16 Jun 2009 07:00
Nighthawk Energy plc
Termination of Sale of Interest in Jolly Ranch Group Project
The directors of Nighthawk Energy plc ("Nighthawk" or the "Company") (AIM: HAWK), the US focused hydrocarbon production and development company, announce the termination of the Purchase, Sale and Option Agreement (the "Agreement") between San Severina Holdings SA, Running Foxes Petroleum Inc. and Nighthawk Production LLC, a wholly owned subsidiary of the Company, in respect of the sale of a minority interest in the Jolly Ranch Group Project.
As announced on 1 June 2009, completion and settlement of the initial consideration under the Agreement were due by 15 June 2009. No payment from San Severina has been received.
Since the beginning of April 2009, by which time due diligence was complete and the Agreement was in final form, a number of extensions were requested by San Severina until the Agreement was signed on 31 May 2009.
Since April the oil price has risen very strongly and this factor, together with San Severina's failure to complete the transaction as agreed, resulted in both Nighthawk and Running Foxes concluding that it was in each of their best interests to terminate the Agreement.
Enquiries:
| Nighthawk Energy plc David Bramhill, Managing Director Tim Heeley, Commercial Director | 01271 882160 020 7887 1454 07956 525433 office@nighthawkenergy.net www.nighthawkenergy.net |
| Hanson Westhouse Limited Tim Feather Matthew Johnson | 020 7601 6100 tim.feather@hansonwesthouse.com matthew.johnson@hansonwesthouse.com |
| Bishopsgate Communications Limited Nick Rome | 020 7562 3395 nick@bishopsgatecommunications.com |