Westernzagros if you believe in the Kurd Oil story - I do

Goombarh 51 - April 12th, 2011

Good Afternoon,

Well isn't that bad timing, the minute I recommend Westernzagros (WZGRF, TSX:WZR), they announce:

http://www.reuters.com/article/2011/04/12/westernzagros-idUSL3E7FC1N120110412?feedType=RSS&feedName=governmentFilingsNews&rpc=43

Not exactly sure, what they mean by this.  All drilling in Kurdistan, by all other companies, as far as I know has been extremely difficult, due to the folded carbonate structures of the mountains and the extreme high pressures in this prospective area. 

This was probably the spark of the report by Reuters...reporting from Bangalore of all places...and stating "WesternZagros shares closed at 6 Canadian cents on Monday on the Toronto Stock Exchange.", an obvious error that was not corrected.  This is the link to the financials released this morning.

http://cnrp.marketwire.com/client/westernzagros/release.jsp?actionFor=1426017

The Reuters news summarized the financials with the "going concern" statement possibly in error, or possibly as ineptitude, as this is standard public company disclaimer.  My read of this is to buy more at the bargain price.

Until next time,

Marco G.

http://goombarhsedge.blogspot.com/

http://seekingalpha.com/author/marco-g/articles
Further to yesterdays selloff on Westernzagros, Reuters have withdraw their item:

ADVISORY-Alerts and story on WesternZagros withdrawn
12 Apr 2011 12:30 ET
April 12 (Reuters) - Please be advised that the alerts and story on WesternZagros raising going concern doubts is wrong and is withdrawn. The 'going concern' qualification was part of the company's routine disclaimer and had been previously published.
There will be no replacement story.
STORY_NUMBER: nL3E7FC1N1; nWNAB3934 STORY_DATE: 12/04/2011 STORY_TIME: 1251 GMT
((Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780))
Keywords: WESTERNZAGROS/

I bought more shares.