Acquisition of WesternZagros Resources by Crest Energy International

On behalf of Crest Investment Company and Dentons Canada LLP we dealt with the Cyprus law aspects of the acquisition by Crest Energy International of all the outstanding shares of WesternZagros Resources Limited for a consideration of approximately USD 167 million.

Crest Energy International is an affiliate of Crest Investment Company, a USA-based investment company with a long history of investing in oil and gas and midstream assets, including assets in the Middle East. WesternZagros is an international natural resources company focused on acquiring properties and exploring for, developing and producing crude oil and natural gas in Iraq. Through its wholly-owned subsidiaries it 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”.

Our work included legal due diligence on the Cyprus entities Western Oil International Holdings Limited and Westernzagros Limited, drafting of the documentation governed by Cyprus law and advice and assistance regarding the USD 30 million bridging loan advanced to WesternZagros Resources Limited.