With the completion of Silverwing Energy's 22-well Mississippian and Belly River drilling program in 2007, the Company will focus on exploiting the multi-zone potential that has been uncovered at Tomahawk. Silverwing expects to commence oil and gas production from Tomahawk in the third quarter of 2008. In addition, the Company expects to focus its exploration drilling effort on its high potential Nisku oil prospects on freehold lands at Tomahawk and on Crown lands at Easyford, Alberta.
Finally, Silverwing expects to maintain its Prespatou, BC gas production assets in 2008 and prepare for a new phase of development as gas commodity prices strengthen. The Company also intends to evaluate its strategic options on the Company's Bakken and Midale play at Torquay, Saskatchewan.
Pursuant to its stock option plan, it has granted options to acquire up to 8,190,000 common shares of Silverwing, of which 6,340,000 options were granted to officers and directors. Each of the options is exercisable for a five year term expiring on December 19, 2012, and exercisable until that time at a price of $0.20 per common share, being the market price of the common shares issued in its last private placement financing closed in August of 2007. Any common shares issued upon exercise of the options will be subject to a hold period expiring on April 20, 2008.
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