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Nighthawk directors buy total of 300,000 shares

Published: 09:08 13 Apr 2010 BST

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North American oil and gas development company Nighthawk (AIM: HAWK, OTC-QX: NHEGY) received notification that, on 14 April 2010, certain company directors bought shares and increased their holdings in the company. In total the directors bought 300,000 shares.

Nighthawk MD David Bramhill bought 50,000 for 24.6p per share, taking his total holding to 5.4 million shares which represents 1.7% of the company. Executive chairman Michael Thomsen also bought 50,000 shares at 24.6p and now owns just over 1 million shares, representing 0.4%.

Joseph OFarrell, non-executive director, bought 100,000 shares at 24.6p, taking his holding to 4.7 million shares (1.5%). Stewart Eaton, who joined the company as a non-executive director in February, purchased 100,000 shares at 24.73p, taking his holding to 321,000 shares (0.1%).

Additionally, Nighthawk noted that, separately on 9 April 2010, the chief executive of its joint venture partner Running Foxes, Steven Tedesco, bought 85,000 shares in the company.

Nighthawk holds substantial equity in four projects across the US mid-continent, all of which are operated by its privately owned development partners Running Foxes Petroleum Inc.

Yesterday, Nighthawk announced that a three well drilling programme has begun at the Jolly Ranch oil and gas project in Colorado. The program follows the interpretation of 3D seismic data, which established potential sweet spots in the Cherokee and Atoka shale packages to add to several conventional targets.

The John Craig 11-2 well is targeting a large structural closure defined by the 3D survey in proximity to the Great Plains field. The well is located near Limon, an area to the north of the main project location, previously undrilled by the two companies. The other two wells, the Craig 6-4 and the Craig 16-32, are developmental wells located in the Bolero Field, which is part of the Jolly Ranch core development area.

Drilling has already commenced on Craig 16-32, a direct offset from three wells previously drilled by Nighthawk and Running Foxes, which are producing oil from Atoka and Cherokee shales, limestones and dolomites. Craig 6-4 is twinned with the previously drilled Craig 6-4 salt water disposal well, which has previously encountered oil bearing horizons in the Cherokee and Atoka shales.

Nighthawk also noted that the Great Plains field that was recently discovered by another operator in proximity of the Limon area has two wells that are producing at rates of 300-600 barrels of oil per day.

Back in February, Running Foxes forecast the production at the project to rise from 150 bopd (barrels of oil per day) to an initial target of 1,000 bopd during 2010.

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