Hawk Provides Operational Update And Corporate Presentation
October 17 2011 - 10:08AM
PR Newswire (Canada)
CALGARY, Oct. 20, 2011 /CNW/ - Hawk Exploration Ltd. ("Hawk" or the
"Corporation") announces an update on recent operations.
Operational Update Hawk drilled two (2.0 net) wells in the third
quarter of 2011 in its Lloydminster and Chauvin core areas. At
Edam, Hawk drilled the 5-34-48-28W3 well which encountered 3.5
metres of oil pay in the Waseca formation. This well has been
completed and equipped and is currently on production at 30 barrels
of oil per day ("bbl/d"). At Chauvin, the Corporation drilled
the 13-22-42-1W4 well which encountered 2.5 metres of oil pay in
the McLaren formation. This well has also been completed and
equipped and is currently on production at 40 bbl/d. At Seagram
Lake, Hawk continues to produce three (1.5 net) recently drilled
Leduc horizontal wells. These three wells are currently
producing 80 (40 net) bbl/d with an average water cut of
73%. The Corporation's remaining two (1.0 net) horizontal
wells are currently suspended after testing large amounts of water
(99% water cuts). Hawk currently has a service rig working on
one of the suspended horizontal well and in an attempt to locate
the source of water in this well. Various downhole logging and
imaging tools have been employed to determine the source of the
water and the Corporation is now using packers in an attempt to
shut of water off. Should the operation prove successful, Hawk
will employ the same techniques on the remaining wells to reduce
the watercut and potentially increase oil production. Hawk
plans to drill one (0.5 net) single leg horizontal well in Seagram
Lake in the first quarter of 2012 and plans to modify its
completion technique on this well to limit water encroachment.
Hawk's production for the third quarter of 2011 averaged
approximately 455 barrels of oil equivalent per day ("boe/d").
Current production is approximately 500 boe/d and is
comprised of 90% crude oil. In the fourth quarter of 2011, the
Corporation will continue to monitor production from its Seagram
Lake wells. In addition, Hawk plans to drill two vertical wells
targeting heavy oil in western Saskatchewan. Corporate Presentation
An updated corporate presentation is now available for viewing on
the Corporation's website at www.hawkexploration.ca under
Investor Information - Presentation. Third Quarter Results Hawk
intends to report its third quarter 2011 financial and operating
results after markets close on Thursday, November 24, 2011. Hawk is
an emerging exploration company engaged in the exploration,
development and production of conventional crude oil and natural
gas in western Canada and is based in Calgary, Alberta. The Class A
Shares and Class B Shares of Hawk trade on the TSX Venture Exchange
under the trading symbols of HWK.A and HWK.B, respectively. Neither
the TSX Venture Exchange nor its Regulation Services Provider (as
the term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this
release. Certain statements contained in this press release
constitute forward-looking statements. All forward-looking
statements are based on the Corporation's beliefs and assumptions
based on information available at the time the assumption was made.
The use of any of the words "anticipate", "continue", "estimate",
"expect", "may", "will", "project", "should", "believe" and similar
expressions are intended to identify forward-looking statements.
These statements involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements. Hawk believes the expectations reflected in those
forward-looking statements are reasonable, but no assurance can be
given that these expectations will prove to be correct. Such
forward-looking statements included in this press release should
not be unduly relied upon. These statements speak only as of the
date of this press release In particular, but without limiting the
forgoing, this press release contains forward-looking statements
pertaining to the following: the performance characteristics of
Hawk's oil and natural gas properties; business strategies and
plans; projections of market prices and cost; supply and demand for
oil and natural gas; planned development of the Corporation's oil
and natural gas properties; capital expenditure programs for the
remainder of 2011;the expected timing of the release of its third
quarter 2011 financial results; and the expected sources of funding
for the capital expenditure program. The material factors and
assumptions used to develop these forward looking statements
include, but are not limited to: the ability of the Corporation to
engage drilling contractors, to obtain and transport equipment,
services, supplies and personnel in a timely manner and at an
acceptable cost to carry out its activities and plans; the ability
of the Corporation to market its oil and natural gas and to
transport its oil and natural gas to market; the timely receipt of
regulatory approvals and the terms and conditions of such approval;
the ability of the Corporation to obtain drilling success
consistent with expectations; and the ability of the Corporation to
obtain capital to finance its exploration, development and
operations. Actual results could differ materially from those
anticipated in these forward-looking statements as a result of the
risk factors including, without limitation: volatility in market
prices for oil and natural gas; liabilities inherent in oil and
natural gas operations; uncertainties associated with estimating
oil and natural gas reserves; competition for, among other things,
capital, acquisitions of reserves, undeveloped lands and skilled
personnel; incorrect assessments of the value of acquisitions and
exploration and development programs; geological, technical,
drilling and processing problems; changes in tax laws and incentive
programs relating to the oil and natural gas industry; failure to
realize the anticipated benefits of acquisitions; general business
and market conditions; and certain other risks detailed from time
to time in Hawk's public disclosure documents (including, without
limitation, the other factors discussed under "Risk Factors" in the
Corporation's most recently filed Annual Information Form).
Statements relating to "reserves" or "resources" are deemed to be
forward-looking statements, as they involve the implied assessment,
based on certain estimates and assumptions that the resources and
reserves described can be profitably produced in the future.
Readers are cautioned that the foregoing lists of factors are not
exhaustive. The forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.
Except as required under applicable securities laws, Hawk does not
undertake any obligation to publicly update or revise any
forward-looking statements. Barrels of oil equivalent (boe) may be
misleading, particularly if used in isolation. A boe conversion
ratio of six thousand cubic feet (mcf) of natural gas to one barrel
(bbl) of oil is based on an energy conversion method primarily
applicable at the burner tip and is not intended to represent a
value equivalency at the wellhead. All boe conversions in this
press release are derived by converting natural gas to oil in the
ratio of six thousand cubic feet of natural gas to one barrel of
oil. Certain financial amounts are presented on a per boe basis,
such measurements may not be consistent with those used by other
companies. Hawk Exploration Ltd. CONTACT: Steve Fitzmaurice Dennis
JamiesonPresident, CEO and Chairman Chief Financial OfficerTel:
(403) 264-0191 Ext 225 Tel: (403) 264-0191 Ext 234Email:
steve@hawkexploration.ca Email:dennis@hawkexploration.ca
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