West Hawk Reports Results for Year Ended April 30, 2009
10 9월 2009 - 8:18AM
Marketwired
West Hawk Development Corp. (TSX VENTURE: WHD) ("West Hawk" or the
"Company") has released its audited annual financial results for
the year ended April 30, 2009.
Net loss for the year was $32.2 million, or $0.22 per share,
resulting in an accumulated deficit of $65.2 million. These compare
with a net loss of $4.7 million, or $0.07 per share for the prior
year. The net loss includes a non-cash impairment of assets in the
amount of $33.9 million. The impairment relates to a write-down of
the Figure Four Natural Gas project. As of April 30, 2009, the
Company has a working capital deficit of $17.5 million. The Company
expects losses to continue through 2010.
Mr. Gonzalo Torres Macchiavello, President and CEO, commented,
"Oil and gas prices have fallen sharply during 2008 and 2009. The
worldwide financial crisis, the low natural gas prices in the
United States and the moderate reduction in the drilling,
completion and operational expenses have decreased the Company's
expectations regarding an accelerated development pace of the
project. These facts together with the shut-down of production at
the Figure Four property since December 2008 caused a reduction in
the projected forecast performance as disclosed in the independent
2009 NI 51-101 report recently filed. The Company also took into
consideration the restricted access to funding due to the current
market condition."
"The Company recently announced US$1.8 million DIP financing
(Debtor in Possession Financing) as part of its natural gas project
reorganization process. The funds will be used primarily to bring
the existing 8 wells on line. We also recently announced a $2.5
million equity financing. These funds will be used for the
development of the Groundhog project and general working capital.
If these transactions complete, we are optimistic in our ability to
continue moving the Company in the right direction," Mr.
Macchiavello said.
A copy of the audited financial statements and related
management's discussion and analysis for the year ended April 30,
2009 may be obtained on SEDAR under the Company's profile at
www.sedar.com or by contacting the Company.
On behalf of the Board of Directors,
Gonzalo Torres Macchiavello, 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 and the Groundhog coal property
located in northwest British Columbia.
Cautionary Note: This news release and the documents referred to
herein contain forward looking statements. The Company's ability to
continue as a going concern is dependent upon, among other matters,
the successful completion of the proposed financings and
management's ability to obtain further financing in the future to
fund operations until the Company achieves profitability and
positive cash flow from operating activities. Successful completion
of the financings is subject to a number of known and unknown risks
and uncertainties beyond the control of the Company. Completion of
the equity financing is subject to, among other matters, the
ability of the agent to secure purchasers for the offering, receipt
of required regulatory approvals and satisfaction of all other
conditions precedent to completion of the offering, including
completion of satisfactory due diligence by the agent. Successful
completion of the debt financing is subject to, among other
conditions, approval of the Colorado District Bankruptcy Court and
lender satisfaction with its due diligence review. See also "Risks
and Uncertainties" included in the Company's management discussion
and analysis for the year ended April 30, 2009 filed on the SEDAR
website at www.sedar.com. There is no assurance that the Company
will successfully complete these transactions or, if these
transactions fail, that alternate financing will be available on
terms acceptable to the Company or at all. A failure to
successfully complete these transactions or obtain alternate
financing may result in the inability of the Company to continue as
a going concern.
The Company has filed a National Instrument 51-101 Report on its
Figure Four property. Resource estimates in this report, unless
specially noted, are considered speculative. 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 and in many
circumstances are beyond the control of the Company. Actual results
may vary depending upon, among other factors, the favorable outcome
of the foregoing risks and uncertainties, favorable results from
proposed exploration and assessment activities, industry
production, commodity demand and pricing, currency exchange rates
and 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.
Contacts: West Hawk Development Corp. Gonzalo Torres
Macchiavello President and Chief Executive Officer 1-303-524-1245
1-303-524-1285 (FAX) www.westhawkdevelopment.com
West Hawk Development Corp. (TSXV:WHD)
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