US-focused oil company Nighthawk Energy has entered into a short-term debt facility to fund the purchase of the remaining 25 per cent working interest in its Smoky Hill and Jolly Ranch projects in Colorado.The group exercised its option to acquire stake on July 4th and expects to complete the transaction in coming weeks.The $12m facility, which has a six month term, was provided by Kattrumpan Fastighets a company associated with major shareholder Johan Claesson.The loan has an interest rate of 9.0% per annum, payable quarterly. Principal repayments of $1.0m per month will be paid plus a residual payment of $6.0m. Shares rose 2.86% to 6.30p at 15:00 on Friday.RD