Nighthawk Energy plc Monarch JDA Settlement Agreement (0163S)
December 16 2016 - 2:00AM
UK Regulatory
TIDMHAWK
RNS Number : 0163S
Nighthawk Energy plc
16 December 2016
16 December 2016
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Monarch JDA Settlement Agreement
Nighthawk, the US focused oil development and production company
(AIM: HAWK and OTCQX: NHEGY), announces the execution of a
settlement agreement regarding the Monarch Joint Development
Agreement ("JDA").
The Company has today entered into the settlement agreement
("Settlement") with Cascade Petroleum LLC ("Cascade"), the terms of
which were set out in the Company's announcement of interim results
on 30 September 2016 and set out further below. The US$500,000 cash
payment to Cascade was made concurrently with the execution of the
agreement. As a result of the Settlement, the required 2016
drilling commitment of the Company in the JDA is relieved. No
further drilling commitments exist under the JDA.
The Company does not believe the above Settlement will have a
material impact on the Company's financial results going
forward.
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
The principal terms of the Settlement comprise
o A payment to Cascade of US$500,000;
o Nighthawk to complete an up-hole zone in the Monarch 10-15
well, at the Company's expense (estimated to be approximately
US$75,000);
o Nighthawk to assign Cascade an increased revenue share from
the Monarch 10-15 well, and to assign a 2% net overriding revenue
interest in the land section surrounding the Monarch 10-15
wellbore; and
o In exchange for the above consideration, the Company to
receive from Cascade an assignment of their working interest in all
remaining acreage in the JDA.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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