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Jolly Ranch progress cheers Nighthawk

Tue, 08th Mar 2011 11:59

Shares in Nighthawk Energy jumped after the US-focused oil group reported progress at its Jolly Ranch project in Colorado.Three wells at the project have been completed and two are undergoing a period of test production.Nighthawk added that another well, which has been on long-term test production since June, has seen increased output."This uptick in production, albeit on one well and not guaranteed to be sustained, is an encouraging sign," the company said."We are pleased that we continue to see signs that the potential of the Jolly Ranch project is being unlocked," chief executive Tim Heeley said. "Increased production, like that from the recompleted wells, is always good news and activity on surrounding acreage continues to give us confidence in the project."