March 23, 2004

News Release: Hawk Soars Above 1000 BOEPD in First 10 Months

Hawk Energy Corp. ('Hawk') (HK.A and HK.B) announces that it has passed though the 1,000-barrel-of-oil-equivalent-per-day production milestone during its first 10 months of operation. Hawk is currently producing 1,050 boepd. Based on the drilling success in the past quarter, the Company is revising its 2004 average production target upwards from 850 boepd to 1,100 boepd. The new production target is based solely on wells currently drilled and tested and does not include the impact of any future exploration success from the 2004 capital budget.

Since Hawk's inception in June, 2003, the Company has drilled 23 (20.3 net) wells, of which 15 (12.9 net) were deemed exploration wells, resulting in 15 (12.3 net) gas wells and 4 (4.0 net) oil wells for an overall success rate of 80%. The drilling to date has resulted in the creation of four new core areas: Retlaw, Alberta (90-100% WI): The Company drilled 7 (6.5 net) wells in the Retlaw area resulting in 5 (5.0 net) wells capable of gas production. Three (3.0 net) wells are currently producing 1,800 mcfd and an additional two (2.0 net) wells will be tied in after breakup. Hawk continues to add to its land base and plans to drill another 3 wells in this area in 2004.

West Edmonton (50-60% WI): Hawk participated in 4 (2.5 net) gas tests in this area resulting in 3 (1.5 net) wells that are capable of gas production. One well is currently producing 1,000 (500 net) mcfd while two other wells will be tied in after break up. Hawk continues to add to its land inventory and will drill another 2 wells in this area in 2004.

Central Alberta (90-100% WI): The Company drilled 7 (6.4 net) wells in this area resulting in 6 (5.4 net) wells that are capable of gas production. Three (2.4 net) wells are currently producing 500 mcfd and another three (3.0 net) have been tested and are awaiting tie in after break up. Hawk plans to drill a minimum of 4 additional wells in 2004 in this area.

Southeast Saskatchewan (50-100%WI): Last October, Hawk purchased 380 boepd of light oil production for $6.7 million. Since that time the Company has been very successful at increasing production through workovers and pump speed ups. Hawk also drilled one (1.0 net) horizontal well. Current production is now 500 boepd while unit operating costs have dropped from $11.00/boe to under $9.00/bbl. Hawk has identified additional horizontal drilling opportunities in this area, one or two of which are expected to be drilled in 2004. Additionally, the Company intends on disposing of non-core assets in Southeast Saskatchewan consisting of 60 to 75 boepd. Bids for the disposition are due on April 29, 2004.

The Company has set a capital budget for 2004 of $12.5 million, which includes the drilling of 25 high working interest wells in our core areas of Retlaw, West Edmonton, Central Alberta and Southeast Saskatchewan. Nine (7.5 net) wells have been drilled thus far in 2004. This capital budget will be funded from cash on hand, cash flow and bank debt. Currently, Hawk has 14,600 net acres of undeveloped land in Alberta and Saskatchewan and operates 90% of its production.

Hawk has created a good deal of momentum in its first 10 months of operation and has laid the foundation for further growth in reserves, production and cash flow in 2004.

Hawk Energy Corp. is an emerging junior oil and gas exploration and production company operating in Western Canada. Hawk's Class A and Class B common shares trade on the TSX Venture Exchange under the symbols, 'HK.A'and 'HK.B'.

FORWARD LOOKING STATEMENTS

This press release may contain forward- looking statements including expectations of future production, cash flow and earnings. These statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to production, costs and expenses and health, safety and environmental risks), commodity price and exchange rate fluctuation and uncertainties resulting from potential delays or changes in plans with respect to exploration or development projects or capital expenditures. Additional information on these and other factors that could affect Hawk's operations or financial results are included in Hawk's reports on file with Canadian securities regulatory authorities.

Hawk Energy Corp. Steve Fitzmaurice President and Chief Executive Officer (403) 262-1204