DENVER, COLORADO -- (July 29, 2008) - West Hawk Development Corp. (TSX VENTURE:WHD)(FRANKFURT:H5N) (the "Company") would like to provide an update on the status of its technical and commercial meetings with Petrobras - Petroleo Brasileiro S.A ("Petrobras") to jointly develop the Company's Figure Four Natural Gas Project in the Piceance Basin, Colorado. WHD announced that it had signed a Memorandum of Understanding ("MOU" or "Agreement") with Petrobras on June 12, 2008.
During the months of June and July several technical and commercial meetings between West Hawk and Petrobras have taken place, in both Denver and in Brazil. At this time Petrobras is going through their Due Diligence process. The terms and conditions of the possible transaction have already been discussed by Petrobras and West Hawk.
"It has been a pleasure to work through the Due Diligence process with Petrobras. The relationship between the two companies has been extremely positive," said Gonzalo Torres Macchiavello, President and CEO of the Americas, West Hawk Development Corp.
On behalf of the Board of Directors,
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 located in the Northwest Territories; and the Ellesmere Island, Nunavut Territory coal property.
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 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
West Hawk Development Corp.
Wm. Mark Hart
President and Chief Executive Officer
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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