Hawk announces second quarter results


    CALGARY, Aug. 27 /CNW/ - Hawk Exploration Ltd. ("Hawk" or the
"Corporation") announces its results for the interim period ended June 30,
2009. Selected financial information for the three months ended June 30, 2009
and the period from February 2, 2009 to June 30, 2009 is provided as follows:

                                                                 Period from
                                       Three months ended   February 2, 2009
                                            June 30, 2009   to June 30, 2009

    Net loss and comprehensive loss               $73,475           $115,044
    Net loss per share                              $0.01              $0.02
    Capital expenditures                         $221,603           $228,135

    Working capital surplus, end of period    $11,827,985        $11,827,985

    Common Shares outstanding, end of period:
      Class A Shares                            9,600,000          9,600,000
      Class B Shares                            1,080,000          1,080,000
      Options to acquire Class A Shares         1,010,000          1,010,000

    Weighted average shares outstanding
     on combined basis, basic and diluted(1)    7,664,469          5,771,543

    (1) Class B Shares were converted to Class A Shares based on the
        June 30, 2009 closing price for the Class A Shares of $1.26 per

    Highlights for the period ended June 30, 2009 were as follows:

    -   Hawk successfully closed its Initial Public Offering on June 11, 2009
        raising gross proceeds of $12,000,000,
    -   The Class A Shares and Class B Shares of the Corporation commenced
        trading on the TSX Venture Exchange on June 17, 2009,
    -   Hawk shot 10.5 kilometers ("kms") of two dimensional ("2D") seismic
        data and acquired an additional 4.5 kms of 2D trade seismic data,
    -   The Corporation acquired 640 net acres of land in Alberta at crown
        land sales and subsequent to June 30, 2009, Hawk acquired an
        additional 6,547 net acres of land at Alberta crown land sales,
    -   Subsequent to June 30, 2009, Hawk commenced a three well (2.7 net)
        drilling program in the Lloydminster area, resulting in three cased
        oil wells. All three wells will be placed on production by the end of
        August 2009 with a combined expected initial production rate of
        70 barrels of oil per day net to Hawk.

    The unaudited financial statements and management's discussion and
analysis for the interim period ended June 30, 2009 have been filed on SEDAR
and are available for viewing at www.sedar.com or on the Corporation's website
at www.hawkexploration.ca.

    Hawk is a newly formed 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
commenced trading on June 17, 2009 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 information regarding the Corporation contained herein may
constitute forward-looking statements within the meaning of applicable
securities laws. Forward-looking statements include estimates, plans,
anticipations, expectations, opinions, forecasts, projections, guidance or
other similar statements that are not statements of fact. Although the
Corporation believes that the expectations reflected in such forward-looking
statements are reasonable, it can give no assurance that such expectations
will prove to be correct. These statements are subject to certain risks and
uncertainties and may be based on assumptions that could cause actual results
to differ materially from those anticipated or implied in the forward-looking
statements. The Corporation's forward-looking statements are expressly
qualified in their entirety by this cautionary statement.

For further information:

For further information: Steve Fitzmaurice, President, CEO and Chairman,
Tel: (403) 264-0191 Ext 225, Email: steve@hawkexploration.ca; Dennis Jamieson,
Chief Financial Officer, Tel: (403) 264-0191 Ext 234, Email:

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