News

June 02, 2009

Nighthawk Energy Sells 10 Per Cent Of Jolly Ranch For US$40 Million As Ascent Resources Confirms Value Of San Severina Alliance

Monday’s announcement that Ascent Resources is to partner Nighthawk Energy in the Jolly Ranch oil and gas project in Colorado brought to an end months of waiting by two sets of impatient investors. Shareholders in AIM-quoted Ascent Resources have been waiting for news of its first deal under its joint venture arrangement with Swiss investment group San Severina Holdings since it was inked back in October 2008. And investors in Nighthawk Energy, which joined AIM in 2007, have also been impatient for news since a sale of a 10 per cent stake in this most promising project was mooted earlier this year.

That impatience was satisfied on Monday when it was announced that Nighthawk Energy and its 50/50 partner Denver-based Running Foxes Petroleum, have each sold a 10 per cent interest in the core 50,000 acres of the Jolly Ranch project to San Severina for almost  US$80 million. San Severina will pay an initial consideration of US$21.9 million to the joint venture partners on June 15 to secure a 10 per cent working interest in the core acreage and an option on the balance of the...