5 Apr 2016 07:00
5 April 2016
NIGHTHAWK ENERGY PLC
("Nighthawk" or "the Company")
Litigation Update
Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update to the Company's on-going litigation with Running Foxes Petroleum ("RFP").
On March 30, 2016, the United States District Court for the district of Colorado granted Nighthawk's Motion for Summary Judgment on two of the three Running Foxes' litigation claims.
Accordingly, on the breach of contract claim, this claim has been removed from the litigation.
On the second claim regarding RFP's claim for breach of the implied covenant of good faith and fair dealing, the Court regards that RFP's inability to prove a loss to be "fatal to its claim" and therefore intends to enter judgment in favour of the Company. However, the Court has granted RFP 21 days to provide further evidence and a further announcement will be made based upon the Court's findings.
One further claim exists under the litigation as to RFP's claim of an overriding royalty interest on a lease. The Company continues to believe that the plaintiff has no reasonable claim and plans to continue to defend the claim vigorously. Further information will be made available at the appropriate time.
Enquiries:
Nighthawk Energy plc |
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Rick McCullough, Chairman | +1 303 407 9600 |
Kurtis Hooley, Chief Financial Officer | +44 (0) 20 3582 1350 |
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Stockdale Securities Limited | +44 (0) 20 7601 6100 |
Alastair Stratton |
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Robert Finlay David Coaten |
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