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US Court Approves Nighthawk Energy Asset Sale Ahead Of Wind-Up

Fri, 29th Jun 2018 12:24

LONDON (Alliance News) - Nighthawk Energy PLC on Friday said a court in the US has approved the sale of all of its assets, following which the company will be wound up.

On Thursday, the US bankruptcy court gave its consent for the asset sale to Polaris Production Partners LLC, an affiliate of Morse Energy Capital Partners for USD18.0 million in cash.

Nighthawk's main assets are the Smoky Hill and Jolly Ranch projects in Colorado's Denver-Julesberg basin.

The proceeds will be used to pay off its loan to Commonwealth Bank of Australia, with the sale bringing no value to shareholders, with creditors and administration expenses are above them in the pecking order.

Nighthawk also said Friday Stockdale Securities Ltd has resigned as the company's nominated advisor and broker, effective immediately. It does not plan on hiring a new one, meaning shares will be cancelled within a month.

The company originally filed for bankruptcy at the start of May, with shares suspended as a result, after getting a default notice from Commonwealth Bank of Australia.

More News

14 Oct 2011 16:46

London close: Higher finish amid euro optimism

The top share index closed off earlier highs but still buoyant ahead of the weekend amid optimism after Thursday's vote by Slovakia to expand the Eurozone' rescue fund lifted sentiment. After the close last night, the expansion of Eurozone's rescue fund, the European Financial Stability Fund (EFSF

14 Oct 2011 12:18

London midday: Stocks rise after Slovak vote

The top share index is buoyant after Thursday's vote by Slovakia to expand the Eurozone' rescue fund lifted sentiment. After the close last night, the expansion of Eurozone's rescue fund, the European Financial Stability Fund (EFSF), was approved by Slovak MPs, two days after they voted against the

14 Oct 2011 10:43

Clipped wings at Nighthawk

Nighthawk, the US-focused oil development and production company, has been unable to proceed with its planned acquisition of Running Foxes Petroleum. The firm had planned to acquire both its working interest and the operatorship of the Jolly Ranch project, but said market conditions prevented the m

8 Sep 2011 10:34

Nighthawk names Gutteridge non-exec chairman

Nighthawk Energy announced its latest addition to the US focused oil development and production firm with the appointment of Stephen Gutteridge as non-executive chairman. Gutteridge, who has over 30 years working in the oil and energy industries, starts with immediate effect. He has previously work

19 Jul 2011 09:32

Nighthawk names new COO

US-focused oil producer Nighthawk Energy has appointed Charles "Chuck" Wilson as its chief operating officer, adding another new member to its executive management team in three months. In May, Richard Swindells joined Nighthawk's board of directors as the chief financial officer. Wilson, who has

9 May 2011 13:59

Nighthawk Energy announces new CFO

US-focused oil company, Nighthawk Energy, has announced that Richard Swindells will join its board of directors as chief financial officer. Swindells will join from investment bank Ambrian Partners, where he acts as broker and nominated adviser to a number of oil and gas and other resources compani

28 Apr 2011 15:23

Reserves at Nighthawk's Colorado project disappoint

Shares in US-focused oil group Nighthawk Energy took a dive on Thursday after it revealed low initial reserve numbers at its 50%-owned Jolly Ranch Project in eastern Colorado, US. The group said that proved reserves have only been attributed for two wells from the Cherokee formation (Craig 4-4 and

8 Mar 2011 16:53

London close: FTSE 100 rallies to flat finish

The FTSE 100 rallied strongly to close flat after a volatile. Traders were unsure how to react to continuing violence in Libya and indications from Opec that the cartel will lift oil production. The oil price eased, but so did metals, which dealt a blow to the mining sector, particularly precious m

8 Mar 2011 14:34

London afternoon: Miners drag down Footsie

Mining stocks are weighing heavily on Footsie as the price of gold and copper moved lower today. Precious metal miners Randgold Resources and African Barrick are the big fallers in the sector, but even copper miner Antofagasta is under the cosh, despite announcing it is to pay a huge special divid

8 Mar 2011 11:59

Jolly Ranch progress cheers Nighthawk

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 producti

8 Feb 2011 14:28

Small caps round-up: Ark Therapeutics, Hambledon, Nighthawk ...

Drug developer Ark Therapeutics has sold the majority of its wound care business to Crawford Healthcare for up to £2.7m, comprising £0.77m upfront and up to £1.93m in milestone payments. The value of the gross assets being sold was put at £1,153,000 as at 30 June 2010. The losses on ordinary activi

24 Jan 2011 15:56

Nighthawk surges after simulation study

Shares in oil development and production company Nighthawk Energy gushed higher Monday after an upbeat trading update revealed a significant increase in estimated oil in place at the Cherokee and Atoka shale formations on its Jolly Ranch prospect. The company said that the reservoir simulation mode

29 Nov 2010 15:22

Nighthawk to take write-downs as it focuses on Jolly Ranch

Oil explorer Nighthawk Energy has decided to focus exclusively on its 50%-owned Jolly Ranch prospect in Colorado after completing a strategic review. The Company's interest in the Revere waterflood projects will be assigned to Running Foxes Petroleum, the operator, as of 1 January 2011 in return fo

29 Nov 2010 13:20

Broker tips: Trinity Mirror, Iomart, Nighthawk Energy

The share price of newspaper group Trinity Mirror is down by a half over the last year and a third over the last month, prompting broker Panmure Gordon to suggest that the timing might be right for the group to embark on a share buy-back programme. The broker thinks that buying back the shares wou

29 Nov 2010 12:46

Broker snap: Plenty of upside left at Nighthawk

Oil explorer Nighthawk Energy has announced the results of its strategic review and it did not take long for the market to look at the size of the write-downs the company announced and slice around a fifth of the value from the company's share price. Resource sector specialist Westhouse Securities

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US Court Approves Nighthawk Energy Asset Sale Ahead Of Wind-Up

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