News

April 30, 2009

Nighthawk Energy Hopes To Close Jolly Ranch Disposal Within Weeks

It has been increasingly apparent for some time now that Nighthawk Energy believes its Jolly Ranch project in Colorado to be a major asset. The AIM firm has invested to expand its footprint here to more than 280,000 net acres as the potential of this shale play has eclipsed other projects in the portfolio, including Cisco Springs in Utah, which was the company’s starter project at the time of its 2007 IPO.

Now the company is keen to start to realize some value for shareholders from the Jolly Ranch project and bring funds onto the balance sheet in order to push the pace of development. On Wednesday the company again confirmed that it is selling a stake in Jolly Ranch, with news that it has agreed terms of a purchase, sale and option agreement with an as yet undisclosed third party.  The sale will comprise a 20 per cent interest in the core Jolly Ranch project, which covers 50,000 net acres,...