West Hawk Development Corp. has provided an update on the status of its technical and commercial meetings with Petrobras to jointly develop the Company's Figure Four Natural Gas Project in the Piceance Basin, Colorado. WHD announced that it had signed a Memorandum of Understanding with Petrobras on June 12, 2008.
During the months of June and July several technical and commercial meetings between West Hawk and Petrobras have taken place, in both Denver and in Brazil. At this time Petrobras is going through their Due Diligence process. The terms and conditions of the possible transaction have already been discussed by Petrobras and West Hawk.
"It has been a pleasure to work through the Due Diligence process with Petrobras. The relationship between the two companies has been extremely positive," said Gonzalo Torres Macchiavello, President and CEO of the Americas, West Hawk Development Corp.
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