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Gold/Mining/Energy : Canadian Oil & Gas Companies -- Ignore unavailable to you. Want to Upgrade?

To: Richard Saunders who wrote (8599)	1/6/2002 11:12:58 AM
From: Scott Mc	Respond to of 24927

Thanks Richard, I couldn't figure out how to get a direct link to the story, I subscribe to the post, enjoyed the story and thought the thread would also, Scott

To: Richard Saunders who wrote (8599)	1/7/2002 6:50:31 PM
From: kingfisher	Read Replies (1) \| Respond to of 24927

Hawk Sells SE Saskatchewan Assets and Increases Line of Credit CALGARY, ALBERTA--Hawk Oil Inc. has completed a purchase and sale agreement on December 31, 2001 to sell all of its interest in Southeast Saskatchewan to a large Canadian oil and gas producer for $5.0 million in cash. The effective date of the transaction is October 1, 2001 and current production from the properties is approximately 200 barrels of oil per day. The competitive proposal which Hawk accepted was one of a number of offers resulting from the bid process conducted by its financial advisor, Waterous & Co. The proceeds from this disposition have been used to reduce Company debt. The sale of Hawk's SE Saskatchewan properties was the result of Hawk's search for strategic alternatives and reflects the Company's strategy to focus on more gas prone parts of the basin. Hawk is also pleased to announce that, after taking into account the sale of Hawk's Southeast Saskatchewan properties, its banker, the National Bank of Canada, has increased the Company's lending value from $11 million to $18.3 million effective January 1, 2001. This increased credit facility reflects the value added through Hawk's successful 2001 drilling program. Hawk's current debt stands at $5.3 million leaving significant financial flexibility for continued growth through both acquisitions and drilling in 2002. Hawk is further pleased to announce the December 2001, drilling and casing of 3 multi zone heavy oil wells (0.7 net) in Epping, Saskatchewan and one multi zone gas discovery well (1 net) in Eastern Alberta which is currently being tested. Hawk's current production, net of the disposition of its SE Saskatchewan properties, is 2050 boepd comprised of 780 barrels of oil and 7.7 mmcfd of gas. Corporate information provided herein contains forward looking (forecast) information. The reader is cautioned that assumptions used in the preparation of such information, although considered reasonable by Hawk at the time of preparation, may be proved to be incorrect. Actual results achieved during the forecast period will vary from the information provided herein and the variations may be material. There is no representation by Hawk that actual results achieved during the forecast period will be the same in whole or in part as those forecast. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Hawk Oil Inc. Steve Fitzmaurice President and CEO (403) 262-1131 (403) 313-4295 (FAX) Email: hawkoil@cadvision.com