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

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WesternZagros Resources Ltd. (WZR.V)

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COMMENT

(Market Call Minute.) A lottery ticket.

DON'T BUY

Like a lot of oil companies in Kurdistan it has a great geological basin to drill in. Finding reserves is only part of the problem. If they are successful how do they get it out, how do they put it in the pipeline and how do they turn it into cash flow?

PAST TOP PICK

(Top Pick Nov 14/08, Up %155) Drill well right now. Looking to find 500 Million bpd. There has been a lack of news recently. Buy on weakness below $1.50. A risky play for some.

BUY ON WEAKNESS

If there is an oil price correction as expected you might see the stock below $1.30. If the stock has not corrected by end of September, early October then you want to be a buyer

COMMENT

Drilling in Kurdistan but doesn't see them finishing until the fall. Partnered with Talisman (TLM-T). Once they have finished their have to apply in order to export the oil. Because of this she doesn't see them being profitable this year. Could be a takeover target.

COMMENT

Have assets in Kurdistan. Regional government signed an agreement to export oil out of the country. Speculative. Little bit ahead of itself in terms of fundamentals, but if you believe this country is going to be an oil-producing power, this is an interesting way to play it.

WAIT

Drilling in Kurdistan. Sold his holdings when he thought it had been overbought. Partnered with Talisman (TLM-T). If Talisman hits something this stock will get a significant lift. Likes it from a longer-term perspective. Higher risk/reward equation. Wait until the summer and buy at a lower price.

SELL

Market Call Minute. Drilling expensive wells.

RISKY

$130US million cash and no debt. Large land block in Kurdistan. Drilled 1st well and pressures were so high the mud systems couldn't handle and couldn't get a conclusive test. Will go back and try again. Starting to drill a 2nd well end of April/early May. Talisman (TLM-T) is their partner. Home run potential. Will spend $30 million on the well. 60% they pay for with the rest from Talisman. If they hit he has a target of $3.70. High risk.

COMMENT

Straight punt in one of the best richest oil areas in the world in Kurdestan. Just hit a bad hole so they need a good hole somewhere. Risky.

TOP PICK

Probably the highest risk story of his 3 Top Picks but there are some downside protections. Sitting on cash of over $1 a share. With Talisman (T-T) as a partner they are drilling a well in Kurdistan. Kurdistan from an exploration point of view is fabulous with a lot of oil to be found there.

TOP PICK

Drilling Sargala 1 and should be down in the mid part of December. These fields could be 200 million to 500 million in barrel targets. Have over $180 million in cash and Talisman (TLM-T) as a partner.

COMMENT

Oil in Kurdistan. Already drilling and already have a rig. They will be at target depth in September.

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WesternZagros Resources Ltd. (WZR.V)