This website is owned and operated by Blackhawk Resource Corp. ("Blackhawk") and may be changed or updated from time to time without notice. Your use of Blackhawk's website acknowledges your acceptance and consent to the practices described in this disclaimer and you agree to hold Blackhawk and its affiliates harmless from and against any and all claims, expenses, damages, costs or any loss of any kind arising out of using this website or any material contained in or obtained through this website.
The material contained in this website is deemed to be provided in the Canada and is subject to Canadian law. All monetary amounts mentioned on this website are in Canadian dollars unless otherwise stated.
Website is provided as a service only.
The material contained in this website is for informational purposes only and does not constitute a solicitation or an offering of securities in any jurisdiction. Material available in or through this website (e.g. annual reports, interim reports, or news releases) is not intended to modify, qualify, supplement or amend information disclosed under corporate and securities legislation of any jurisdiction applicable to Blackhawk and should not be used for the purpose of making investment decisions concerning Blackhawk securities.
Website Protected by Copyright and Trademark
All content included on the website (including, without limitation, the design, text, graphics, trade-marks, service marks, logos, slogans and internet domain names as well as any audio or video), and any selection or arrangement thereof, is the exclusive property of Blackhawk or its licensors and is protected by international copyright, trademark, service marks, patents, or other proprietary rights and laws. All such rights therein are expressly reserved by Blackhawk.
The Blackhawk name and logo are trademarks and copyrights of Blackhawk.
This Legal Notice does not apply to linked websites. Each website should be checked for the Legal Notice applicable to it. Blackhawk is not responsible for the terms and conditions of use in place on linked websites that Blackhawk does not control.
Third Party Websites
Blackhawk provides links to third party websites for your convenience only. The inclusion of these links does not imply that Blackhawk monitors, investigates, verifies or endorses these websites, and accordingly, their use is at your own risk.
Internet Software or Computer Viruses
Due to technical difficulties inherent in the Internet, Internet software or transmission problems could produce inaccurate or incomplete copies of material contained on this website when displayed or downloaded onto your computer. Computer viruses or other destructive programs may also be inadvertently downloaded from the website. Blackhawk recommends that you install appropriate anti-virus or other protective software.
Exclusion of Liability
Although Blackhawk updates this website with material it believes to be accurate at the time it is posted, Blackhawk does not warrant the accuracy, completeness, timeliness or currency of the material at all times. Blackhawk expressly disclaims any liability for errors or omissions in the material contained in this website. All material and information contained in this website is provided on an as-is and as-available basis. Your use of this website is at your own risk.
In addition, no warranty of any kind, whether implied, expressed or statutory, including but not limited to, warranties as to non-infringement of intellectual- property rights or third-party rights, title, latent defects, uninterrupted service, merchantability, fitness for a particular purpose and freedom from computer viruses is given by Blackhawk in conjunction with the use of this website, the material contained in this website or software algorithms. The material on this website is not intended to provide tax, business, investment or legal advice to any individual or entity. Blackhawk expressly disclaims liability for errors or omissions in any software algorithms. In no event shall Blackhawk be liable for any damages (including without limitation direct, indirect, special, moral, incidental or consequential damages), claims, expenses, costs, loss of profits, loss of opportunities or loss of information arising from the use of this website including, but not limited to, the use of or reliance on material contained in or obtained through this website; any inaccuracy or omission in such material or failure to keep the material current; use of any third party websites linked to this website; any internet software or software algorithms used in connection with this website or computer viruses or other destructive programs encountered as a result of using this website; inability to use this website due to, among others, interruption, delay in operation or transmission, defect, computer virus or line or system failure; and any other matter connected with this website, even if Blackhawk is made aware of the possibility of such claims, expenses, damages, costs or losses.
As the Internet is not a fully secure medium and any communication may be lost, intercepted, corrupted or altered, Blackhawk is not liable for any damages related to communications (personal, confidential or otherwise) to or from this website. You agree that with respect to any material provided to Blackhawk through this website, Blackhawk has no obligation of any kind concerning such material; the material is non-confidential and non-proprietary; Blackhawk shall be free to use, disclose, distribute, copy or reproduce the material to others and shall be free to use any ideas, concepts, know-how or techniques of any kind contained in the material for any purpose whatsoever; and the material is truthful legal and does not violate the rights of others.
This website includes "forward-looking statements" within the meaning of applicable securities legislation, including Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These Forward-looking statements are based on the Private Securities Litigation Reform Act of 1955 which provides a "safe harbor" to encourage companies to provide prospective information about their companies, so long as those statements are identified as forward-looking and are accompanied bymeaningful, cautionary statement identifying important factors that could cause actual results to differ materially from those discussed in the statement. Blackhawk Resource Corp. desires to take advantage of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1955.
Forward-looking statements give our current expectations or forecasts of future events. They include estimates of future natural gas and oil reserves, expected natural gas and oil production and future expenses, assumptions regarding future natural gas and oil prices, budgeted capital expenditures for drilling, and other anticipated cash out-flows, as well as statements concerning anticipated cash flow and liquidity, business strategy and other plans and objectives for future operations. Disclosures concerning the fair value of derivative contracts and their estimated contribution to our future results of operations are based on market information as of a specific date. These market prices are subject to significant volatility.
Factors that could cause actual results to differ materially from expected results include the volatility of natural gas and oil prices; the limitations our level of current indebtedness may have on our financial flexibility; impacts the current economic downturn may have on our business and financial condition; our ability to replace reserves and sustain production; uncertainties inherent in estimating the quantities of natural gas and oil reserves and projecting future rates of production and the amount and timing of development expenditures; exploration and development drilling that does not result in commercially productive reserves; drilling and operating risks, including potential environmental liabilities; potential increased operating costs resulting from legislative and regulatory changes affecting our operations; and losses possible from future litigation. Our production forecasts are dependent upon many assumptions, including estimates of production decline rates from existing wells and the outcome of future drilling activity. Although we believe the expectations and forecasts reflected in these and other forward-looking statements are reasonable, we can give no assurance they will prove to be accurate. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties.
We caution that you not place undue reliance on our forward-looking statements, which speak only as of the date of this website, and we undertake no obligation to update this information.
Non-GAAP Financial Measure
Included on this website are references to financial measures commonly used in the oil and gas industry such as netbacks, EBITDA, cash flow and cash flow per share. These financial measures are not defined by generally accepted accounting principles. Consequently these are referred to as non-GAAP measures.
Netbacks are calculated by dividing related revenue less costs by the total production produced. Netbacks are used by management as a performance measure and provide shareholders and investors with a measurement of Blackhawk's efficiency and ability to fund future growth through capital expenditures. The most comparable GAAP measure is net earnings. Future netbacks are calculated on an annualized basis and may not reflect actual quarterly netbacks. Volatility in quarterly netbacks will occur due to, among other things, seasonality factors affecting our operations.
EBITDA refers to net earnings (loss) before current income tax provision, future income tax provision (recovery), depletion, depreciation, accretion, foreign exchange gains and losses, financing charges and stock-based compensation. EBITDA is used by management as a performance measure and provide shareholders and investors with a measurement of the Blackhawk's efficiency and ability to fund future growth through capital expenditures. The most comparable GAAP measure is net earnings. Future EBITDA is calculated on an annualized basis and may not reflect actual quarterly EBITDA. Volatility in quarterly EBITDA will occur due to, among other things, seasonality factors affecting our operations.
Cash flow, as commonly used, appears as a separate caption on the Company's cash flow statement and is reconciled to both net income and cash flow from operations. Cash flow is used by the Company to assess operating results between years and between peer companies with different accounting policies. Our reported amounts may not be comparable to similarly titled measures reported by other companies. Cash flow should not be considered an alternative to, or more meaningful than, cash provided by operating, investing and financing activities or net income as determined in accordance with GAAP as an indicator of the Company's performance or liquidity.
Other Oil and Gas Information
Throughout this website, the calculation of barrels of oil equivalent (boe) is calculated at a conversion rate of six thousand cubic feet (mcf) of natural gas for one barrel of oil and is based on an energy equivalence conversion method. Boes may be misleading, particularly if used in isolation. A boe conversion ratio of 6 mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.