West Hawk Development Corp.

West Hawk Development Corp.

October 29, 2007 03:05 ET

West Hawk Announces Appraisal Evaluation of Gas Project

DENVER, COLORADO--(Marketwire - Oct. 29, 2007) - West Hawk Development Corp. ("West Hawk") (TSX VENTURE:WHD)(FRANKFURT:H5N) (the "Company") is pleased to provide the following update on the Company's gas project in the Piceance Basin, Colorado.

The Company is in receipt of an Appraisal Report on the Colorado gas project, completed by Gustavson Associates of Boulder, Colorado. The resource basis for this valuation in the Appraisal Report is from a NI 51-101 technical report filed by the Company, August 8th, 2006. Gustavson has prepared this report at the request of the Company in order to provide an appraised value of the project for use in negotiating a financing. While these negotiations continue, management feels the release of this information is necessary to re-affirm shareholders confidence in the Company's ongoing activities on the gas project.

It is important to note that the report provides an estimate of the net present value of the property when the company had only one well online. Since that time, additional wells have been completed and are now online. A complete copy of the report is available on the Company's website, www.westhawkdevelopment.com/doc/project/pdf/gasproject_appraisal.pdf.

In summary, the report provides for a Net Present Value (undiscounted) of $216.28 million which translates to a discounted (10%) Net Present Value of $82.1 million for the project. These values are before any abandonment costs or future income tax expenses. The estimated values disclosed do not represent fair market value.

"We are extremely pleased to be able to finally release this report to the public, which has been held in confidence while financial negotiations have been ongoing. We feel strongly that the information in this report which was done July/August, when only one well was completed, confirms our belief in the long range value of the gas project to the Company," comments Dr. John Reeves Jr., President of West Hawk Energy (USA). "While we continue to negotiate financial arrangements to allow for debt, drilling and completion of additional wells, we feel this report will only further demonstrate to our shareholders the value of this asset the Company is involved in, and we are confident that this evaluation will show a marked increase with each additional well completed."

On behalf of the Board of Directors,

Dr. Wm. Mark Hart, President and Chief Executive Officer

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.

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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