Nighthawk Energy slashes losses

US-focused oil group Nighthawk Energy said operating losses were reduced by 42% as it continued to with an 'aggressive development and drilling programme.' Operating loss narrowed to $2m for the year ended 30 June 2009 from $3.5m the same time a year before. Revenue increased to $497,876 from $138,998. Nighthawk, whose core assets include Jolly Ranch and Revere, said it will continue to delineate and develop unconventional and conventional resources at Jolly Ranch, including the drilling of a number of horizontal wells Commenting on the results, Managing Director David Bramhill said, "The independent reviews of our core assets, Jolly Ranch and Revere, have reinforced our long held belief we have two 'company making' projects in development. We look forward to updating the market on their progress over the next 12 months." Administrative costs were reduced by 23%.