Nighthawk Energy plc Settlement of litigation (2589K)
September 20 2016 - 2:01AM
UK Regulatory
TIDMHAWK
RNS Number : 2589K
Nighthawk Energy plc
20 September 2016
20 September 2016
Nighthawk Energy plc ("Nighthawk" or "the Company")
Settlement of litigation
Nighthawk, the U.S. focused oil development and production
company (AIM: HAWK and OTCQX: NHEGY) announces the global
settlement of all litigation and claims arising out of agreements
with Running Foxes Petroleum, Inc. (RFP) and related issues with
RFP's joint venture partner, American Patriot Oil and Gas Inc.
(APO).
This global settlement agreement reflects the parties desire to
fully and completely resolve all claims and defences in the federal
court litigation and state court litigation.
Under the terms of the settlement, which was executed on
September 19, 2016, Nighthawk, RFP and APO were released from all
past, current, and future claims related to all current, pending
and potential future issues between the parties within the Arikaree
Creek Field. The parties agreed to dismiss all current and pending
federal and state litigation and administrative regulatory matters,
between them related thereto.
As part of the global settlement, no money was exchanged by the
parties, however Nighthawk has assigned RFP a minor override
royalty interest in one lease in Arikaree Creek, and APO has
assigned Nighthawk certain leases just south of Arikaree Creek
totalling approximately 640 acres with Nighthawk assigning APO a
minor override royalty interest in those leases. Running Foxes has
agreed to certain terms regarding any future water flood projects
that Nighthawk might pursue in Arikaree Creek.
Rick McCullough, Chairman of Nighthawk, commented: "I am pleased
to announce a global settlement agreement that brings an end to
ongoing issues and disputes between the parties. We look forward to
dedicating renewed attention to the development of our Colorado
assets."
Enquiries:
Nighthawk Energy plc
Rick McCullough, Chairman +1 303 407 9600
Kurtis Hooley, Chief
Financial Officer +44 (0) 20 3582 1350
Stockdale Securities
Limited +44 (0) 20 7601 6100
Richard Johnson
David Coaten
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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