Hawk Announces 2011 Annual Results and Filing of Reserves Data
22 4월 2012 - 12:57PM
PR Newswire (Canada)
CALGARY, April 24, 2012 /CNW/ - Hawk Exploration Ltd. ("Hawk" or
the "Corporation") announces that it has filed on SEDAR its audited
annual financial statements, and related management's discussion
and analysis. The Corporation also filed its Annual Information
Form for the period ended December 31, 2011 containing the
Corporation's Statement of Reserves Data and Other Oil and Gas
Information as of December 31, 2011 as mandated by National
Instrument 51-101 - Standards of Disclosure for Oil and Gas
Activities of the Canadian Securities Administrators. Copies of
these filings can be found at www.sedar.com or on the Corporation's
website at www.hawkexploration.ca under Investor Info - Financial
Reports. Selected financial and operational information for the
year and three months ended December 31, 2011 are provided as
follows: Three months ended Year ended December31, December 31,
2011 2010 % Change 2011 2010 % Change Financial ($000's except per
share amounts) Petroleum and $ 3,120 $ 1,993 57% $ 10,498 $ 7,248
45% natural gas sales Funds flow from 1,311 835 57% 4,445 3,195 39%
operations (1) Per share 0.04 0.04 0% 0.16 0.15 7% Comprehensive
(6,998) (1,404) 398% (7,272) (4,498) 62% loss Per share (0.25)
(0.06) 317% (0.26) (0.20) 30% Capital 1,698 5,068 (67%) 11,025
15,349 (28%) expenditures Working capital deficit - excluding bank
debt and $ 1,140 $ 3,739 (70%) commodity contracts, end of period
Bank debt, end 200 250 (20%) of period Total assets, $ 25,273
25,936 (1%) end of period Common Shares outstanding end of period:
Class A 34,481 21,981 57% Shares Class B 1,080 1,080 0% Shares
Options to 2,110 2,077 2% acquire Class A Shares Operations
Production Crude oil and 399 313 27% 371 285 30% natural gas
liquids (bbl/d) Natural gas 215 259 (17%) 290 281 3% (mcf/d) Total
435 356 22% 420 332 27% (boe/d) Oil and liquids 92% 88% 4% 88% 86%
2% as of percent of total Average Selling Price Crude oil and $
83.25 $ 66.18 26% $ 74.44 $ 65.60 14% ngls (per bbl) Natural gas
3.29 3.81 (14%) 3.76 4.14 (9%) (per mcf) Total (per 78.03 60.93 28%
68.46 59.84 14% boe) Operating netback (per boe at 6:1)(2) Price $
78.03 $ 28% $ 68.46 $ 59.84 14% 60.93 Royalties (18.60) 71% (13.82)
19% (10.87) (11.60) Production (19.68) 3% (18.75) 22% expense
(19.15) (15.41) Transportation (1.92) (1.59) 21% (1.80) (1.66) 8%
expense Operating $ 37.83 $ 29.32 29% $ 34.09 $ 31.17 9% netback
($/boe) ((1) )Management uses funds flow from operations and funds
flow from operations per share to analyze operating performance,
leverage and liquidity. Funds flow from operations and funds flow
from operations per share as presented do not have any standardized
meaning prescribed under Generally Accepted Accounting Principles
("GAAP") and therefore may not be comparable with the calculation
of similar measures by other entities. ((2) )Management considers
operating netbacks as an important measure as it demonstrates
profitability relative to current commodity prices. Operating
netbacks do not have a standardized meaning prescribed by GAAP and
therefore may not be comparable with the calculation of similar
measures by other entities. HIGHLIGHTS Highlights for the year
ended December 31, 2011 were as follows: -- Increased funds flow
from operations by 39 percent from $3.2 million in 2010 to $4.4
million in 2011 and by 57 percent from $0.8 million in the fourth
quarter of 2010 to $1.3 million in the fourth quarter of 2011; --
Improved operating netbacks to $34.09 per boe in 2011 from $31.17
per boe in 2010, a 9 percent increase and improved fourth quarter
2011 netbacks to $37.83 per boe from $29.32 per boe in Q4 2010, a
29 percent increase; -- Averaged 420 boe/d of production in 2011, a
27 percent increase over 2010 average production of 332 boe/d, with
all the increase being additional oil production; -- Maintained a
strong balance sheet by completing a $10 million bought deal
private placement of Class A Shares during 2011; -- Added to the
Corporation's financial flexibility by increasing the credit
facility from $7.5 million to $11 million during the year; and --
Drilled eleven (7.6 net) wells in 2011 resulting in ten (7.3 net)
oil wells and one (0.3 net) dry and abandoned well. Operational
Review and Update In 2011, Hawk drilled eleven (7.6 net) wells
resulting in ten (7.3 net) oil wells in its core area of western
Saskatchewan and east central Alberta and one (0.3 net) dry and
abandoned well at Rainbow Lake in northwest Alberta. The drilling
program in its core area consisted of six (5.3 net) vertical oil
wells located at Edam, Silverdale, Hoosier and Chauvin and four
(2.0 net) dual-leg horizontal wells at Seagram Lake in
Saskatchewan. At Seagram Lake, the Corporation, as previously
announced, experienced mixed results from its 2011 drilling program
as three (1.5 net) wells produced only trace amounts of oil at high
water cuts. The one (0.5 net) producing oil well averaged 160 (80 -
net) bbl/d over its first month of production in August 2011, is
currently producing at 30 (15 - net) bbl/d and has cumulative
production to March 31, 2012 of approximately 15,000 (7,500 - net)
Bbls. Hawk plans to drill one (0.5 net) single leg horizontal well
at Seagram Lake in the second quarter of 2012. The Corporation and
its operating partner plan to alter the drilling and completion
program for the upcoming horizontal well to limit water
encroachment and maximize oil production. Hawk had a successful
vertical oil development program in 2011 drilling six (5.3 net)
wells during the year with three (3.0 net) wells drilled at Edam
and one (0.3 net) at Silverdale which has led to additional infill
drilling in 2012. At Silverdale, Hawk submitted a down-spacing
application in the fourth quarter of 2011 to reduce well spacing to
three wells per legal sub-division ("LSD") and received well
licenses for ten (2.8 net) infill wells. To date in 2012, Hawk has
drilled six (1.4 net) vertical oil wells at Silverdale and one (1.0
net) vertical oil well at Edam. All of these wells were placed on
production prior to March 31, 2012. As previously announced, Hawk's
production for the first quarter of 2012 is expected to average
approximately 430 boe/d. With the additional production from the
wells drilled to date in 2012, Hawk expects production to average
approximately 500 boe/d in the second quarter of 2012. The
Corporation has an active second quarter of 2012 planned and
expects to drill four (1.5 net) infill wells at Silverdale after
break up once surface conditions permit. Hawk also expects to drill
its one (0.5 net) planned single-leg horizontal well at Seagram
Lake and is currently interpreting seismic data shot at Dankin, in
western Saskatchewan, to chose a horizontal well location to be
drilled either late in the second quarter or third quarter of 2012.
Financial Hawk achieved funds flow from operations in 2011 of
approximately $4.4 million compared to $3.2 million for 2010. The
Corporation generated an operating netback of $34.09 per boe which
is 9 percent higher than operating netbacks for 2010 of $31.17 per
boe due to mainly to higher realized prices in 2011 offset by
slightly higher operating costs. Revenue for the year increased by
45 percent to $10.5 million in 2011 from $7.2 million in 2010 as a
result of increases to both annual production and realized sales
prices. Hawk's annual production increased to 420 boe/d with oil
and liquids production contributing 371 bbl/d, or 88 percent of
total annual production. Due to the strong oil weighting, the
Corporation's average realized price increased to $68.46 per boe in
2011, a 14 percent increase over the $59.84 per boe realized price
achieved in 2010. At December 31, 2011, Hawk had $200,000 drawn on
its existing credit facilities of $11 million consisting of an $8.5
million revolving line of credit and a $2.5 million acquisition and
development line of credit, with the next review date to occur on
or before May 31, 2012. The Corporation continues to maintain a
solid balance sheet with net debt and working capital deficit of
approximately $1.3 million at December 31, 2011 which equates to a
net debt to annual funds flow from operations of 0.3:1. Outlook The
Corporation has set an $8.5 million capital budget for 2012 that
will focus on development opportunities in western Saskatchewan
targeting heavy crude oil both through horizontal and vertical
drilling. The capital budget includes one (0.5 net) single-leg
horizontal well at Seagram Lake, five net vertical wells in the
Lloydminster area of western Saskatchewan and two (2.0 net)
horizontal wells in western Saskatchewan. Hawk will continue its
focus for the remainder of 2012 on oil development opportunities to
grow oil production and cash flow and maintains a solid balance
sheet with which to execute its capital program. Annual General
Meeting Hawk's annual general meeting of shareholders will be held
on Tuesday, June 12, 2011 at 3:00 pm at the offices of McCarthy
Tetrault LLP, Suite 3300, 421-7th Avenue SW, Calgary, AB. 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 2012; the timing of and nature of capital expenditure
program for 2012; 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
FitzmauricePresident, CEO and ChairmanTel: (403) 264-0191 Ext
225Email: steve@hawkexploration.caDennis JamiesonChief Financial
OfficerTel: (403) 264-0191 Ext 234Email: dennis@hawkexploration.ca
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