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CALGARY, Oct. 5 /CNW/ - Western Oil Sands Inc. (TSX: WTO) ("Western") is
pleased to announce today the reconstituted Board of Directors and Officers
for WesternZagros Resources Ltd. ("WesternZagros"). As part of the previously
announced Plan of Arrangement dated July 30, 2007 (the "Plan") involving
Western and Marathon Oil Corporation, shareholders of Western will receive
shares and warrants of WesternZagros when the Plan is approved and enacted.
WesternZagros has been conditionally approved for listing on the TSX Venture
The Board of Directors of WesternZagros has been reconstituted and its
members are as follows: Fred Dyment, Executive Chairman; David Boone; John
Frangos; Simon Hatfield; Jim Houck and Randall Oliphant. As Executive
Chairman, Mr. Dyment will provide direction and leadership to management and
will chair the Board. The Board has extensive experience in the resource
sector, both domestically and internationally.
Effective immediately, Mr. Simon Hatfield has been appointed President of
WesternZagros, Mr. Greg Stevenson has been appointed Vice-President, Finance,
and Mr. Charles Berard, of Macleod Dixon LLP, has been appointed Corporate
Secretary. As previously announced, Mr. Robert Theriault will continue with
WesternZagros as Senior Vice President, Engineering and Operations.
Mr. Hatfield's career spans 30 years with a proven track record of
success in both the international and domestic arena. Mr. Hatfield has
extensive experience in Iraq and he was instrumental in the negotiation of
WesternZagros' Exploration and Production Sharing Agreement ("EPSA") with the
Kurdistan Regional Government. As President, Mr. Hatfield will play a key role
in the strategic direction of WesternZagros.
Mr. Robert Theriault joined WesternZagros on August 1, 2007 and he will
oversee engineering and operations in Kurdistan. Mr. Theriault brings over 30
years of international and domestic experience in upstream and midstream oil
and gas operations, including senior management responsibilities for
exploration, production and development.
Mr. Stevenson is currently Western's Controller. He has a Chartered
Accountant designation and over 11 years of experience working with a major
accounting firm as well as with large public companies in the oil and gas
industry. Mr. Stevenson has been intimately involved in WesternZagros matters
and will lead the financial and accounting team in supporting the Company's
As previously announced, the Kurdistan Regional Government (the "KRG")
has created a Regional Council (the "Council") to undertake formal reviews of
all Kurdistan Region petroleum contracts, including WesternZagros' contract,
executed prior to the enactment of the Kurdistan Regional Oil & Gas Law in
August of 2007. The Council has requested conformity of WesternZagros'
Exploration and Production Sharing Agreement ("EPSA") with the KRG's published
form of its standard production sharing agreement and that WesternZagros
consider certain adjustments to the EPSA's current terms. No revisions to the
EPSA have been agreed to at this point. WesternZagros is actively engaged in
constructive discussions with the KRG as to possible revised terms.
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. WesternZagros Resources Ltd., 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
This news release may contain forward-looking information based on
assumptions that are subject to a wide range of business risks, including
consummation of the Plan of Arrangement and listing of WesternZagros being
dependent on the satisfaction of customary closing conditions, the approval of
Western's shareholders and the approval of governmental authorities.
WesternZagros' operations are subject to all risks normally incident to oil
and gas exploration and production activities. All of WesternZagros' assets
are located in Kurdistan. As such, WesternZagros is subject to political,
economic, and other uncertainties of that region as well as risks of loss due
to civil strife, acts of war, guerrilla activities and insurrections.
WesternZagros' operations may be adversely affected by changes in government
policies and legislation or social instability and other factors which are not
within its control. Risks also include the uncertainty involved in the
estimation of prospective resources. There is no certainty that any portion of
the internal prospective resource estimates contained herein will be
Forward-looking information typically contains statements with words such
as "anticipate", "estimate", "expect", "potential", "could", or similar words
suggesting future outcomes. We caution readers and prospective investors of
the Company's securities not to place undue reliance on forward-looking
information as by its nature, it is based on current expectations regarding
future events that involve a number of assumptions, inherent risks and
uncertainties, which could cause actual results to differ materially from
those anticipated by Western.
For further information:
For further information: Dorreen Miller, Manager, Investor Relations &
Communications, (403) 233-1757