-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, FsrzwzIwcBBU+PIojI3qgATBLSGdLbioM4gApokbG37EIHezh6jkKHdatyiVEUaT z9K1SqOmbq/9YJ0fvPswfg== 0001130319-04-000557.txt : 20040802 0001130319-04-000557.hdr.sgml : 20040802 20040730192744 ACCESSION NUMBER: 0001130319-04-000557 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040730 FILED AS OF DATE: 20040802 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAWKER RESOURCES INC CENTRAL INDEX KEY: 0001025863 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-29224 FILM NUMBER: 04943458 BUSINESS ADDRESS: STREET 1: STE 410 STREET 2: 1167 KENINGTON CRESCENT NW CITY: CALGARY ALBERTA CANA STATE: A0 ZIP: T2N 1X7 BUSINESS PHONE: 4032835900 FORMER COMPANY: FORMER CONFORMED NAME: SYNSORB BIOTECH INC DATE OF NAME CHANGE: 19961025 6-K 1 o13755e6vk.htm FORM 6-K Form 6-K
Table of Contents



SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934

July 30, 2004

Hawker Resources Inc.

(formerly named SYNSORB Biotech Inc.)
Commission File No. 0-29214

(Translation of registrant’s name into English)

Suite 700, 700 – 2nd Street SW
Calgary, Alberta, Canada T2P 2W1


(Address of principal executive office)

     Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

     
Form 20-F     þ   Form 40-F     o

     Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Act of 1034.

     
Yes     o   No     þ

     If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-N/A



 


TABLE OF CONTENTS

Exhibit Index
SIGNATURES
Press Release Dated July 26th, 2004
Press Release Dated July 27th, 2004


Table of Contents

     
Exhibit Number
  Exhibit
1.
  News release dated July 26, 2004
 
2.
  News release dated July 27, 2004

 


Table of Contents

 

 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
         
  HAWKER RESOURCES, INC.
(formerly named SYNSORB Biotech Inc.)
 
 
Dated: July 30, 2004  By:   “/s/ Barry R. Herring”    
    Name:   Barry R. Herring   
    Title:   Chief Financial Officer   

 

EX-1 2 o13755exv1.htm PRESS RELEASE DATED JULY 26TH, 2004 Press Release Dated July 26th, 2004
 

News release via Canada Newswire, Calgary 403-269-7605

      Attention Business Editors:
Hawker Resources provides operational update and revised 2004 guidance

      /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./

     CALGARY, AB, July 26 /CNW/ — Hawker Resources Inc. (“Hawker”) today announced an operational update regarding its second quarter activities and revised guidance for capital spending and production through the 2004 fiscal year.

     Hawker was active during the second quarter of 2004, drilling 12 wells (10 net), resulting in 9 gas wells and 2 oil wells. Hawker also purchased 10,300 net acres of land related to its major properties and acquired 50 km of seismic on land owned by the company. This level of activity was lower than planned, due to less activity at our non-operated Lavoy property in East Central Alberta. Since January 1 of this year, a total of 9 wells have been drilled at Lavoy, 8 have been completed, and 3 have been tied into facilities for production at the end of the second quarter. Our original guidance projected that 50 wells would be drilled in 2004, with production offsetting declines and providing production growth.

     Lavoy represents approximately 45% of Hawker’s production base, and the Company’s earlier estimates of production, cash flow, and capital investment are significantly affected by activity levels on this property and on its performance. The property is characterized by multiple stacked producing horizons, relatively low operating costs and significant geological potential. Recent drilling at a limited number of locations has resulted in wells of increasing deliverability. Hawker has in excess of 130,000 net undeveloped acres in Lavoy and the immediate surrounding area.

     In order to address the activity level at Lavoy, Hawker has concluded an investigation into the possibility of purchasing the remaining working interest in the field and assuming operatorship. As a result, for the past several weeks, Hawker has been in negotiations with its partners at Lavoy, which culminated in Hawker offering to purchase the interests in Lavoy owned by its partners. That offer has now been declined. During the discussions with the operator, it indicated that it was extremely encouraged by the drilling results in the first half of the year and that it would accelerate the level of activity for the balance of the year. Regardless of whether this accelerated rate of drilling were to occur, Hawker’s 2004 results will be impacted by the delays experienced to date.

     Hawker is also providing an update on its other major property, North Boundary Lake. The company acquired the property on December 30, 2003 and completed a successful winter drilling program that identified several productive reservoirs which had not previously been exploited in the area. These new reservoirs are also characterized by the presence of both natural gas and natural gas liquids. While the wells are producing as expected, liquids loading is now evident in a number of well bores. New methods of reconfiguring the well bores and well site equipment to enhance production have been identified. A program of reconfiguring equipment and facilities in connection with this initiative is being undertaken during the second half of 2004 and is expected to result in increased production.

     The North Boundary reservoirs continue to demonstrate favorable initial rates of production from successful wells, followed by rapid initial decline rates until a more stable production rate is reached. Winter only drilling access in conjunction with this production profile results in a relatively flat production profile from this property after the first quarter drilling.

     “Clearly, we were hopeful of a higher level of near-term activity at Lavoy and continue to provide our ongoing support for that activity with the operator,” commented President and Chief Executive Officer David Tuer. “We are

 


 

convinced, however, that Hawker’s assets will provide the growth and performance that our shareholders expect, albeit at a slower pace this year. Our strategy from the outset has been to meld Lavoy into a larger suite of properties, thereby reducing its relative importance, and we will continue with that strategy.’’

     Hawker expects to continue to develop its prospect inventory for future drilling and made the recent decision to issue flow-through shares in order to ensure that its exploration activities continue at a significant pace and to augment the prospect inventory for future drilling.

     Hawker’s revised guidance is based on the minimum of a range of possible levels of capital spending and drilling in Lavoy. This minimum expected level of activity involves the drilling of 20 wells at Lavoy and longer cycle times to tie wells into facilities for production. The Boundary Lake production is being revised to reflect the operational adjustment required by the new reservoirs discovered and revised capital spending plans. In the Company’s revised forecast, most actual and forecast production growth has and will come from North Boundary Lake, together with later planned activities at Cold Lake and Granlea.

     The Company expects production for the 2004 year to average 5,700 boe per day, down from the previous estimate of 7,000 boe per day issued in March, 2004. Capital expenditures for the year are expected to total $55 million, inclusive of the acquisition of Zorin Exploration Ltd. This is down from the estimate of $67 million provided in March. Further production details follow.

     
Revised Production Guidance (July 27, 2004)
  BOE/D
As at Dec 31, 2003
  5,366
New Production Drilling (Initial Rate)
  2,326
New Production Acquired (At Date of Purchase)
  329
Declines
  less than 2,181 greater than
Dispositions
  less than 140 greater than
Average Production
  5,700
Year on Year Growth
  12%

     We are targeting to increase reserves per share on a value accretive basis in 2004. This, combined with our forecast of $8.65 of total cash costs (production expense, G&A and interest charges), will help to ensure that 2004 will be a year of value creation, with substantial potential remaining for future years.

     These revised estimates are based on our view of the levels of activity at Lavoy provided by the operator. These activity levels could be significantly higher, however, given the difficulty of accurately predicting activity on this property, future guidance will be near term in nature to allow for greater certainty.

     Hawker is an Alberta-based corporation engaged in the business of exploring for and developing oil and natural gas reserves in western Canada and acquiring natural resource properties. Hawker’s common shares are listed on the Toronto Stock Exchange under the symbol “HKR”.

     ADVISORY: The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein. Certain information regarding the company, including management’s assessment of future plans and operations, may

 


 

constitute forward-looking statements under applicable securities law and necessarily involve risks associated with oil and gas exploration, production, marketing and transportation such as loss of market, volatility of prices, currency fluctuations, imprecision of reserve estimates, environmental risks, competition from other producers and ability to access sufficient capital from internal and external sources; as a consequence, actual results may differ materially from those anticipated. The company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those contemplated by the forward-looking statements.

     >>
     %SEDAR: 000025763

     /For further information: PLEASE CONTACT: Hawker Resources Inc., Mr. David A. Tuer, President & CEO, Tel.: (403) 290-4074;
Mr . Barry R. Herring, Senior Vice President & CFO, Tel.: (403) 290-4856/
     (HKR.)

CO: Hawker Resources Inc.

CNW 09:27e 26-JUL-04

 

EX-2 3 o13755exv2.htm PRESS RELEASE DATED JULY 27TH, 2004 Press Release Dated July 27th, 2004
 

News release via Canada Newswire, Calgary 403-269-7605

      Attention Business Editors:
Hawker Resources Inc. Announces Revision To The Terms Of Flow-Through Common Share Private Placement

      /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW./

     CALGARY, July 27 /CNW/ — Hawker Resources Inc. (“Hawker”) announced today that it has revised the terms of its July 13, 2004, flow-through common share financing agreement. The financing agreement continues to be on a bought deal basis, with an underwriting syndicate led by Peters & Co. Limited and including Tristone Capital Inc., GMP Securities Ltd., and FirstEnergy Capital Corp. The financing will now consist of 2,050,000 flow-through common shares (“Flow-Through Shares”) at a price of $5.15 per Flow-Through Share, for total gross proceeds of $10,557,500, and will be issued pursuant to certain exemptions from prospectus requirements. The private placement financing is scheduled to close on August 6, 2004, and is subject to regulatory approval and the completion of definitive documentation.

     Hawker’s President & CEO, David A. Tuer, commented that: “In light of the recent weakness in Hawker’s stock price, we are revising the terms of the flow-through share financing. It is important to our company to continue a strong exploration program, and we are confident in Hawker’s ability to grow its production and reserves over time. Notwithstanding the revised 2004 guidance which we have recently published as a “base case”, we are optimistic about our continuing discussions with the operator of the Lavoy property concerning drilling activity. We want our guidance for drilling and production to be conservative, yet we are hopeful that the estimates outlined in our recent press release will be surpassed.”

     Hawker shall, pursuant to the provisions in the Income Tax Act (Canada), incur Canadian Exploration Expenses (the “Qualifying Expenditures”) after the closing date and prior to December 31, 2005 in the aggregate amount of not less than the total amount of the gross proceeds raised from the issue of Flow-Through Shares. Hawker shall renounce the Qualifying Expenditures so incurred to the purchasers of the Flow-Through Shares such that $5.15 per Flow-Through Share shall be deductible against the subscribers’ income for the fiscal year ended December 31, 2004. The proceeds of the Flow-Through Share offering will be used to incur Qualifying Expenditures for the continued exploration of Hawker’s oil and natural gas properties prior to December 31, 2005. The proceeds of the private placement may be used to temporarily reduce indebtedness until required for the foregoing purposes.

     Hawker is an Alberta-based corporation engaged in the business of exploring for and developing oil and natural gas reserves in western Canada and acquiring oil and natural gas properties. Hawker’s common shares are listed on the Toronto Stock Exchange under the symbol “HKR”.
 
     %SEDAR : 00002576E

     /For further information: Hawker Resources Inc.: Mr. David A. Tuer, President & CEO, Tel.: (403) 290-4874; Mr. Barry R. Herring, Senior Vice President & CFO, Tel.: (403) 290-4856/
     (HKR.)

CO: Hawker Resources Inc.

CNW 08:48e 27-JUL-04

 

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