WesternZagros’ Kuramir - 1

and Sarqala - 1 wells (prior to the re - entry) .

(11) The Qulijan Oligocene, Eocene and Cret aceous prospective resource assessment is based on eight 2D seismic lines and

offsetting Kurdamir - 1 well information.

(12) The Baran Oligocene and Eocene prospective resource assessment is based on nine 2D seismic lines and nearby

Kurdamir - 1 well information.

(13) The Sarqala Oligocene, Eocene and Cretaceous prospective resource assessment is based on seven 2D seismic and

information from the Sarqala - 1 well drilled in 2008 - 2009.

(14) Barrels of oil equivalent (BOEs) may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf: 1 bbl

has been used and is based on an energy equivalency conversion method primarily applicable at the burner tip and does

not represent a value equivalency at the wellhead.

Kurdamir and Garmian Blocks Prospective and Contingent Resources Footnotes

The WesternZagros Story: Steady Progress

One of the first four operators in the Kurdistan Region: • Large hand-picked exploration block

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

• Identified multiple prospects and leads • Identified and mapped Oligocene reservoir fairway

Drilled Sarqala-1 (Garmian Block) to Eocene

• Significant oil shows in Upper Fars, Jeribe and Oligocene formations

Drilled Kurdamir-1 (Kurdamir Block) to Cretaceous

• Discovered oil in the world class Oligocene reservoir • Discovered a large gas cap with oil legwith high condensate yield • Numerous deeper oil and gas shows

Updated resource assessment

• Sproule audit of prospective resources supports over 1.75 billion BOEs incl. 1 billion barrels of oil

Drilled Sarqala-1 Sidetrack (Garmian Block) to Jeribe

• Discovered oil in the Jeribe Formation PSC amendments

• Concluded PSC amendments with the KRG and Talisman to split the Original PSC into the Kurdamir PSC and the Garmian PSC, with WZ retaining a 40% working interest

in both Updated resource assessment • Sproule audit adds first contingent resources of 24 million

barrels of oil at Sarqala; total PSC Lands prospective resources increases to over 3.6 billion BOEs (mean estimate) including 2.9 billion barrels of oil

Secured strategic investment with TAQA • Secured C$46.6 million strategic investment with TAQA on October

17, 2011 Spudded Kurdamir-2 Well on October 25, 2011

Sarqala-1 extended well test on October 18, 2011 and payment received for first lifting on October 27, 2011

Achieved daily production of over 5,000 barrels. • Gross production to the end of March totaled 663,000 barrels of

oil sold on the domestic market Drilled Mil Qasim-1 (Garmian Block) to Upper Fars reservoir • Discovered oil in the Upper Fars Formation

Drilled Kurdamir-2 to Oligocene reservoir • Discovered large oil column in the Oligocene reservoir

42

Political Environment

October 2005 Iraqi constitution adopted

February 2007 Draft Federal Petroleum Law

June 2007 Agreement on initial revenue sharing – 17% of net oil revenues from all regions in Iraq go to Kurdistan

August 2007 KRG Petroleum Law approved

March 2010 Iraq holds its first fully-supported democratic election

December 2010 Iraq President, Prime Minister and cabinet appointed

February 2011 Iraq Prime Minister announces Kurdistan PSCs will be respected. Oil exports from Kurdistan resume

43

April 2011 Kurdistan Prime Minister presents first KRG oil export statement to Iraq federal finance ministry – over 5 million barrels delivered to state marketing agency since February 2011

May 2011 Federal Ministry of Finance confirms release of the first oil export payment to KRG contractors (approximately 50% of net revenues)

June & September 2011 Kurdistan producers receive first two payments for oil exports from Federal Ministry of Finance

December 2011 USA troops withdraw from Iraq

March 2012 Nerchirvan Barzani is appointed as Kurdistan Prime Minister of Kurdistan

Hydrocarbon Habitat of Surrounding Discoveries

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.

44

1200 metres gross

hydrocarbon interval

1800 metres gross

hydrocarbon interval 1900 metres

gross hydrocarbon

interval

2,400 metres gross oil interval

800 metres gross oil interval

45

Kurdamir and Garmian Blocks – Oil Prone

Analysis of actual oils and condensate recovered confirms Aaliji source rock

Aaliji Source Rock Maturity Map

(Analysis conducted by Weatherford Labs)

Hydrocarbon samples from Sarqala and Kurdamir wells and surface seeps (Map modified from proprietary Fugro Robertson Study, 2010)

Kurdamir -1 Well Discovery

Burial history modeling confirms Aaliji source is currently generating oil

Natural oil seep

The Region’s Oil and Gas Fields

46

The Region’s Operators

Source: KRG and WesternZagros

Over 40 international oil companies with PSCs in Kurdistan

47

Block Operator

A Garmian WesternZagros

B Kurdamir Talisman

C Ain Sifni / K8 Hunt

D Akre-Bijeel MOL / Kalegran

E Al Qush/Baeshiqa/Pirmam/Betwata/Qara-Hanjeer/ #6 Exxon

F Atrush Gen. Expl. Partners

G Bazian / Sangaw South KNOC

H Bina Bawi/Shorish/Mala Omar OMV

I Chia Surkh Genel

J Erbil DNO

K Hawler Oryx

L K39 Topkhana/K9 Baranan Talisman

M Taza Oilsearch

N KorMor/Chemchamal Dana Gas

O Harir /Safeen Marathon

P Miran Heritage

Q Central Dohuk Murphy

R Pulkhana/Arbat Open

S Qarah Dagh Niko

T Sangaw North Sterling

U Sarsang Hillwood / HKN/Maersk

V Sarta/Rovi Reliance

W Shaikan/Sheikh Adi Gulf Keystone

X Dinarta/Shakrok Hess

Y Sindi-Amedi Perenco

Z Taq Taq TTOPCO

AA Ber Bahr Genel Energi

BB Qala Dze/Piramigrun Repsol

CC Khalakan Gas Plus

DD Shakal Prime Natural Resources

EE Barda Rash Afren

Qulijan-1 (Garmian Block): Step Out Exploration Near Kurdamir

Composite Seismic Section (SW to NE) of Kurdamir-1 and Qulijan-1 locations

• Seismic mapping indicates large prospect at Qulijan

• Follow up potential to Kurdamir-2

• Well site is prepared and drill ready

48

Horizon Legend

Ground Elevation

Upper Fars

Lower Fars Evaporite

Base Fars Detachment

Lower Fars Transition Beds

Oligocene

Aaliji

Shiranish

Bai Hassan: Analogue for Kurdamir-Topkhana Structure

• Bai Hassan: a proven oil field, has a similar structure to Kurdamir-Topkhana

• 2.2 billion barrels of oil discovered in 1953

• Discovery well drilled on crest and encountered gas cap; oil established by first appraisal well

Bai Hassan

49

Growing Interest in Kurdistan

• Kurdistan under-explored relative to the rest of Iraq

• Quality of services increasing

• Security situation has improved

• Producing at oil fields and exporting oil – Tawke and Taq Taq, producing and selling domestically - Sarqala and Tawke

• Kurdistan producers receive first two payments for oil exports from Federal Ministry of Finance in June and September 2011

• Major oil companies, such as Exxon, taking an interest in Kurdistan

50

www.westernzagros.com

Head Office

600, 440 – 2nd Avenue S.W.

Calgary, Alberta, Canada

T2P 5E9

Tel: 1-403-693-7017

Fax: 1-403-233-0174 email : investorrelations@westernzagros.com

51