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Coal Gasification - Building a Clean Energy Company
Message: Files Amended Interim Financial Statements and MD&A
| April 20, 2009 |
| West Hawk Files Amended Interim Financial Statements and MD&A |
| DENVER, COLORADO--(Marketwire - April 20, 2009) - West Hawk Development Corp. (TSX VENTURE:WHD) (the "Company") would like to announce that it has restated and re-filed under the Company's profile on SEDAR its previously filed interim financial statements and related management's discussion and analyses for the financial periods ended July 31 and October 31, 2008. In connection with its review of its interim financial statements for the three and six month periods ended July 31 and October 31, 2008, the Company restated these interim financial statements and management's discussion and analyses to make corrections to the following: - For the financial period ended July 31, 2008, the share issuance costs of $1,100,000 were reclassified to share capital from the Consolidated Statement of Operations and Deficit and the stock-based compensation was increased from $252,000 to $829,000. - For the financial period ended October 31, 2008, the non-controlling interest of $7,592,000 was reclassified to long-term liabilities from contributing surplus, an additional $1,809,000 was accrued for expenditures on oil and gas, and mineral properties, an additional expense of $229,000 for asset retirement obligation was recognized in the consolidated financial statements, the three month data was added to the Consolidated Statement of Operations and Deficit and to the Consolidated Statement of Cash Flows and the share capital data was added for the six months ended October 31, 2008. The cash flows for the financial period ended October 31, 2008 now more appropriately reflect the true change in cash on the Consolidated Balance Sheet. 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 northwestern British Columbia. |
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