7 Jul 2010 07:00
Nighthawk Energy plc
("Nighthawk" or the "Company")
Report on Continuity of Atoka and Cherokee Shales on the Jolly Ranch Acreage
The directors of Nighthawk, the US focused hydrocarbon development and production company (Tickers: AIM: HAWK and OTCQX: NHEGY), are pleased to announce details of a report completed by Schlumberger Data & Consulting Services ("Schlumberger") in respect of the continuity of the Atoka and Cherokee Shales over certain key areas of the Jolly Ranch project acreage.
The report was commissioned to confirm independently that the organic rich shales in the Atoka and Cherokee are laterally continuous, specifically between the Craig 6-4 SWD well and the recently drilled John Craig 7-2 well which are approximately 30 miles apart.
Two north-south cross sections were constructed over the project acreage in the Jolly and Craig Ranch areas. The stratigraphic tops were extended from the Jolly Ranch area approximately 30 miles to the north through the location of the recently drilled John Craig 7-2 well.
The report concluded that in both the Atoka and Cherokee formations, the individual shales can be readily correlated through the area covered by the cross sections. In addition, it was concluded that the result provides confidence that shales are present under most, if not all of Nighthawk's acreage.
Details of the cross sections can be viewed on Nighthawk's website at www.nighthawkenergy.com
This report is independent of an ongoing Updated Evaluation of Hydrocarbons in Place and Reservoir Simulation report by Schlumberger, which is expected to be completed by Q4 2010.
Tim Heeley B.Eng (Hons) a member of the Society of Petroleum Engineers, Fellow of the Geological Society of London and a Chartered Energy Engineer, who is Commercial Director of Nighthawk and has over 13 years of experience in the hydrocarbons industry, has approved the technical information contained in this announcement.
Enquiries:
| Nighthawk Energy plc David Bramhill, Managing Director Tim Heeley, Commercial Director |
01271 882160 07956 525433 020 7887 1453 |
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| Westhouse Securities Limited Tim Feather Matthew Johnson | 020 7601 6100 tim.feather@westhousesecurities.com matthew.johnson@westhousesecurities.com |
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| Matrix Corporate Capital LLP Louis Castro James Pope | 020 3206 7000 louis.castro@matrixgroup.co.uk james.pope@matrixgroup.co.uk |
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| Bishopsgate Communications Limited Nick Rome | 020 7562 3395 nick@bishopsgatecommunications.com |
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| Financial Dynamics Ben Brewerton Ed Westropp
| 020 7831 3113 ben.brewerton@fd.com edward.westropp@fd.com |
Appendix
Nighthawk holds a 50% interest in the Jolly Ranch project which covers a total of 416,000 acres gross (approximately 323,000 acres net). Running Foxes Petroleum Inc. ("Running Foxes"), the operator, holds the remaining 50% interest.
The Jolly Ranch project is located in Lincoln, Elbert, Washington, Crowley and Kiowa Counties in the southeast part of the Denver Basin and hosts both conventional and non-conventional oil producing horizons targeting primarily Pennsylvanian age formations, namely the Marmaton (conventional) and the Atoka and Cherokee shales (non-conventional).