West Hawk Development Corp.

West Hawk Development Corp.

May 15, 2008 14:49 ET

West Hawk Creditors Approve Settlement Agreements With Fuselier

DENVER, COLORADO--(Marketwire - May 15, 2008) - 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.

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.

Contact Information

  • West Hawk Development Corp.
    Dr. Wm. Mark Hart
    President and Chief Executive Officer
    (303) 524-1424
    (303) 524-1285 (FAX)
    Website: www.westhawkdevelopment.com