Hawk Exploration Ltd. (TSXV: HWK-A.V, HWK-B.V) detailed its second-quarter 2014 financial results, the company said Aug. 22. The quarter ended June 30, the company added.
There was about $1.9 million of cash flow in the second quarter, and this amount was higher than second-quarter 2013’s $1.6 million of cash flow, Hawk said, noting that the increase was due to an 8% increase in oil production and a 19% increase in oil prices during this year’s second quarter.
Regarding commodities, average prices for Western Canadian Select increased by 11% in the second quarter, to US$82.95 per barrel (bbl). This was higher than second-quarter 2013’s WCS price of US$75.06/bbl, the company said. “A weaker Canadian dollar” caused a 19% increase in Hawk’s realized oil prices during the quarter--$84.29/bbl, the company added.
During the quarter, production expenses increased, averaging $21.61/boe compared with second-quarter 2013’s $18.03/boe, Hawk said.
Regarding liquidity, on June 30 Hawk had $6.7 million drawn on its $12 million credit facility, the company said, noting that in August, it replaced this facility. It entered into a new, $13.5 million revolving credit facility in an agreement with a Canadian bank, the company added.
On June 30, about $8.6 million comprised net debt and working capital deficit, the company said.
Calgary, Alberta-based Hawk Exploration Ltd. develops and produces oil and natural gas in western Canada.
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