West Hawk Development Corp. |
Feb 07, 2008 03:15 ETWest Hawk Announces Well 3 in Production at Figure Four
DENVER, COLORADO--(Marketwire - Feb. 7, 2008) - West Hawk Development Corp. ("West Hawk") (TSX VENTURE:WHD)(FRANKFURT:H5N) (the "Company") is pleased to report that as of Saturday, February 2, 2008, Well 3 has successfully been brought into production at the Company's Figure Four property in Colorado's Piceance Basin.
"The cash flow provided by the sales revenue from Well 3 represents a significant change in Operations at Figure Four. The timing of this change, on the heels of the recent increase in natural gas prices in the Piceance Basin, is an important step forward," stated Roger A. Baer, Chief Financial Officer. The Company plans to disclose production and revenues as soon as a sustained rate is achieved.
In order to optimize the high production level obtained, West Hawk worked on the completion of this well for over 100 days. "Over the last three weeks, efforts were intensified as Wm. Mark Hart, Jinsheng Chen and I have been at the site correcting operational problems that were keeping the well from producing. On Saturday, final repairs were completed to faulty computer controls on the wellhead. In addition to bad weather, the Company has overcome problems with frozen equipment, a main line freeze up, and repairs to the glycol antifreeze system. We have also reinsulated the wellhead equipment installed on Wells 1, 2 and 3, and do not expect these problems to continue. I am pleased that the well is producing in accordance with Schlumberger's pre-completion projections," stated Gonzalo Torres Macchiavello, President of North American Operations. West Hawk owns a 75% interest in these wells.
"The Company is now planning to start the completion of Well 4, and a member of West Hawk's executive management will be onsite throughout the completion effort to bring the next well into production as quickly as possible," stated Wm. Mark Hart, President and CEO.
On behalf of the Board of Directors,
Dr. Wm. Mark Hart
President and Chief Executive Officer
About the Company: West Hawk Development Corp. is focused on providing valuable, high-demand energy products from a variety of sources. Assets include the Figure Four natural gas property located in the Piceance Basin, Colorado, being developed under a drilling and development agreement; the Groundhog coal property located in northwest British Columbia; the Tulita coal property in the Northwest Territories; and the Ellesmere Island, Nunavut Territory coal property.
Cautionary Note: This report contains forward looking statements, particularly those regarding cash flow, capital expenditures and investment plans. Resource estimates, unless specially noted, are considered speculative. The Company has filed a National Instrument 51-101 Report on the Figure Four property. The Company has filed National Instrument 43-101 Reports for each of the Tulita coal property in the Northwest Territories, the Nunavut Coal property and the Groundhog Coal property. Any and all other resource or reserve estimates are historical in nature, and should not be relied upon. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. Cautionary note to U.S. investors: The U.S. Securities and Exchange Commission specifically prohibits the use of certain terms, such as "reserves" unless such figures are based upon actual production or formation tests and can be shown to be economically and legally producible under existing economic and operating conditions.
The TSX Venture Exchange has not yet reviewed and does not take responsibility for the adequacy or accuracy of the content of this news release.
For more information, please contact
West Hawk Development Corp.
Dr. Wm. Mark Hart
President and Chief Executive Officer
(303) 357-4720
(303) 357-4726 (FAX)
Website: www.westhawkdevelopment.com<!-- CONTACT INFO ENDS ý
