Scandinavian Oil-Gas Magazine

Hawk Exploration Ltd. provide an operations update and a summary of its December 31, 2012 reserve information as evaluated by GLJ Petroleum Consultants Ltd. (GLJ).

HIGHLIGHTS

•Increased total proved reserves by 43% from 797 thousand barrels of oil equivalent ("MBoe") in 2011 to 1,137 MBoe in 2012 and increased total proved plus probable oil reserves by 31% from 1,319 MBoe to 1,725 MBoe; •Added total proved reserves in 2012 at a finding and development cost of $19.77 per Boe, including future development costs, and added total proved plus probable reserves at a finding and development cost of $16.87 per Boe, including future development costs; •Achieved a recycle ratio on a proved basis of 1.7 times and on a proved plus probable recycle ratio of 1.9 times based on estimated 2012 operating netback of $32.80 per Boe; •Replaced 2012 production on a proved basis by 283% and on a proved plus probable basis by 318%; •Increased undeveloped land holdings to 42,700 net acres mainly in the plains area of eastern Alberta and western Saskatchewan; and •Continued to increase the oil weighting of the Corporation as oil and liquids reserves comprise 88% of proved plus probable reserve at the end of 2012 from 85% in at the end of 2011.

Tags: Hawk Exploration Ltd.