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West Hawk Development Corp.: Figure Four Natural Gas Project Update Jul 24, 2008 11:59:00 AM
DENVER, COLORADO--(Marketwire - July 24, 2008) -
The Rockies Express Pipeline went in to operation during the months of January and February 2008. The ability to transport natural gas to a larger market has resulted in a significant price increase for Colorado's natural gas. Wells 3 and 4 stimulated zones were tested. The swabbing was preformed based on a zone isolation program established by Schlumberger. The zone isolation program was created to determine the location of the zones that are producing water, so that these zones can be isolated in order to maximize gas production. Water samples were analyzed by Schlumberger to determine water, gas and oil composition. These wells have been intermittently producing gas, water and oil during the swabbing process. Based on the outcome of this program New Tech Engineering is designing and implementing a plan to have steady gas flow production from wells 3 and 4. Wells 1 and 2 continue to perform as statistically forecasted by Schlumberger's pre-frac design, though New Tech Engineering intends to evaluate the wells in order to determine the most effective means for increasing gas sales and production consistency. "West Hawk has great confidence in New Tech Engineering and their ability to provide productive solutions for the gas project. We are also very happy to have Dr. Young working with us on the project. His extensive career provides vast insight in to our future drilling program," said Mr. Gonzalo Torres-Macchiavello, President & CEO of the Americas. On behalf of the Board of Directors, Wm. Mark Hart, President and Chief Executive Officer About the Company: Cautionary Note: This news release 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 Groundhog coal property in British Columbia, the Tulita coal property in the Northwest Territories, and the Nunavut 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 and development 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 TSX Venture Exchange has not yet reviewed and does not take responsibility for the adequacy or accuracy of the content of this news release.
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