WesternZagros Completes Sale of Additional Convertible Senior Unsecured Notes for Cdn$30 Million

NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION
IN THE UNITED STATES


WesternZagros Resources Ltd. (TSX VENTURE:WZR) ("WesternZagros" or the
"Company") is pleased to announce that it has completed a second non-brokered
private placement (the "Private Placement") of Cdn$30 million aggregate
principal amount of 4.00% Convertible Senior Unsecured Notes ("Convertible
Notes") of WesternZagros. As previously announced, the Company completed a prior
sale of Cdn$70 million aggregate principal amount of Convertible Notes on June
18, 2013. The proceeds from this second Private Placement will also be used to
fund the Company's capital and operating activities. 


The Convertible Notes have a face value of Cdn$1,000 per note, a coupon of 4
percent, a maturity date of December 31, 2015 and will be convertible into
common shares of the Company ("Common Shares") at the option of the holder at a
conversion price of Cdn$1.45 per share (subject to adjustment in certain
events), representing a conversion premium of approximately 27 percent to the
thirty day average price for the Common Shares. The Convertible Notes bear
interest from the first date of issuance payable semi-annually in arrears on
June 30 and December 31 of each year, with the first interest payment due on
December 31, 2013. The Convertible Notes are not redeemable by the Corporation
prior to their expiry, except upon a change of control of WesternZagros where
the holder of the notes has not exercised the conversion right. A copy of the
indenture governing the Convertible Notes is available under the Company's
profile on SEDAR at www.sedar.com. 


Pursuant to the Investment Agreement dated March 10, 2013 between the Company
and Crest Energy International LLC ("Crest"), Crest exercised certain
participation rights in order to purchase Cdn$19.8 million aggregate principal
amount of the Convertible Notes such that Crest holds 19.8% of the total
Convertible Notes issued by the Company. Crest currently holds 19.8% of the
issued and outstanding Common Shares. If Crest were to exercise its conversion
rights under the Convertible Notes, together with all other holders of
Convertible Notes, it would continue to hold 19.8% of the total issued and
outstanding Common Shares after such conversion.


This news release does not constitute an offer to sell or a solicitation of an
offer to buy or subscribe for any of the securities in the United States or
elsewhere nor shall there be any sale of these securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful. The Conversion Notes
and the Common Shares have not been and will not be registered under the United
States Securities Act of 1933, as amended, or any state securities laws, and may
not be offered or sold within the United States to, or for the account or for
the benefit of a U.S. person, absent such registration or an applicable
exemption from such registration requirements. 


The Convertible Notes were issued pursuant to applicable exemptions from
prospectus requirements and as a result the Convertible Notes and any Common
Shares issued on conversion are subject to resale restrictions until October 29,
2013 in accordance with applicable Canadian securities laws.


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 information relating, but not
limited, to the use of proceeds from the Private Placement. Forward-looking
information typically contains statements with words such as "anticipate",
"plan", "estimate", "expect", "potential", "could", or similar words suggesting
future outcomes. The Company cautions readers 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 WesternZagros. In addition, the
forward-looking information is made as of the date hereof, and the Company
assumes no obligation to update or revise such to reflect new events or
circumstances, except as required by law.


Forward-looking information is not based on historical facts but rather on
management's current expectations and assumptions regarding, among other things,
timely receipt of all necessary stock exchange approvals, plans for and results
of drilling activity and testing programs, future capital and other expenditures
(including the amount, nature and sources of funding thereof), continued
political stability, and timely receipt of any necessary government or
regulatory approvals. 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 exploration; inherent uncertainties in interpreting
geological data; changes in plans with respect to exploration or 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, the uncertainty associated with
negotiating with foreign governments and risk associated with international
activity. For further information on WesternZagros and the risks associated with
its business, please see the Company's Annual Information Form dated March 22,
2013, which is available on SEDAR at www.sedar.com.


NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY
FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.


WESTERNZAGROS RESOURCES WAS RECOGNIZED AS A TSX VENTURE 50(R) COMPANY IN 2012
AND 2013. TSX VENTURE 50 IS A TRADE-MARK OF TSX INC. AND IS USED UNDER LICENSE.


FOR FURTHER INFORMATION PLEASE CONTACT: 
WesternZagros Resources Ltd.
Greg Stevenson
Chief Financial Officer
(403) 693-7007
investorrelations@westernzagros.com


WesternZagros Resources Ltd.
Tony Kraljic
VP Business Development
(403) 693-7011
investorrelations@westernzagros.com


WesternZagros Resources Ltd.
Lisa Harriman
Manager of Investor Relations
(403) 693-7017
investorrelations@westernzagros.com
www.westernzagros.com


Smithfield Group
John Kiely
+44 (0) 20 7360 4900
jkiely@smithfieldgroup.com


Smithfield Group
James McFarlane
+44 (0) 20 7360 4900
Jmcfarlane@smithfieldgroup.com


Smithfield Group
Brett Jacobs
+44 (0) 20 7360 4900
bjacobs@smithfieldgroup.com
WesternZagros Resources Ltd. (TSXV:WZR)
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