Hawkley Oil and Gas Limited announced that Michael Earle, the company's CEO has informed the Board of his intention to leave the company to pursue other interests. Mr. Earle's decision is accepted by mutual consent and is effective immediately. Richard Reavley, the founding CEO of the company has been acting as consultant to the company in recent months will assume the role of CEO. Mr. Reavley will also join the Board of Directors. The company announced that further changes to the Board will take place with Paul Morgan resigning from his position of Chairman and non-executive director and John Hopkins also stepping down from his positions as non-executive director of the Company. David Riekie will continue as a non-executive director. Glenn Featherby, who is one of the founders of the company, will join the Board of Directors and will assume the role of Executive Chairman. The company announced that at Sorochynska, the company spudded the #202 development well, which is scheduled for completion in third quarter of 2012 and will complement the already strong production from the #201 well. The #201 well is currently producing at 6.5 million cubic feet of gas per day with 220 barrels of condensate per day, having just celebrated its first year of production in which it produced in excess of 2.4 billion cubic feet of gas, providing >$25 million in revenue for the Company. 2P reserves of over 40 billion cubic feet of gas and 1 million barrels of condensate remain to be extracted at the field. The company is in the final stages of converting the exploration licence to a 20 year production licence and this should be completed in due course. 3D seismic was recently acquired, which should assist in delineating additional development well locations as well as high grading several of the large leads and prospects on the block to a drill ready status. At Chernetska, the Chernetska #1 well is scheduled for completion and flow testing in mid March 2012. Whilst the unexpected results in the primary target are disappointing, the company believes that potential in the deeper zones warrants testing.