WesternZagros Resources Ltd. (WZR.V)

Was a Top Pick early 2012. Stock got to $1.40-$1.50 and he recommended people take profits in June-July. Stock has now pulled back to the $1 level and they are going to be drilling high impact wells starting in Q3. Expect the stock will stay in a holding pattern until they start drilling. His target is $1.50. Political situation is very difficult and is the #1 risk. Expiration cost structure is also very high but the size of the prizes has been massive.

(Market Call Minute) Owners would love to sell but don’t count on it anytime soon.

Going to be drilling wells in Q1 and Q2. At this time he has $1.50 target, so there is still some upside until we get into that next phase of high impact drilling in Q2 and Q3. Kurds have now increased production, which will be sold by Baghdad but those payments are still not in the hands of the Kurds. Until the market sees there is a very transparent payment processor for receiving revenues, he feels the stock has a Hold on it.

Likes what they are doing. He has this as an outperform with a $2.15 target. Have uncovered quite a bit of oil in Kurdistan. He is always conscious of political risks and he prefers investing in North America.

Very interesting stock. 200 day moving average flattened down in 2010-2011 but is now starting to do very well. Strong potential that the stock will start a new up leg. Looks very promising.

Operationally they have struggled a little bit but have had some success of late. Things are looking up for them. Could be taken out by a major at some point.

Have had a number of good things going on including bringing in new shareholders and the Garmian block that the Kurdistan government brought in. Now waiting for results from the Kurdiman #2 well of which they hold 40%. Next year there will be a lot of drilling as they are flush with cash. He has a $1.50 target. Expect it will be trading in a range here for a while until we get into the next phase of Q1 and Q2 of 2013