HAWK PROVIDES OPERATIONAL UPDATE
May 31 2011 - 3:05PM
PR Newswire (Canada)
CALGARY, May 31 /CNW/ -- CALGARY, May 31 /CNW/ - Hawk Exploration
Ltd. ("Hawk" or the "Corporation") is pleased to provide an
operational update on recent drilling activity in western
Saskatchewan. Operational Update At Seagram Lake, the Corporation
acquired one (0.5 net) section of land at crown land sales during
the first quarter of 2011, and on May 5, 2011 entered into a
strategic farm-in agreement on twelve (6.0 net) sections of land
("Farm-in Lands"). A vertical test well (0.5 net) on the Farm-in
Lands, located at 05-33-42-23W3, was spudded on May 8, 2011. The
vertical test well encountered net pay in the Leduc formation and
was kicked off horizontally. Two horizontal legs were drilled from
the vertical test well thereby earning Hawk eleven (5.5 net)
sections of the Farm-in Lands. This dual-leg horizontal well (0.5
net) is currently being completed and evaluated. Also at Seagram
Lake, Hawk has drilled one (0.5 net) dual-leg horizontal well at
5-32-42-24W3 and is currently drilling two (1.0 net) additional
dual-leg horizontal wells at 8-33-42-24W3 and 16-28-42-24W3. These
wells are expected to be completed during June and expected to be
placed on production by the middle of July 2011. During the first
quarter of 2011, the Corporation drilled one (1.0 net) vertical oil
well in the Edam area of western Saskatchewan. The well was drilled
in late March of 2011, prior to spring break up, and is currently
awaiting completion. Hawk has also recently drilled two (1.2 net)
vertical oil wells in the Edam and Silverdale areas of western
Saskatchewan. At Edam, Hawk drilled one (1.0 net) vertical oil well
at 8-26-49-20W3 which encountered 7 meters of net pay in the Waseca
formation. The well has been cased and the Corporation is planning
on drilling a follow up location in the third quarter of 2011. At
Silverdale, the Corporation drilled and cased one (0.2 net)
vertical oil well at 5-23-48-28W3 offsetting a producing well at
12-23-48-28W3 which Hawk drilled in July 2010. Hawk is currently
shooting three lines of two dimensional seismic in this area to
further delineate additional wells on its lands. All three (2.2
net) vertical wells drilled in 2011 are expected to be completed in
early June 2011 and on production prior to the end of the second
quarter. Corporate Presentation An updated corporate presentation
is now available for viewing on the Corporation's website at
www.hawkexploration.ca under Investor Information - Presentation.
Annual Meeting Hawk's annual general meeting of shareholders will
be held on Tuesday, June 21, 2011 at 3:00 pm in the R.G. Black
Boardroom at the offices of McCarthy Tetrault LLP, Suite 3300,
421-7th Avenue SW, Calgary, AB. Financial Statements The
Corporation's financial statements for the first quarter of 2011,
prepared in accordance with International Financial Reporting
Standards ("IFRS"), have been substantially completed, except for
one technical IFRS transitional adjustment that Hawk is working
with its auditors to finalize. The financial statements and other
filings related to the first quarter of 2011 are expected to be
finalized and released later in June 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; planned development of the
Corporation's oil and natural gas properties; the expected timing
of the planned completion activities and related expected
production; and the timing of the release of the 2011 first quarter
financial statements. 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. Steve Fitzmaurice, President, CEO and Chairman, Tel:
(403) 264-0191 Ext 225, Email: steve@hawkexploration.ca; Dennis
Jamieson, Chief Financial Officer, Tel: (403) 264-0191 Ext 234,
Email: dennis@hawkexploration.ca
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