WISR Ltd V.WZR

RE:WesternZagros Resources puts itself on the block

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WesternZagros is evaluating a range of funding options available to the Company while it progresses these development plans. In connection therewith, the Board of Directors has established a Special Committee to review all financing and strategic alternatives available to the Company with a view to enhancing shareholder value. In addition, the Company has retained Citigroup Global Markets Inc. ("Citi") to act as its financial advisor. One of the alternatives that the Special Committee is exploring is a possible corporate transaction and is in discussions with certain parties to determine whether such a transaction would deliver additional value to shareholders. Notwithstanding this, the Special Committee continues to consider all available alternatives for enhancing shareholder value, which may include, but are not limited to, a potential sale of the Company, a merger or other business combination, the sale of some or all of the assets of the Company in one or more transactions, the completion of a rights offering or other equity or debt financing or any combination of these alternatives. The review process is ongoing and WesternZagros does not intend to disclose developments with respect to the review process until the Board of Directors has approved a specific transaction, action plan or otherwise determines that disclosure is necessary or appropriate.