WEST HAWK DEV CORP Kohle-Explorer
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West Hawk Expects Gas Production to Exceed Best Estimates
3/5/2007
VANCOUVER, BRITISH COLUMBIA, Mar 5, 2007 (CCNMatthews via COMTEX News Network) --
West Hawk Development Corp. (the "Company") (TSX VENTURE:WHD)(FRANKFURT:H5N) is pleased to provide the following update on the results of the geophysical logging of the Company\'s first well drilled in the Piceance Basin:
A complete suite of open hole geophysical logs for the first well have been processed and analyzed. This well\'s net recoverable prospective resources (gas) from the Mesaverde, Cameo, Rollins, Cozzette, Corcoran, and Castlegate zones is 5.1 BCF, exceeding prior estimates by a factor of three. Gustavson Associates\' Figure Four Property 51-101 report previously determined that the single well P90 recoverable prospective resources were 1.7 BCF. Gustavson Associates has reviewed the foregoing results and has determined that the foresaid prospective resource determinations are reasonable.
A work-over rig is on site and well completion is underway. Gas production will commence after formations are hydraulically fracture stimulated, flowed back, and connected to the installed gathering system for immediate product delivery to market.
The Bronco #27 rig has begun drilling on the second well completing to date a depth of approximately 2,000 feet with the surface casing currently being installed.
Weir International, possibly the world\'s best recognized coal mining and engineering consulting firm, has been commissioned to write the 43-101 reports for West Hawk Development Corp.\'s Tulita (Northwest Territories), Ellesmere Island (Nunavut), and Groundhog coal properties. After an initial submission of the Northwest Territories report to the British Columbia Securities Commission (BCSC), the report as per BCSC\'s comments is being finalized. The Nunavut and Groundhog reports are currently being written and will be submitted.
Dr. Wm Mark Hart has said, "The test results on the first well are very exciting for West Hawk\'s shareholders and management alike, reaffirming the company\'s vision to develop gas albeit from either deep wells or coal gasification."
On behalf of the Board of Directors,
Dr. Wm. Mark Hart, President & CEO, Co-Chairman
Chris Verrico, Co-Chairman
About the Company: West Hawk Development Corp. is focused on exploring for and developing 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 with EnCana Oil & Gas (USA) Inc.; the Fort Norman coal deposit in the Northwest Territories; the Groundhog coal deposit located in northwest British Columbia; 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 specifically noted, are considered speculative. The company has filed a National Instrument 51-101 Report on the Figure Four 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 US 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.
SOURCE: West Hawk Development Corp.
West Hawk Development Corp. Mark Hart President & CEO, Co-Chairman (604) 669-9330 (604) 669-9335 (FAX) Email: info@westhawkdevelopment.com Website: www.westhawkdevelopment.com
Copyright (C) 2007 CCNMatthews. All rights reserved.
und: es folgen planmäßig noch 3 (evtl. sogar vier) weitere wells in diesem jahr!!! jetzt könnt ihr rechnen, was das bedeuten kann... ;-)
vermutl. kommt in wenigen tagen das geld von den chinesen! dann kann whd mit der vorhandenen liquidität theoret. noch ganu anders planen...................
aber wie gesagt: scheint hier niemanden groß zu jucken... ;-)
schade, daß die sehr guten news in so´n umfeld fallen!
herzl. dank nach asien... :-(
die negative: das aus richtung asien verursachte akt. schlechte börsenklima...
die für whd positive seite: es kann jederzeit die offizielle bestätigung des deals mit lu´an kommen...und dann fliessen $8,6 mio. in die kasse von whd!!! ihr erinnert euch: nur wg. der chin. neujahrsfeierlichkeiten konnte diese bestätigung noch nicht erfolgen bzw. die fin. transaktion...das wird also asap (hoffentl.) die nächste gute news sein.......................
und die kann nun jederzeit kommen!!!
btw. kurs in canada meanwhile $0,53...d. h. + 11.58 %...das geht doch (für´s erste)
;-)
West Hawk mit News
Vollkommen zu Unrecht wurde in letzter Zeit die
Aktie von West Hawk (A0F5WE) abgestraft! Mit
aktuell 0,32 Euro befindet sich dieser Wert auf
absolutem TOP-Kaufniveau! West Hawk gab
heute bekannt, dass die erste Quelle auf der
Figure Four Liegenschaft im Piceance Becken
fertig gestellt wurde! Die zu erwarteten Reserven
(von unabhängigem Dritten geschätzt) werden
auf 5,1 BCF (Milliarden Kubikfuß) Gas
festgesetzt! Dies entspricht einem Gegenwert
von knapp 36 Mio. US-Dollar, und damit fast dem
doppelten Wert der aktuellen (lächerlichen)
Marktkapitalisierung von West Hawk! Die Quelle
wird derzeit ans Netz angeschlossen,
undentsprechende Verträge zum
anschließenden Verkauf des Gases sind in der
Mache!
Die Bohrarbeiten an der zweiten Quelle haben in
der Zwischenzeit bereits begonnen! West Hawk
ist also auf dem besten Wege zum Produzenten
zu werden!
Doch nicht nur bei diesem Projekt gibt West
Hawk sprichwörtlich „Gas“! Auch bei den Kohle-
Projekte (Tulita / Northwest Territories, Ellesmere
Island / Nunavut und Groundhog) werden
Fortschritte gemacht! Der Auftrag einer
Ressourcenschätzung nach NI-43-101 wurde an
Weir International vergeben! Hier handelt es sich
um eine Größe der Kohleindustrie mit Weltruf!
Das Fazit lautet hier ganz klar Nachkaufen.
Jahresziel 1 Euro!
"spoke to the company again around 3......they are going to be at the PDAC with big news on the coal side.........news pending on the natural gas deal..........once this goes we will get back to 1.00"
stichwort "big news on the coal side"!!!!!!!!
was da wohl kommen mag............
ach ja...noch die quelle:
http://www.investorshub.com/boards/read_msg.asp?message_id=17561866
http://www.pdac.ca/pdac/conv/index.html
@nightfly: dein chart ist insofern nicht ganz korrekt, als daß er auch die nicht kursrelevanten umsätze (olt bzw. odd lots) mit anzeigt...
hier findest du welche, die das nicht machen:
http://www.tsx.com/...arket=T&Language=en&QuoteSymbol_1=whd&x=11&y=10
http://www.stockhouse.com/...66cc66&addchart=0&Submit.x=47&Submit.y=8
nachteil: nicht rt, sondern ca. 15 min. zeitverzögert...
05.12.2005 22:08
West Hawk Appoints Coal Mining and Coal Gasification Guru
VANCOUVER, Dec. 5 /PRNewswire-FirstCall/ -- West Hawk Development Corp. (Nachrichten) (the "Company"), (WHD-TSX.V) (Frankfurt-H5N) is pleased to announce that Wm. Mark Hart, PhD. MBA has agreed to join the company's executive team as a Director and Chief Operating Officer. Dr. Hart has a PhD. in mining Engineering&Environmental Mgt, Colorado School of Mines - 1997; MS, Mine Engineering, West Virginia University - 1994; MBA - Masters in Business Administration, University of Phoenix in Denver - 1991; BS/BE/AS, Mechanical Engineering Technology, Mining Engineering Technology and Electrical Engineering Technology, respectively - Fairmont State University 1974, 1986&1988.
Dr. Hart's 30 year experience in the Mining and Energy Business includes:
Cyprus Amax Minerals Corporation/STD. Oil Minerals - Officer and President/CEO of Cyprus Australia, Profit and Loss responsibilities, "P&L", for 9 coal mines and 2 ports. Senior VP of 18 coal mining operations in the US - P&L responsibilities and VP of Engineering for 33 mines producing coal, copper, iron ore, molybdenum, talc, lithium and gold;
Newmont Mining Company - Officer and VP with P&L responsibilities for Canadian Mining Operations, VP of worldwide Business Processes for Indonesia, Mexico, US, Peru, Bolivia, Canada, and Uzbekistan;
NRG Energy Inc. - Officer and President of Europe, Latin America and the Middle East - P&L responsibilities for 34 power plants, over 50 million tons per annum of coal production and 2 Trading Companies with offices in London, Amsterdam, Prague, Istanbul, Zurich, Lapaz, Rio de Janeiro and Lima;
Sarcoal Energy Inc. / Sardegna Energy S.p.A. - Officer, President and CEO, P&L for coal mining and Integrated Gasification and Combined Cycle (IGCC) power plant, Italy;
Consolidation Coal Company (Consol Energy), Dr Hart started his career at Consol and worked at over 20 underground and surface coal mining operations.
Dr. Hart's credentials and experience in high volume underground longwall and open cut coal mining are the perfect fit for exploiting the flat lying stratigraphy of the anthracite coal seams that constitute the 980,000,000 ton speculative resource at the company's flagship Groundhog Coal Fields Project, 240 km north of Smithers B.C.
Dr. Hart has also agreed to accept the position of Director, President and CEO of Northern Clean Fuels Inc. "NCFI", a federally incorporated wholly owned subsidiary of West Hawk Development Corp. Initially, NCFI will focus on clean coal technology applications within British Columbia, starting with the present opportunities at West Hawk's Australian Creek thermal coal project located 32 km's south of Quesnel, B.C. where the company has commissioned EBA Engineering to complete a National Instrument 43-101 compliant report of the compiled historic drill hole data. EBA will engineer an initial 20-hole drill program designed to advance current inferred resources to the measured and indicated category while determining sufficient coal resource tonnages to supply the proposed Integrated Gasification Combined Cycle (IGCC) power plant and the fuel to liquids plant envisioned by Northern Clean Fuels Inc. The proposed power plant has an expected $800,000,000 Cdn. capital cost with a targeted +22% Internal Rate of Return and is designed to produce approximately 8600 barrels/day of zero sulphur "green" diesel fuel, 1600 bpd naphtha and 250 mega watts of green electric power per day for 30 years.
Dr. Hart is considered an expert in Coal Mining and has considerable knowledge in Gasification Technologies having worked as a senior executive for NRG Energy, the second largest independent power producing company in the world at the time. He has since, overseen the feasibility study, mine plan, Front End Engineering and Design (FEED) for a 500 Mw IGCC Power Plant in Sardegna, Italy. Dr Hart has also been consulting on Clean Coal Technologies to some of the largest power utilities in the United States and Europe. Dr. Hart worked for American Electric Power Fuel Supply at 22 coal mining operations for AEP coal fired power plants across the U.S.
"I am very excited to be working with the management team at both West Hawk and Northern Clean Fuels, who have done an outstanding job of identifying and acquiring significant coal resources proximal to infrastructure during a time when coal is making a resurgence via Clean Coal Technologies and rapidly becoming an acceptable and sustainable fuel to power our future energy needs" states Dr. Hart.
"Having an accomplished mining executive of Mark Hart's caliber join our company constitutes a watershed event defining the company's evolution from a mineral exploration to a mine development company. Mark holds world production records for long wall coal mining efficiencies and coal production per man- hour units. He also holds two mining patents. His contacts in the global mining and power industries will provide the leverage needed to advance West Hawk's ambitious plans" stated Michael Townsend West Hawk's President.
mal schau´n, ob die "big news" (s. o.) noch kommen...
naja, ist ja aber bisher nix konkretes!
konkret ist jedenfalls, daß für den chinesendeal jederzeit vollzug gemeldet werden kann...das sollte dem kurs den nächsten auftrieb geben! ;-)
also dann: gut´s nächtle (falls denn hier überhaupt jemand liest)...
Nur komme ich schlecht an Infos. Nichts von Substanz, schreib ich
auch nichts.
Meine Kauforder wurde leider noch nicht ausgefuehrt.
Gruss Jing
Angehängte Grafik:
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aber egal! nachdem die gasproduktion jetzt kurzfristig anläuft (mit erstem super ergebnis, wir können gespannt sein auf die flowrates) und man sich quasi in den kalender eintragen kann, wann die nächsten quellen angezapft werden (es existieren übrigens im piceance basin z. z. knapp 6.000 aktive öl- o. gasquellen! und: in den letzten fünf jahren soll es dort KEINE bohrung gegeben haben, die NICHT erfolgreich war...), sollte man das thema "kohle bzw. kohlevergasung" nicht außer acht lassen...
hierzu sollte in der tat bald etwas kommen...
zur erinnerung:
"Dazu gehört auch das Fort Norman Kohledepot in den Northwest Territories mit über 2 Mrd. Tonnen, aufmerksam das derzeit von Lurgi South Africa (Pty) Ltd. entwickelt wird, mit dem Ziel eine Kohle-zu-Gas Umwandlungsanlage, aufmerksam mit einer Kapazität von 200 Mrd. Kubikfuß pro Jahr, zur Herstellung von synthetischem Gas und /oder der Produktion von Elektrizität oder schwefelfreiem Diesel zu errichten. Der Vertrieb des synthetischen Gases würde über die MacKenzie Pipeline erfolgen und für die Herstellung würde eine IGCC Anlage (Integrated Gasification Combined Cycle) aufmerksam konstruiert werden. Zwei weitere Projekte sind das 1 Mrd. Tonnen aufmerksam Groundhog Anthrazit Kohledepot im Nordwesten von British Columbia und das über 3 Mrd. Tonnen aufmerksam Kohledepot auf Ellesmere Island im Nunavut Territory."
und:
"Erdgasproduktion von unserem ersten Bohrloch wird einen wichtigen Meilenstein setzen und West Hawk zu einem aktiven Betrieb machen," so Dr. Wm. Mark Hart, Präsident und CEO von West Hawk Development Corp. "John A. Reeves, Jr., CEO von West Hawk Energy (USA) LLC, hat mit der Entwicklung des Figure Four Ranch-Projekts einen hervorragenden Beitrag für das Unternehmen geleistet. Inzwischen bemühen wir uns mit aller Kraft, aufmerksam den wirtschaftlichen Abbau der anderen auf der Kohlevergasung aufmerksam basierenden Energieressourcen von West Hawk zu beginnen, wie die Kohlevorkommen im Tulita-Gebiet in den Northwest Territories, die Groundhog-Vorkommen im Norden von British Columbia und die Ellesmere-Insel im Nunavut Territory." Cool
1) offizieller abschluß des (bekanntl. verzögerten) deals mit den chinesen von lu´an inkl. zahlung von $8,6 mio.
* Ziel ist es, gemeinsam Kohlevergasungsanlagen zu entwickeln, mit dem Ziel, Kohle als Rohmaterial zu Produktion von sauberen Flüssigkeiten und Energie zu verwenden.
* Chairman Ren von LuAn Coal Mining und Dr. Wm. Mark Hart, Co-Chair, Präsident und CEO von West Hawk Development, trafen sich gegen Ende Dezember in der Provinz Shanxi und stimmten einer Zusammenarbeit zu, um gemeinsam ein unterirdisches Kohlevergasungssystem, mit dem Ziel Flüssigkeiten (CTL - Kohle zu Flüssigkeit) und Energie (IGCC GuD Prozess mit integrierter Kohlevergasung) zu produzieren, zu entwickeln. LuAn wird dafür eine 500 Mio. Tonnen Kohleliegenschaft einbringen und beide Unternehmen arbeiten unablässig an einem Programm, diese Technologie weiterzuentwickeln.
* Dr. Wm.Mark Hart, Präsident und CEO von West Hawk Development Corp. sagte: "Die strategische Allianz von Lu\'An und West Hawk liefert West Hawk die notwendigen zusätzlichen Ressource um seine Kohlevergasung- und weiteren Energieanlagen zu entwickeln.
2) Produktionsbeginn der ersten gasquelle inkl. der flowrates!
3) 43-101 reports für die kohleprojekte!
* Weir International, eine der weltbesten Beratungsfirmen für die Entwicklung von Kohlefeldern wurde von West Hawk beauftragt einen 43-101 konformen Bericht für die Projekte Corp\'s Tulita (Northwest Territories), Ellesmere Island (Nunavut), und die Groundhog Kohlevorkommen zu erstellen. Nach Einreichung des Northwest Territories Berichtes an die kanadische Börsenaufsicht BCSC, werden nun noch die Anmerkungen der Kommission eingearbeitet, wonach der Bericht veröffentlicht werden kann. Die Berichte für die anderen Kohleprojekte werden derzeit geschrieben und werden dann eingereicht.
- am montag sollen die flowrates von freitag, samstag u. sonntag zur verfügung stehen!
- das abkommen mit lu´an ist längst perfekt!
- die zahlung soll am montag erfolgen!
- auf der invest in stuttgart ist bis einschl. montag komplettes "senior management" von whd vertreten
http://www.messe-stuttgart.de/invest/2007/deutsch/index.htm
- es wird ein newsrelease geben! es gibt jedoch noch keine freigabe hierfür. eine festlegung ist daher nicht möglich...
ps. daß die invest nur bis sonntag geht, darüber wollen wir mal hinweg sehen... ;-)
Informationen zur Veranstaltung
Titel Energy
Veranstalter Value Relations GmbH
Zeit / Raum 18.03.2007, 14:45 - 16:00 Uhr
Themenforum Rohstoffe
Inhalt Einführung durch Alfred Maydorn in den Vortragsblock "Energy" mit anschließenden Vorträgen zu Biodiesel, Ethanol (Bio), Kohle (Verflüssigung), Energie und Kupfer
Referent Alfred Maydorn
Firmen:
Kreido Biofuels Inc.
Alternative Energy Sources Inc.
West Hawk Development Corp.
March 21, 2007 - Vancouver, B.C.: West Hawk Development Corp. (the "Company") (TSX.v - WHD, Frankfurt - H5N) is pleased to announce that West Hawk Energy, USA, has finalized and signed a sales and marketing agreement and a transportation agreement with EnCana Oil and Gas (USA) for EnCana to purchase all of the gas produced from the Company's Figure 4 project. The agreement, which is effective immediately, allows West Hawk Energy, USA, the option to nominate either the Colorado Interstate Gas (CIG) Hub or the Cheyenne Hub as the point of sale. West Hawk will receive the nominated hub price less $0.10 or $0.25 per MCF at the respective hub for Encana to transport and sell the gas. The agreement also allows the Company the option to nominate a portion of the gas for sale to an end user.
John Reeves, Jr., CEO, West Hawk Energy, USA, stated "This is a major milestone in the development of the Figure 4 project. To have an off-take agreement with the largest gas company in North America to take all of the gas ensures additional long term security for the project".
Drilling of the project's second well is at an 8,230' depth, and is on budget for both cost and drilling time. The project's first well is undergoing completion at this time, and construction of the third well pad is underway.
As an update on the transaction with the Lu'An Mining Industry Group, who agreed to purchase a 25% interest in the project, the deal is projected to be closed as early as this Friday and at the latest by next Tuesday according to discussions between West Hawk's Board of Directors and Dr. Chen from Beijing, China yesterday.
Additional information will be available on our website at www.westhawkdevelopment.com.
On behalf of the Board of Directors,
"Dr. Wm. Mark Hart"
Dr. Wm. Mark Hart, President, CEO and Co-Chairman
"Chris Verrico"
Chris Verrico, Co-Chairman
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.
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 with EnCana Oil & Gas (USA) Inc.; the Tulita coal property in the Northwest Territories; the Groundhog coal property located in northwest British Columbia; 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 specifically noted, are considered speculative. The company has filed a National Instrument 51-101 Report on the Figure Four 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 US 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.
Contacts
North America
West Hawk Development, +1-604-669-9330
Email: news@westhawkdevelopment.com
naja...es gibt ja genügend andere aktien! da muß man ja nicht in so etwas solides wie whd investieren oder? ;-)
so, endlich news!
wie reagiert der markt?
toronto: sk: 0.600 + $0.030 = + 5.26 % bei 575.500 stück umsatz!
eigentl. ok, dafür daß die news erst gegen 19/19:30 uhr kamen, wenn ich mich richtig erinnere...
dazu bei uns auch noch einmal ca. 400.000 stücke umsatz bei sk eur 0,38 in ffm...
bei tradegate 2k zu 0,402 um 21:54 uhr! da hat wohl jemand angst gehabt, was zu verpassen...
naja, wie dem auch sei...es geht jedenfalls voran...und ich denke, die investierten (die es hier nicht mehr zu geben scheint...) werden mittel/langfristig viel freude haben mit dem wert! und: der newsflow ist gesichert...kontinuierlich wird was kommen in zukunft! also einfach hinlegen und gut schlafen! ;-)
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bei 0,305€ ob der ganzen guten Nachrichten?
FidelC sagt auch nichts mehr.
mfg nf
vielleicht ge3ht es ja jetzt wieder in die richtige richtung:
West Hawk Development Corp.: Initial Financing Closed on Figure Four Project
9/6/2007
VANCOUVER, BRITISH COLUMBIA, Sep 6, 2007 (CCNMatthews via COMTEX News Network) --
West Hawk Development Corp. ("West Hawk") (TSX VENTURE:WHD)(FRANKFURT:H5N) (the "Company") has closed a financing transaction with an affiliate of Laurus Master Fund, Ltd. The proceeds of such financing are earmarked for completing the first four wells on the Figure Four property. The transaction was arranged by Hunter Wise Securities, LLC.
The terms of the financing, previously announced on August 22, 2007, were approved by the TSX Venture Exchange. West Hawk Energy (USA), LLC signed a secured note in the face amount of US$1,875,000 that carried an original issue discount resulting in proceeds of US$1.5 million. The note bears interest at the WSJ prime plus 4%, subject to a minimum rate of 10% and matures on August 22, 2008. West Hawk Energy (USA), LLC may prepay the note at any time by paying 100% of the unpaid principal amount of the note, together with accrued and unpaid interest. There are no monthly principal amortization payments on the note until December 1, 2007 at which time the note shall amortize in an amount equal to the greater of (a) US$208,333 per month and (b) 80% of net monthly revenues from the Figure Four project. The investor is also entitled to payment equivalent to a 5% overriding royalty interest in the Figure Four project. The Company paid a success fee of 6% of the proceeds in cash to Hunter Wise Securities, LLC and, subject to the acceptance of the TSX Venture Exchange, will also issue common stock of approximately 227,000 shares to Hunter Wise, representing a success fee equal to 3% of the gross proceeds.
The Company issued 625,000 shares in its capital to an affiliate of Laurus as a break-up fee. In addition, the Company granted the investor a share purchase warrant to acquire up to 2,294,966 common shares of the Company at a price of $0.24 (Cdn) per share for two years. The Company also issued the investor a second share purchase warrant to acquire 2,175,925 shares at $0.24 (Cdn) per share for two years. This second warrant will not be exercisable by the investor unless and until a proposed second financing is closed.
Subject to the four completed wells meeting performance milestones and certain other conditions, the investor has proposed to provide financing for a total of US$9.3 million to be evidenced by a term note. The term note will bear interest at WSJ prime plus 4%, subject to a minimum rate of 10% and will be due 36 months from advance. The proceeds of the note will be used to repay the first note (US$1,875,000), and to pay accounts payable and transaction expenses. The investor will be granted a 20% equity interest in the Figure Four project, through shares in a holding company, and a 40% equity interest in the four wells completed with the proceeds of the first note.
Both notes are secured by general security over all of the Company's and West Hawk Energy (USA), LLC's present and after acquired property, and a pledge of the Company's shares in West Hawk Energy (USA), LLC, which holds the Figure Four project.
The investor will have a right of first refusal to participate in any future funding of the Figure Four project, and subject to conditions and the funding of the above term notes, the investor proposes to provide additional follow-on financing in an amount to be determined, to assist the Company in funding up to 32 new wells in the Figure Four project.
Separately, the Company also announces that the Board of Directors has granted 1,750,000 share purchase options to certain directors and officers of the Company to purchase shares of the Company at $0.27 per share for a two year period. Subject to the consent of the TSX Venture Exchange, the Company will also grant 521,680 share purchase warrants at $0.27 per share as bonus compensation to a director and officer for a personal guarantee which he provided to the contractor conducting the well completion work.
On behalf of the Board of Directors,
Dr. Wm. Mark Hart, President and Chief Executive Officer
euer goodman666