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Hawk Exploration (HWK.A)

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By rodball

Posted: Monday Dec 30 6:32:28AM 2013

Hawk Exploration (HWK.a) seems to be a perpetually overlooked/undervalued Western Canadian junior heavy oil producer.  There is a low float in which shares are tightly held with considerable insider ownership which makes the stock fairly illiquid.  Having said that, the stock last closed at 0.40, trading at approximately 2- 3 x estimated 2013 cash flow.  Hawk also reported 9 mth earnings of 0.01 / share.  Other quarterly / 9 mth highlights include:


* record quarterly cash flow of $2.1 million (0.06 / share), up 47% from 2012 's  cash flow of $1.4 mil.

* 9 mth cash flow of 0.14 / share, compared to  0.12 / share for 2012 (0.16 / share for entire 2012)

* 9 mth eps of  0.01 / share

* quarterly production up 17% from 2012 to 613 boe

* 9 mth average production of 621 boe, up 29% from 482 boe in 2012

  * very low debt:cash flow ratio of 0.9:1

* estimated 2014 production  average of 800 boe, with an exit production of 950 boe

* approximately  30% of float of 35 million shares is tightly held by insiders
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