The index annually awards the top 10 companies listed on the exchange, in each of five major industry sectors - oil and gas, mining, technology & life sciences, diversified industries and clean technology.
The companies in the 2012 TSX Venture 50 index were chosen based on their share price appreciation, trading volume, market capitalization, growth and analyst coverage as of December 31.
"We are honoured to be part of the TSX Venture Top 50 for the second consecutive year," said CEO Simon Hatfield.
"With 2,258 listed issuers on the TSX Venture Exchange, our top 10 ranking in the oil and gas sector is validation of the tremendous effort by the WesternZagros team in the execution of our exploration and appraisal plan in the Kurdistan Region of Iraq."
According to statistics compiled by the TSX Venture, in 2012, WesternZagros saw 63% growth in share price and 81% growth in capitalization of the top 10 oil and gas sector.
The company said it will be recognized by the TSX Venture Exchange in an award ceremony in early April to honour this year's top 50 companies.
Indeed, the company saw a number of milestones last year, including several successful well tests at its Kurdamir discovery in Iraq, which led to a substantial resource boost.
Earlier this week, WesternZagros announced another increase in the resource estimates for its giant oil discovery on the Kurdamir Block in the Kurdistan region of Iraq.
After further analysis of results from the Kurdamir-2 well, as per a report by Sproule International, the combined mean prospective resources of the Kurdamir structure in the Oligocene, Eocene, and Cretaceous reservoirs, and the Baram prospect in the Oligocene and Eocene reservoirs, is now 1.7 billion barrels of oil, or over 2 billion barrels of oil equivalent when gas and condensate are included.
That's up from last month's report of gross unrisked prospective resources of 1.2 billion barrels of oil on the Kurdamir Block, or 1.5 billion barrels of oil equivalent.
On the Baram prospect, the total mean estimate of gross unrisked prospective resources more than quadrupled to 423 million barrels of oil (MMbbl).
WesternZagros said that the revised estimate at the Baram prospect is thought to show that the prospect has the potential to contain the extension of the Kurdamir oil leg in the Garmian Block.
Hatfield noted that one of the rigs the company has secured is currently being prepared in North America for deployment to its Baram-1 exploration well, with the company anticipating spudding the well in the third quarter of this year.
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