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Additional Information
Market: AIM
Sector: Energy
EPIC: HAWK
Latest Price: 3.45p  (-5.48% Descending)
52-week High: 6.80p
52-week Low: 2.40p
Market Cap: 25.84M
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Nighthawk Energy
www.nighthawkenergy.net

AIM quoted Nighthawk Energy plc (AIM:HAWK) is a dynamic UK registered energy company with a focus on the development of, and production from, hydrocarbon projects in the USA, a country with low political risk and a major shortfall in domestic oil and gas production.

Full Nighthawk Energy profile here
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Nighthawk Energy expects Jolly Ranch production levels to rise after dip in Q3

17th Nov 2011, 7:36 am by Andre Lamberti Nighthawk is preparing a new work programme to start in early 2012 to boost production from Jolly Ranch

US-focused oil firm Nighthawk Energy (LON:HAWK, OTCQX:NHEGY) reported a dip in quarterly production from the Jolly Ranch field in Colorado, where it is preparing a new work programme to start in early 2012 to boost production.

It reported production net to Nighthawk of 2,592 barrels in the third quarter to end-September 2011, compared with 3,079 barrels in the second quarter.

The dip is due to a mechanical breakdown of Craig 4-4, the longest producing well at Jolly Ranch. Once this well is placed back on pump, production levels are expected to rise, it said.

Currently, the Jolly Ranch wells are predominantly on test, and are intermittently taken offline for routine maintenance, modifications to pumping equipment, weather related conditions, workovers, recompletions or completion in new zones.

With more wells on production, the effect of individual wells being taken offline would have less impact on the overall production figures, Nighthawk said.

At the end of last month, the group raised almost £2 million in a placing, and said the funds will be used to meet ongoing costs and to push ahead with the first steps in the new work programme, which will initially involve further improvements to existing wells.

Chairman Steve Gutteridge said in October: “The new team at Nighthawk continues to see significant potential in Jolly Ranch and is determined to push ahead with our plans to begin unlocking that value in the coming months.”

Nighthawk has a 50 percent interest in the Jolly Ranch Group project, which comprises the Jolly Ranch, Middle Mist and Mustang Creek areas. These cover approximately 410,000 gross acres on Lincolm, Elbert and Washington counties in Colorado.

Its partner Running Foxes Petroleum is the operator of the project and holds the remaining percentage interest.

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