West Hawk Expects Gas Production to Exceed Best Estimates
Monday March 5, 3:05 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 5, 2007 -- West Hawk Development Corp. (the "Company") (CDNX:WHD.V - News)(Frankfurt:H5N.F - News) is pleased to provide the following update on the results of the geophysical logging of the Company's first well drilled in the Piceance Basin:
A complete suite of open hole geophysical logs for the first well have been processed and analyzed. This well's net recoverable prospective resources (gas) from the Mesaverde, Cameo, Rollins, Cozzette, Corcoran, and Castlegate zones is 5.1 BCF, exceeding prior estimates by a factor of three. Gustavson Associates' Figure Four Property 51-101 report previously determined that the single well P90 recoverable prospective resources were 1.7 BCF. Gustavson Associates has reviewed the foregoing results and has determined that the foresaid prospective resource determinations are reasonable.
A work-over rig is on site and well completion is underway. Gas production will commence after formations are hydraulically fracture stimulated, flowed back, and connected to the installed gathering system for immediate product delivery to market.
The Bronco #27 rig has begun drilling on the second well completing to date a depth of approximately 2,000 feet with the surface casing currently being installed.
Weir International, possibly the world's best recognized coal mining and engineering consulting firm, has been commissioned to write the 43-101 reports for West Hawk Development Corp.'s Tulita (Northwest Territories), Ellesmere Island (Nunavut), and Groundhog coal properties. After an initial submission of the Northwest Territories report to the British Columbia Securities Commission (BCSC), the report as per BCSC's comments is being finalized. The Nunavut and Groundhog reports are currently being written and will be submitted.
Dr. Wm Mark Hart has said, "The test results on the first well are very exciting for West Hawk's shareholders and management alike, reaffirming the company's vision to develop gas albeit from either deep wells or coal gasification."
On behalf of the Board of Directors,
Dr. Wm. Mark Hart, President & CEO, Co-Chairman
Chris Verrico, Co-Chairman
About the Company: West Hawk Development Corp. is focused on exploring for and developing 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 with EnCana Oil & Gas (USA) Inc.; the Fort Norman coal deposit in the Northwest Territories; the Groundhog coal deposit located in northwest British Columbia; 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 specifically noted, are considered speculative. The company has filed a National Instrument 51-101 Report on the Figure Four 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 US 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.
Contact: Contacts: West Hawk Development Corp. Mark Hart President & CEO, Co-Chairman (604) 669-9330 (604) 669-9335 (FAX) Email: info@westhawkdevelopment.com Website: http://www.westhawkdevelopment.com
-------------------------------------------------------------------------------- Source: West Hawk Development Corp.
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