CALGARY,
Jan. 22, 2014 /CNW/ - Hawk
Exploration Ltd. ("Hawk" or the "Corporation") announces that it
has granted a total of 1,136,500 options to directors, officers,
employees and consultants, of which 975,000 were granted to
directors and executive officers. Each option entitles the holder
the right to acquire one Class A Share of the Corporation at an
exercise price of $0.42 per Class A
Share and expires ten years from the date of issue. The options
vest equally over a three year period on the first, second and
third anniversary from the date of grant. There are now options
outstanding to purchase a total of 3,421,500 Class A Shares of the
Corporation, or approximately 9.6% of the Corporation's issued and
outstanding Class A and Class B Shares.
Operational Update
Hawk achieved an exit production rate, being the average sales
volume for the month of December
2013, of approximately 750 boe/d while fourth quarter 2013
production averaged approximately 680 boe/d, with an oil weighting
of 98 percent for both periods. The Corporation has, so far in
2014, drilled one (1.0 net) vertical well in the Redwater area of Alberta which has been cased and is awaiting
completion. Hawk expects to drill an additional three to four (3.0
to 4.0 net) vertical wells targeting heavy oil in western
Saskatchewan in the first quarter
of 2014.
Corporate Presentation
An updated presentation has been posted on the Corporation's
website at www.hawkexploration.ca. The corporate presentation can
be located under the Investor Information - Presentation page of
the website.
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; the timing of and nature of capital
expenditure program for 2014; and the expected sources of funding
for the 2014 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).
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.
SOURCE Hawk Exploration Ltd.