Nighthawk Energy Cancels General Meeting For Reconstruction Focus

LONDON (Alliance News) - US-focused oil company Nighthawk Energy PLC said on Monday it has cancelled its general meeting scheduled for June 28, after shareholders Fasighets AB Korpralen and Johan Claesson withdrew their resolutions.

The resolutions were for the appointment of Claesson and Johan Damne as directors in the company, while removing Executive Chairman Rick McCullough and Chief Operating Officer Charles Wilson.

Now, Fastighets and Claesson instead will co-operate with Nighthawk's directors to form up a plan for the reconstruction of the company. However Nighthawk stressed that there is no guarantee such a plan will be agreed to, or presented to the court.

Concerning Nighthawk's Chapter 11 bankruptcy proceedings, Nighthawk said the US bankruptcy court has fixed the timeline for the bid procedures, which provides for submission of competing bids for Nighthawk's oil and gas assets by June 22, an auction for bidders on June 26, and a final hearing to approve sales on June 28.

Shares in Nighthawk Energy remain suspended.