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Exploration Contract Ratified by Kurdistan Regional
Government 2.3.2007
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February 10, 2007
CALGARY, March 2 ,-- WesternZagros Limited ("WesternZagros"),
a wholly-owned subsidiary of Western Oil Sands Inc.
("Western"), received confirmation today that its
Exploration and Production Sharing Agreement ("EPSA")
has been ratified by the Kurdistan Regional
Government ("KRG") and confirmed by His Excellency
Nerchivan Barzani, Prime Minister of Iraqi
Kurdistan.
As part of the ratification process, WesternZagros
has worked with the KRG to finalize its EPSA area
boundary and other key terms in line with draft
petroleum legislation. The final EPSA area
encompasses 2,120 square kilometers (approximately
524,000 acres) and holds a number of high potential
prospects. |
Kurdistan Regional Government (KRG) Prime Minister
Nechirvan Barzani. |
Dr. Ashti Hawrami, the KRG's Minister for Natural
Resources commented,"We're delighted WesternZagros
is moving forward with its exploration program.
WesternZagros is one of the most professional
companies in the Kurdistanregion of Iraq and we
welcome the investment and expertise they bring to
the region. The KRG is committed to providing a
strong investment environment for companies such as
WesternZagros."
Kurdistan offers tremendous long-term growth
potential and WesternZagros is committed to working
alongside the government and the people of the
Kurdistan region to ensure its goals are consistent
with the aspirations of the new democratic regime
over the long-term. WesternZagros is encouraged by
recent developments with respect to the draft
Federal Oil Law which has been approved by the Iraqi
cabinet for consideration by the Iraq Council of
Representatives.
About Western Oil Sands
Western Oil Sands Inc. is a Canadian corporation
listed on the Toronto Stock Exchange under the
symbol WTO. Our vision is to create shareholder
value through the opportunity capture and
development of large, world-class hydrocarbon
resources. Our primary asset is our 20 per cent
undivided interest in the Athabasca Oil Sands
Project.
Western is also pursuing initiatives related to
in-situ and technology development as well as
downstream opportunities. WesternZagros Limited, a
wholly-owned subsidiary of Western, is pursuing
conventional oil and gas exploration opportunities
in the Federal Region of Kurdistan in Northern Iraq.
For additional information, visit
www.westernoilsands.com.
newswire ca
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