WesternZagros Resources Ltd. (WZR.V) Buy,…

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WesternZagros Resources Ltd. (WZR.V)

0.00

-0.00 (0.00%)

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DON'T BUY

This stock looks poor. Stock had a big spike in a pullback and this is indicative of news but no follow on news.

COMMENT

Oil drilling Kurdistan region of northern Iraq. Chart shows a long base forming from early 2010. Oil is off 17% and the next step is $80. Technical analysis does not work as well on smaller cap stocks because something can change so significantly. Using fundamentals is probably as good a tool.

DON'T BUY

Doesn’t like the name. He likes the resource, however. Stock reflects concern about fiscal and political risk.

DON'T BUY

Drilling for oil in northern Kurdistan and-Iraq. Suffered a series of operational setbacks. There are issues as to whether or not they will get paid. In a precarious cash situation and 1 or 2 more wells drilled and they'll be out of cash. High risk.

DON'T BUY

Stock has been going sideways for such a long time that there is nothing impressive about this. There is obviously some recent news giving it some volume but there is nothing really exciting about it. Would wait for it to break out to possibly and $0.85 level. At $0.85 there is more conviction indicating more buyers.

BUY

Went a number of years where they were more unsuccessful in their drilling, but recently hit a good well. There is a lot of oil there and they are elephant hunting. He is now looking at this one. Likes it here.

WAIT

Has been going sideways for some time. Breakout from $.58 to $1. Avoid this stock because it will probably come down $0.70. Follow the news. If it goes below $0.70 it will probably go back down to $0.60. If there is positive news, there will probably be a nicer trend. Right now it’s a one day wonder. Wait until it hits a dollar.

TOP PICK

(A Top Pick Feb 22/11. Up 4%.) Kurdistan. In the process of finishing a well in the next week or two. Talisman is a partner and will be bringing a rig to drill in the 4th quarter. Have $0.35-$0.40 of cash. Look for news in the next couple of weeks.

COMMENT

This is elephant hunting looking for oil in Iraq. Have billion barrel targets they are going after but the wells they drill are very expensive, so have had to continually come back to the market for refinancing to continue exploring. Interesting speculation. If they hit then the stock will go materially higher. Odds are probably 1 in 4.

PAST TOP PICK

(A Top Pick Feb 22/11. Up 2%.) In the process of drilling an important well, Sarqala in the Kurdistan region of Iraq. Should get to the total depth in about 2 weeks. Recently raised $40 million so the balance sheet has got firepower for the drilling. This will be followed by other wells. Have 4 high impact plays. Higher risk but rewards are worth it.

TOP PICK

Kurdistan. Had a well with massive pressure problems that cost over $100 million. Now in the process of drilling 2 wells that are higher up. Talisman (TLM-T) is drilling just to the north of the Kootinan(?) and will bring the bigger rig down to drill. If any of these plays come in, he can see $3-$5 NAV being created. Not enough money to complete their program but are in the process of raising it.

DON'T BUY

Purely an expiration stock. Everyone was waiting for their latest drilling results but they did not have the equipment to hit their zone of interest. Trades on sentiment and noise.

COMMENT

A “show me time”. Trying to hit massive targets in Kurdistan. Will know in the next few weeks. If there is a discovery it will be very large and the stock will react very positively. Speculative.

RISKY

40% working interest in fairly under explored areas of Iraq. Issues include Government and how do you get the oil out of the country. Fully funded for 3 wells and they are on their second.

DON'T BUY

Based in Kurdistan and the western part of Iraq. Very prolific production basin geologically. Biggest problem is difficulty in understanding government policy. Political risk is high.

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WesternZagros Resources Ltd. (WZR.V)