News

July 21, 2009

Nighthawk Energy Soars As Reserves Review Points To 1.5 Billion Barrels At Jolly Ranch

Shares in Nighthawk Energy surged 18 per cent on Monday after the AIM firm released an independent reserves report that pointed to a potential 1.5 billion barrel resource at its Jolly Ranch project in Colorado. This would appear to confirm managing director David Bramhill’s assessment that this is a “world class asset” and certainly removes any stain of disappointment after the company’s plan to sell 10 per cent of its 50 per cent equity for almost US$40 million was aborted last month when Swiss investment group San Severina Holdings failed to meet a payment deadline.

As Bramhill rightly noted on Monday, the oil-in-place number will place the Jolly Ranch project, located in a politically stable environment, “on the radar screens of major energy companies”.  This is a clear signpost of Nighthawk’s intentions to deliver shareholder value from its flagship project.

The reserves review was undertaken by Schlumberger Data & Consulting Services, which reviewed the petrophysical and geological data associated with the existing Jolly Ranch and...