LONDON (Alliance News) - Nighthawk Energy PLC Wednesday said it will file for dismissal of a case filed against it in a Colorado state court in the US, adding that it regards the claim as "financially immaterial" relative to its current production, revenue and profitability.
In a statement, the US-focused oil development and production company said that the case is "completely without merit" according to the legal advice it has been given.
"The facts and governing law do not give rise to any valid legal claim by Running Foxes Petroleum Inc, against Nighthawk, or otherwise raise a business issue that needs to be resolved between the companies. The allegations contained in the complaint are baseless, and the complaint is a frivolous, groundless and vexatious action. Nighthawk will vigorously defend against the complaint and seek all available legal remedies," Nighthawk said in a statement.
It didn't give details of the case that was filed.
Nighthawk was responding to media reports regarding the lawsuit brought against one of its subsidiaries by Running Foxes Petroleum Inc.
Nighthawk shares were Wednesday quoted at 12.25 pence, down 3.9%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
Copyright 2014 Alliance News Limited. All Rights Reserved.
