West Hawk Development Corp. reported that as of Saturday, February 2, 2008, Well 3 has successfully been brought into production at the Company's Figure Four property in Colorado's Piceance Basin.
"The cash flow provided by the sales revenue from Well 3 represents a significant change in Operations at Figure Four. The timing of this change, on the heels of the recent increase in natural gas prices in the Piceance Basin, is an important step forward," stated Roger A. Baer, Chief Financial Officer. The Company plans to disclose production and revenues as soon as a sustained rate is achieved.
In order to optimize the high production level obtained, West Hawk worked on the completion of this well for over 100 days. "Over the last three weeks, efforts were intensified as Wm. Mark Hart, Jinsheng Chen and I have been at the site correcting operational problems that were keeping the well from producing. On Saturday, final repairs were completed to faulty computer controls on the wellhead. In addition to bad weather, the Company has overcome problems with frozen equipment, a main line freeze up, and repairs to the glycol antifreeze system. We have also reinsulated the wellhead equipment installed on Wells 1, 2 and 3, and do not expect these problems to continue. I am pleased that the well is producing in accordance with Schlumberger's pre-completion projections," stated Gonzalo Torres Macchiavello, President of North American Operations. West Hawk owns a 75% interest in these wells.
"The Company is now planning to start the completion of Well 4, and a member of West Hawk's executive management will be onsite throughout the completion effort to bring the next well into production as quickly as possible," stated Wm. Mark Hart, President and CEO.
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