Nighthawk Energy Regulatory News (HAWK)

9 Aug 2007 07:01

Nighthawk Energy plc09 August 2007 Nighthawk Energy plc Jolly Ranch Project Update The directors of Nighthawk Energy plc ("Nighthawk" or "the Company") (AIM:HAWK), are pleased to announce an update in respect of the Jolly Ranch projectlocated in Lincoln County, Colorado. The Company holds a 50 per cent. workinginterest in the project. Running Foxes Petroleum Inc., a privately ownedDenver-based energy company, is the operator and holds a 50 per cent. workinginterest. The Jolly Ranch project area covers 40,152 acres and is located within theprolific Denver Basin, from which production is drawn from CarboniferousPennsylvanian, Permian and Cretaceous reservoirs throughout much of themid-Continent region of the US. The primary targets are the Marmaton andCherokee carbonates and secondary objectives are Morrow, Atoka and Cretaceoussandstones. The project acreage contains two oilfields, Bolero and Craig Ranch, which wereabandoned during the late 1980s and early 1990s due to completion practices atthat time and low oil prices. An independent study has been conducted by Bowler Petrophysics Inc., aDenver-based petrophysical company, with the objective of identifying oilproducing reservoirs in the carbonates and sands and source rocks from threeprevious production wells located within the project area, Craig 1, Craig 4-34and Craig 8-1X. These wells were drilled in 1984, 1985 and 1995 by MullDrilling Company, BHP Petroleum and Anschultz respectively. Digitised log interpretations using JLog and MacLog software for these threewells have been evaluated for hydrocarbons in place on a 40 acre spacing.Results showing formation, depth intervals, estimated hydrocarbons in place andtotal net pay thickness are set out below. Well Formation Depth Interval Hydrocarbons in place Net Pay (feet) (barrels of oil) (feet) Craig 1 Marmaton 6,422 - 6,427 206,000 5.0 Craig 1 Cherokee 6,608 - 6,609.5 43,850 1.5 Craig 4-34 Marmaton 6,435 - 6,442.5 253,000 7.5 Craig 8-1X Marmaton 6,182 - 6,191.5 362,000 9.5 The Marmaton and Cherokee pay zones, based on the present data set, cover theentire acreage held. In addition, the report identifies additional bypassed oilzones in the wells that are recommended to be tested. These zones will befurther exploration targets in future wells within the project area. A development programme will commence at Jolly Ranch with the re-drilling ofCraig 1 in September 2007, followed by the re-drilling of Craig 4-34 and Craig8-1X in the fourth quarter of 2007. In addition, a 3-D seismic programme of 21square miles will commence over the project area in September 2007. David Bramhill, Managing Director of Nighthawk commented "Since we acquiredJolly Ranch in June, our expectations in respect of the project have increasedand this has been confirmed by the evaluation work carried out by BowlerPetrophysics. We believe that Jolly Ranch has the potential to add significantvalue to Nighthawk." David Racher B.Sc (Hons) Geology, who is a consultant to Nighthawk, has reviewedand approved the technical information contained in this announcement. Nighthawk Energy plc 01271 882160David Bramhill, Managing Director office@nighthawkenergy.netwww.nighthawkenergy.com Hanson Westhouse Limited 0113 246 2610Tim Feather tim.feather@hansonwesthouse.com Matthew Johnson matthew.johnson@hansonwesthouse.com Bishopsgate Communications Limited 020 7562 3350Dominic Barretto dominic@bishopsgatecommunications.com Fran Read fran@bishopsgatecommunications.com This information is provided by RNS The company news service from the London Stock Exchange