Wyn Developments increases ownership in core asset Canada NewsWire "All News "

Wyn Developments increases ownership in core assetCanada NewsWire "All News "
(TSX-V: WL) (OTC-BB: WYDPF) (FRANKFURT: YXE)
VANCOUVER, Feb. 6 /CNW/ - Wyn Developments Inc ("Wyn" or the "Company") announces that Wyn Developments Inc., Flying A Petroleum Ltd. and Bighorn Petroleum Ltd. have funded their respective shares of the balance of the purchase price for a 12.5% non convertible gross overriding royalty on the Prophet River "A" lands and remaining 35% gross working interest in the Prophet River "B" lands. On January 24, 2008 the Company announced its intention to proceed with this purchase and the transaction has closed. As a result the Company now owns a 33 1/3% gross working interest in the Prophet River "A" and Prophet River "B" lands subject to a 2.5% overriding and government royalties. This purchase has also eliminated an original farm-in requirement to spud a Prophet River B lands well by March 31st, 2008.
Also in the Prophet River area, Petro Canada has exercised a right of first refusal on two sections adjoining the Company's lands to the southeast of the Company's d-60-E Mississippian discovery well. Accordingly the Prophet River land holding interests have been reduced to approximately nineteen square miles from twenty-one. Petro Canada Ltd. has increased their activity in the region in the past year, in, around, and between the Prophet River and Trutch properties.
THE a-38-A/94-G-15 TRIASSIC HALFWAY DEVELOPMENT WELL
The Company has contributed its share of the costs to complete the production tie-in of the recently drilled a-38-A Triassic Halfway development well. The well will be tied in to the Trutch jointly owned production infrastructure and is expected to commence production in mid to late February 2008. The Company has a 9% gross working interest in this well and a 15% interest in the project's pipeline infrastructure.
CANADA GAS CORP.
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Further to the Company's release dated September 18, 2007, Wyn, Flying A Petroleum Ltd., Bighorn Petroleum Ltd., and Tenaka Drilling Consortium Ltd. affirm their continuing commitment to their aforementioned amalgamation, where the respective shareholders meetings to approve the transaction and other matters are anticipated to be called in the near term.
PRIVATE PLACEMENT
The Company is re-pricing the private placement offering announced January 24, 2008. The Company will now issue up to 22 million units at the price of $.05 per unit for gross proceeds of up to CAD $1.1 million. Each unit will consist of one share and one share purchase warrant exercisable at $0.10 for a period of two years from the closing date. A member of company management and a significant shareholder have agreed to increase their participation in this private placement. Finders fees may be payable on this financing.
Thom Bainbridge, P.Geol is the company's qualified person in accordance with regulatory standards. He has reviewed and verified the technical contents of this release.
The financing and amalgamation are subject to TSX Venture Exchange approval.
For more information on Wyn Developments please visit www.wyndevelopments.ca.
On Behalf of the Board,
WYN DEVELOPMENTS INC.
"David McMillan"
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David McMillan
President & CEO
FORWARD LOOKING STATEMENTS
This communication to shareholders and the public contains certain forward-looking statements. Actual results may differ materially from those indicated by such statements. All statements, other than statements of historical fact, included herein, including, without limitations statements regarding future production, are forward looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.