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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 Receives Exchange Approval and Updates Fuselier Progress

01/05/2008 10:42pm

Marketwired Canada


West Hawk Development Corp. ("West Hawk") (TSX VENTURE:WHD)(FRANKFURT:H5N) (the
"Company") is pleased to announce that it has received the approval of the TSX
Venture Exchange to proceed with the Company's previously announced transaction
on April 10, 2008, with Fuselier Holdings, LLC ("Fuselier") of Richardson, Texas
for the assignment and transfer to Fuselier of approximately US$10.6 million in
outstanding trade debt, including all trade debt outstanding on its Figure Four
Property in the Piceance Basin. The transfer of the debt has allowed Fuselier to
begin settling all existing lien claims and actions filed by West Hawk's
creditors.


West Hawk is also pleased to report that in a successful first round of meetings
between Fuselier and the Company's creditors, settlement has been reached with
several key creditors totaling US$3.8 million.


Dr. Jean R. Fuselier, Sr., President and CEO of Fuselier Holding, LLC, said that
Fuselier, "Has been moving swiftly since signing the definitive agreement and
the creditors have been very receptive to our offers. We have met with many
major creditors personally and we applaud their flexibility and patience. We
will continue this series of meetings until our proposals have been extended to
and understood by all creditors. An important benefit we are bringing to West
Hawk is its subsequent ability to move forward with its business strategies
without the encumbrance of this significant debt."


"We are very encouraged and pleased by the results that Dr. Fuselier and his
team have achieved thus far. We are confident that the positive response from
creditors will continue as further discussions are concluded," commented West
Hawk's CFO, Roger A. Baer.


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.


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