HAWK Nighthawk

 

TIDMHAWK 
 
RNS Number : 0762O 
Nighthawk Energy plc 
23 June 2010 
 

                              Nighthawk Energy plc 
                         ("Nighthawk" or the "Company") 
                      Jolly Ranch Project Marketing Update 
Further to the announcement on 7 June 2010, Nighthawk, the US focused 
hydrocarbon development and production company (Tickers: AIM: HAWK and OTCQX: 
NHEGY), is pleased to provide an update on the marketing process being 
undertaken by Macquarie Tristone (Houston) ("Macquarie") to seek a purchaser for 
part of the working interest in the Jolly Ranch Project in Colorado. 
As part of the marketing process, Macquarie will shortly publish an Overview 
Memorandum (the "Memorandum"), providing details on the Jolly Ranch Project, 
together with relevant background, including information on activity on the 
surrounding acreage.  The land position being marketed by Macquarie stands at 
406,400 gross acres (approximately 315,550 acres net) against the current total 
acreage of the project of 416,000 gross acres (approximately 323,000 acres net). 
The recently drilled Craig 6-4 (Total Depth 7,315 feet), the Craig 16-32 (TD 
7,342 feet) and the John Craig 7-2 (TD 8,400 feet) wells will be included within 
the Memorandum.  The John Craig 7-2 is currently undergoing completion in the 
Cherokee formation. 
The Memorandum will also include analysis of project economics and forward 
projections, which have been compiled by, and are the responsibility of, 
Macquarie. 
The announcement on 7 June 2010 referred to the fact that the percentage working 
interest to be divested would be likely to be an equal amount from each of 
Nighthawk and its partner, Running Foxes Petroleum, and would be determined 
during the marketing process, which remains the case.  Subject to the agreement 
of a satisfactory level of consideration, Nighthawk and Running Foxes would be 
prepared to divest a majority interest and, in the case of Running Foxes, 
operatorship in the project.  The project economics calculated by Macquarie, 
which are referred to above, are based on the assumption of the potential 
purchaser acquiring a working interest of 75%. 
The Memorandum will refer to a date for final offers of 23 July 2010 with the 
signing of the Purchase and Sale Agreement scheduled for 30 July 2010.  These 
dates should be viewed as non-binding and may be subject to change. 
There can be no assurance that the marketing process will result in the 
completion of a transaction.  In the event that agreement is reached, the 
transaction may be subject to the approval of Nighthawk shareholders under AIM 
Rule 15. 
Further announcements will be made as appropriate. 
Enquiries: 
+------------------------------+-----------------------------------------+ 
| Nighthawk Energy plc         |                                         | 
| David Bramhill, Managing     |                            07801 540358 | 
| Director                     |                            07956 525433 | 
| Tim Heeley, Commercial       |                           020 7887 1454 | 
| Director                     |                                         | 
+------------------------------+-----------------------------------------+ 
|                              |                                         | 
+------------------------------+-----------------------------------------+ 
| Westhouse Securities Limited |                           020 7601 6100 | 
| Tim Feather                  |     tim.feather@westhousesecurities.com | 
| Matthew Johnson              | matthew.johnson@westhousesecurities.com | 
+------------------------------+-----------------------------------------+ 
|                              |                                         | 
+------------------------------+-----------------------------------------+ 
| Matrix Corporate Capital LLP |                           020 3206 7000 | 
| Louis Castro                 |          louis.castro@matrixgroup.co.uk | 
| James Pope                   |            james.pope@matrixgroup.co.uk | 
+------------------------------+-----------------------------------------+ 
|                              |                                         | 
+------------------------------+-----------------------------------------+ 
| Bishopsgate Communications   |                           020 7562 3395 | 
| Limited                      |      nick@bishopsgatecommunications.com | 
| Nick Rome                    |                                         | 
+------------------------------+-----------------------------------------+ 
|                              |                                         | 
+------------------------------+-----------------------------------------+ 
| Financial Dynamics           |                           020 7831 3113 | 
| Ben Brewerton                |                    ben.brewerton@fd.com | 
| Ed Westropp                  |                 edward.westropp@fd.com  | 
|                              |                                         | 
+------------------------------+-----------------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCDGGDLISDBGGD 
 

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