Hawkin 2011

Tiedote julkaistu jo joulukuun alussa:

HAWK PROVIDES OPERATIONAL UPDATE AND 2011 CAPITAL BUDGET

Operational Update

Hawk has recently participated in the drilling and completion of one (0.5 net) exploratory horizontal well in western Saskatchewan. Over the first month of production, the single leg horizontal well averaged over 80 (40 - net) bbl/d of heavy crude oil with an associated water cut of 45%. Based on Hawk's analysis, this discovery represents the first commercial production from this formation in western Saskatchewan and is a significant discovery for the Corporation. Although the production period is relatively short, Hawk is very encouraged with the results of the well to date and believes that this area will be a significant repeatable horizontal oil project for the Corporation.

This formation is a Devonian aged carbonate reservoir located at a relatively shallow depth with excellent permeability. No fracture stimulation of the reservoir was performed in the initial horizontal well nor is any expected in future wells. The shallow drilling depths, excellent reservoir permeability and the Saskatchewan crown royalty incentive on horizontal drilling (first 100,600 bbls at a crown royalty rate of 2.5%) gives this project very attractive economics.

The Corporation has assembled eleven (5.5 - net) sections of land in the area through crown land sales and by way of a farm-in agreement, all of which are considered to be prospective for development of this play. Full development of the play could see up to 16 horizontal legs drilled per section of prospective land. Hawk plans to start development of this play by drilling three (1.5 - net) dual-leg horizontal wells in the first quarter of 2011.

Lupaavahko alku sanoisin. Todella tiukkaan meinaavat porata, eli öljyn määrä pinta-alayksikköä kohden täytyy olla aika suuri. Koska kyseessä on frakkaamaton kaivo voisi tuotannon olettaa laskevan selvästi hitaammin kuin ns. resource play-kaivossa, ja hintakin jäänee useampi satatuhatta dollaria pienemmäksi.

2011 Capital Budget

The Corporation's Board of Directors has approved a capital budget of approximately $9.5 million for 2011 which is expected to be funded by way of Hawk's existing credit facility and funds generated by operations. This budget will facilitate the drilling of six (3.0 - net) dual-leg horizontal development wells and five (4.2 net) vertical development wells, all in western Saskatchewan. With this budget, the Corporation is forecasting average production of 560 boe/d for 2011 with a year end exit rate of 680 boe/d, with oil comprising over 85 percent of both volumes.

Kolmannella neljänneksellä tuotanto oli 291 boe:ta ja ennuste 2010 exit-tuotannoksi oli 450 boe:ta, joten kasvua tuotantoon y-o-y ennustetaan reilut 50%. $45,000 per virtaava boe arvostuksella saisi EV:ksi $30.6 miljoonaa, joka jaettuna 23 miljoonalla osakkeella tekee $1.33. $55,000 per boe antaisi osakkeelle hinnaksi $1.62. Kanadalaisten junioreiden virtaavan mediaani arvostustaso on tällä hetkellä noin $59,000. Hawkin korkeiden netbackien, öljy-painoisuuden ja johdon menneiden saavutuksien perusteella vielä $65,000 per boe olisi kohtuullinen arvostustaso.

B-sarjan osakkeet tulevat laimentamaan osakekantaa tulevaisuudessa reilusti(todennäköisesti 10 miljoonaa uutta A-osaketta, riippuu A-osakkeen kurssista), mutta alkaen aikaisintaan vasta vuoden 2012 puolessa välistä.

Muutaman Hawk-osakkeen olen salkkuun säilönyt.