The Richard Chandler Corp. (RCC) has made a CAD $73 million investment in Canadian-registered oil and natural gas exploration, development, and production company WesternZagros Resources.
The Richard Chandler Corp., an international business group founded by New Zealand-born entrepreneur Richard F. Chandler has acquired 15.21% of WesternZagros Resources’ issued and outstanding common shares.
WesternZagros was incorporated in 2003 to focus on opportunities in Kurdistan. In 2005, WesternZagros became one of the first companies to sign a Production Sharing Contract with the Kurdistan Regional Government.
According to the WesternZagros' most recent reserves report (from 31 May 2012), the combined Mean Prospective Resources of the company is 3.3 billion barrels of oil, or 4.9 billion barrels of oil equivalent when gas and condensate are included. WesternZagros has discovered oil at all four of the wells that have been drilled and tested to date. They have also become a premier regional producer of high-quality oil, with more than 5,000 barrels per day.