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WHD West Hawk Development Corp.

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Share Name Share Symbol Market Type
West Hawk Development Corp. TSXV:WHD TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

West Hawk Creditors Approve Settlement Agreements With Fuselier

15/05/2008 7:49pm

Marketwired Canada


West Hawk Development Corp. ("West Hawk") (TSX VENTURE:WHD)(FRANKFURT:H5N) (the
"Company") is pleased to announce that Fuselier Holding, LLC, of Richardson,
Texas ("Fuselier") has successfully reached agreements with all of the creditors
who either held a lien, or who had filed an action against West Hawk related to
the trade debt on its Figure Four property in the Piceance Basin.


Last week, Fuselier's legal counsel, Gretchen VanderWerf of VanderWerf PC in
Denver, CO, submitted Settlement Agreements to all of the above creditors of
West Hawk. After reviewing the Settlement Agreements, all of the creditors are
pleased to have a plan in place which provides for the payment of the debt owed
by the Company. The Settlement Agreements received landslide approval, and has
removed one of the last roadblocks, allowing West Hawk to comply with the terms
and provisions of the Drilling & Development Agreement for the Figure Four
Project.


"As a result of the collaborative team effort by all parties involved, we were
able to move beyond the "hard rock" on specific terms and reach agreements with
more than 25 creditors in less than a month. This has been a "breakthrough" for
West Hawk, and Fuselier is extremely pleased at the successful outcome. Reaching
these agreements in such a short period of time represents a significant event.
I want to express my personal gratitude and appreciation for everyone's tireless
efforts in quickly and successfully resolving all of the outstanding payment
issues," stated Dr. Jean R. Fuselier Sr., President & CEO of Fuselier Holding,
LLC.


Roger Baer, CFO of West Hawk, stated, "We are very pleased that our creditors
have reached agreement with Fuselier. The process has allowed the Company to
focus on final completion efforts at Figure Four, as well as our coal project
development plans announced earlier this week."


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.


About Fuselier Holding, LLC: Fuselier Holding provides equity financing to
publicly traded companies. By tailoring innovative, strategic financial
solutions for each client, Fuselier implements an appropriate investment
structure which allows the client to focus on its company fundamentals. Fuselier
takes a synergistic approach which not only builds an ongoing relationship with
their clients, but allows for overall growth and improvement in the company, the
community, and the national economy. Visit http://www.fhhelp.com for more
information.


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.


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