News

July 28, 2010

Nighthawk Energy Starts The Week Higher As Companies Register Interest In Jolly Ranch Divestment

Shares in Nighthawk Energy ticked up six per cent on Monday when the shale hopeful provided a positive update on efforts to sell part of its equity in the Jolly Ranch project in Colorado. Last month the AIM-quoted company and its 50/50 partner Running Foxes Petroleum, a privately-owned Denver company, hired Macquarie Tristone to seek a purchaser for part – assumed to be 75 per cent - of the 406,400 gross acre project, which includes conventional oil and gas formations along with the emerging Atoka and Cherokee shale plays.

Now Nighthawk has revealed that the initial marketing effort has attracted “strong interest” from a number of “significant domestic US and international firms”. Of these, seven have signed confidentiality agreements in order to evaluate information held in the Jolly Ranch project Data Room.  Macquarie has now extended the divestment process timetable to allow as many companies as possible to evaluate the project, particularly as Nighthawk and Running Foxes continue to develop the Jolly...