WesternZagros Provides Operational and Corporate Update

CALGARY, ALBERTA--(Marketwired - May 4, 2015) -

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WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or "the Company" provides an operational update for its Garmian Block in the Kurdistan Region of Iraq and a corporate update.

Hasira-1 Well

The Hasira-1 well is in the process of being suspended after conducting a cased-hole testing program in the high pressure Mio-Oligocene oil reservoir.

During this test the wellbore experienced a considerable influx of reservoir formation debris and this resulted in the termination of the test before a definitive oil flow was possible.

"We feel it is prudent to suspend the well and take the time to re-evaluate the situation before deciding on next steps in this challenging well," said Simon Hatfield, CEO of WesternZagros.

Sarqala-1 Production Guidance

Light oil production and sales commenced at the Sarqala-1 well on February 11, 2015. WesternZagros has, in accordance with the Kurdistan Regional Government, supplied this production to the domestic market under pre-paid contracts. Sales volumes are currently constrained by domestic market limitations with daily production ranging up to 8,000 barrels of oil per day. Should this situation continue, the Company anticipates that average sales volumes from Sarqala-1 will be in the range of 5,700 to 6,700 barrels per day for the remainder of 2015. Based on these production rates and domestic oil prices in the range of US42 to US$52 per barrel, WesternZagros estimates 2015 production revenues of US$17 to US$25 million and operating income of US$12 to US$20 million, after field operating costs.

Corporate

The Company is pleased to announce that Tony Kraljic has been promoted to Senior Vice President, Finance. Greg Stevenson will be stepping down as WesternZagros's Chief Financial Officer, to pursue other opportunities and has agreed to be available over the coming months to ensure an efficient transition. Mr. Kraljic is now the Company's principal financial officer and assumes the responsibilities from Mr. Stevenson.

Tony Kraljic joined WesternZagros in August 2011 and was promoted to Vice President Business Development in April 2012. He brings with him over 16 years of finance, accounting, and taxation experience. Prior to joining WesternZagros, Mr. Kraljic held increasingly senior positions with Arthur Anderson LLP, Shell Canada, Western Oil Sands and CEDA International Corp, where he was Vice President Finance.

Mr. Kraljic holds a Bachelor of Commerce degree from the University of British Columbia and is a member of the Institute of Chartered Accountants of Alberta.

"Tony is an excellent choice to assume the role of Senior Vice President, Finance. Tony is a competent and qualified Chartered Accountant with industry experience and has served WesternZagros well over the past four years. The combination of Tony's proven abilities and his deep understanding of our business make this a very natural step forward for him, the Company, and our shareholders," said Simon Hatfield, WesternZagros's Chief Executive Officer.

"We are grateful to Greg for his many years of service to WesternZagros and for this smooth transition. He has built a strong financial team at the company and has demonstrated strong leadership skills during his time with us. During his time as CFO, Greg was responsible for raising over $500 million in debt and equity financings on behalf of the Company. Greg will be missed and we wish him all the best in his future endeavours," said Mr. Hatfield.

About WesternZagros Resources Ltd.

WesternZagros is an international natural resources company focused on acquiring properties and exploring for, developing and producing crude oil and natural gas in Iraq. WesternZagros, through its wholly-owned subsidiaries, holds a 40 percent working interest in two Production Sharing Contracts with the Kurdistan Regional Government in the Kurdistan Region of Iraq. WesternZagros's shares trade in Canada on the TSX Venture Exchange under the symbol "WZR".

This news release contains certain forward-looking statements relating to, but not limited to, operational information, future development plans and the timing associated therewith, future production capability and capacity of facilities and expected production rates, production revenues and operating income. Forward-looking information typically contains statements with words such as "anticipate", "estimate", "expect", "potential", "could", or similar words suggesting future outcomes. The Company cautions readers and prospective investors in the Company's securities to not 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 WesternZagros.

Forward-looking information is not based on historical facts but rather on management's current expectations as well as assumptions made by, and information currently available to management, concerning, among other things, outcomes of future well operations, plans for and results of extended well tests and drilling activity, future capital and other expenditures (including the amount, nature and sources of funding thereof), the continued ability to sell production in the domestic market and the prices to be received in connection therewith, anticipated operating costs, future economic conditions, future currency and exchange rates, continued political stability, continued security in the Kurdistan Region, timely receipt of any necessary co-venturer, government or regulatory approvals, the successful resolution of disputes, the Company's continued ability to employ qualified staff and to obtain equipment in a timely and cost efficient manner and the participation of the Company's co-venturers in joint activities. In addition, budgets are based upon WesternZagros's current development plans and anticipated costs, both of which are subject to change based on, among other things, the actual outcomes of well operations and the installation and commissioning of facilities, unexpected delays, availability of future financing and changes in market conditions. Although the Company believes the expectations and assumptions reflected in such forward-looking information are reasonable, they may prove to be incorrect. Forward-looking information involves significant known and unknown risks and uncertainties. A number of factors could cause actual results to differ materially from those anticipated by WesternZagros including, but not limited to, risks associated with the oil and gas industry (e.g. operational risks in development and production; inherent uncertainties in interpreting geological data; changes in plans with respect to capital expenditures; interruptions in operations together with any associated insurance proceedings; the uncertainty of estimates and projections in relation to costs and expenses and health, safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, risks relating to domestic refining capacity and continuing ability to access the domestic market, the uncertainty associated with any dispute resolution proceedings, the uncertainty associated with negotiating with foreign governments and risk associated with international activity, including the lack of federal petroleum legislation and ongoing political disputes and recent terrorist activities in Iraq in particular. For further information on WesternZagros and the risks associated with its business, please see the Company's Annual Information Form dated March 16, 2015 ("AIF") which is available on SEDAR at www.sedar.com.

Operating income, as used in this news release, does not have any standardized meaning as prescribed under International Financial Reporting Standards ("IFRS") and is therefore considered to be a non-GAAP measure. Estimated operating income has been calculated by deducting estimated operating costs from estimated production revenue. This may not be comparable to similar measures presented by other entities. Operating income has been used in this news release in order to provide shareholders and potential investors with additional information regarding the Company's expected ability to generate funds in 2015. It should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS such as net income (loss) or cash flow from operating activities.

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