WesternZagros Resources Ltd. (WZR.V)

Has a little bit. If they are able to get their oil out to market, it is a great resource, but the challenges to get it out to market are huge. There is a massive Civil War in Iraq. Thinks the instability will continue.

Had some fabulous discoveries. They found a lot of reserves, but the key thing is when they get them online and get paid for them. There is political risk. Hold until it subsides. No urgency to own it.

(Market Call Minute) Likes it. Light oil.

Has a small position but has been concentrating on larger cap names lately. A little more defensive and some good opportunities in some of the sectors. Likes that they have light oil and there are a lot of super majors that might be interested. No doubt this is something that could be sold in the future.

Follows it because it is extraordinary. There is political risk. Turkey is a bit of a mess and Iraq gets worse every day. This one is high risk. He might buy it incredibly cheap.

(Market Call Minute) Going to be acquired at some point by an international major.

Was a big fan of this 2-3 years ago in the $0.60-$0.70 range, but sold his holdings when it was $1.40-$1.50 because it was getting fully valued. K3 results were a bit disappointing versus what the market was expecting, so the size of the prize was questioned. Also, they weren’t getting any revenues. They are waiting to declare commerciality, which, hopefully, will happen in the next number of months. Once they do this, if there is pipeline capacity for domestic Kurdistan refinery they could probably be selling oil in 2014. There are other producers that will get 1^st dibs on the new pipeline that will go through Kurdistan and into Turkey. Great value in the $.60-$.70 range.

Used to be one of his Top picks with a target of $1.50. It is there now. Everybody is getting excited about the Kurdamir well which will be coming out with news in the next little while; however, we know that is a big discovery. The next well that is really important is the Baram well which won’t have news until Q1 of 2014. Feels the stock is ahead of itself. Company has done a great job of telling the story. The politics in Iraq are horrible right now. Under $1.20 would be a lot better for a purchase.

Quite a bit more upside. Management is interested in selling and they would be a good tuck-in acquisition. Good production, likely candidate for acquisition.

One of the few names that he is comfortable holding into high impact results, which we should have, probably over the next 2-3 weeks. Kurdistan well has been successful and we just have to get flow rates and what the oil cut is going to be versus gas. Funded all the way out to 2014. Would caution investors that this is a very low production base and, if the results are poor, the stock could selloff materially. If it hits, you could have a pop over $2. High risk/high rewards.

This is a stock that you probably could own. You have all the majors circling this right now. Thinks they will continue firing on all cylinders and putting up good numbers but feels there will be someone buying them.

(Market Call Minute.) This is one she would Buy but she would caution you on the geopolitical risks.

Exploration/production company of oil/gas in Kurdistan and northern Iraq. Some political risks, however they have been operating there for 5 years without any incidents. They are confident they can grow production from about 1200 barrels per day to about 5000 barrels per day.

High impact drilling. Hundreds of millions of barrels. They have powerful and strong partners. The problem near term is the politics and the problems going on there. There are a lot of issues. AGM is next week. Likes the long term prospect but they need to resolve the financing. If it went under $0.75 he would take a constructive view of it.

A very speculative stock, a trading stock. This is your mad money. Massive Risk/Massive Reward