Scandinavian Oil-Gas Magazine

Hawk Exploration Ltd. is pleased to provide an operations update and a summary of its December 31, 2014 reserve information as evaluated by GLJ Petroleum Consultants Ltd.

Reserves Highlights •Increased total proved plus probable reserves by 59% to 2,875 thousand barrels of oil equivalent ('MBoe') from 1,814 MBoe; •Increased total proved reserves by 17% to 1,335 MBoe from 1,145 MBoe; •Added total proved plus probable reserves in 2014 at a finding and development cost of $15.68 per Boe, including the change in future development costs; •Added total proved reserves at a finding and development cost of $28.98 per Boe, including the change in future development costs; •Achieved a recycle ratio on a proved plus probable basis of 2.2 times based on estimated 2014 operating netback of $34.57 per Boe; •Achieved a recycle ratio on a proved basis of 1.2 times; and •Replaced 2014 production on a proved plus probable basis by 527% and on a proved basis by 177%

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