Jolly Ranch Update

30 Apr 2008 07:01

Nighthawk Energy plc30 April 2008 Nighthawk Energy plc Jolly Ranch Update The directors of Nighthawk Energy plc ("Nighthawk" or the "Company") are pleasedto provide an update on the Jolly Ranch project, located in Lincoln County,Colorado, as well as on the acquisition and initial development of land to thenorth of Jolly Ranch, which has been named the Middle Mist project. Nighthawk holds 50 per cent. interests in both the Jolly Ranch and Middle Mistprojects. The operator, Running Foxes Petroleum Inc., holds the remaining 50per cent. interests. Following a 3-D seismic programme over key sections of the Jolly Ranch projectarea, stratigraphic traps in the Mississippian Spergen and Pennsylvanian MorrowSandstone were identified, in addition to the Marmaton shoals which remain theprimary target of the drilling campaign. A re-evaluation of the project led toan expanded drilling programme being implemented. Applications for 18 wellshave now been approved by the State of Colorado with six further applicationspending. Plans are underway to submit an additional 15 drilling applications inthe near future. The first well of the programme, Jolly Ranch 16-1, which is testing multipleobjectives, reached total depth of 8,024 feet. Hydrocarbons were encounteredduring drilling and casing has been set to test the well. The drilling rig hasnow been moved and is currently drilling the Jolly 2-1 well on Elizabeth, thefirst of the Four Kings targets. Nighthawk, together with Running Foxes, has acquired additional land ofapproximately 61,500 acres immediately to the north of Jolly Ranch. Togetherwith approximately 15,000 acres previously included within the Jolly Ranchproject, the acreage has been named the Middle Mist project. This new projecthas similar objectives to those at Jolly Ranch. A package of 2-D seismic hasbeen acquired over sections of the Middle Mist acreage and, followinginterpretation of this data, a 3-D seismic survey has been shot over key areasof the project. The data is currently being processed to identify potentialdrill sites. David Bramhill, Managing Director of Nighthawk, said "The Jolly Ranch drillingprogramme is progressing well. As a result of the initial evaluation of theprospectivity, we have high expectations of our new project, Middle Mist whichshows geological similarities." David Racher B.Sc (Hons) Geology, who is a consultant to Nighthawk and has over37 years of experience in the hydrocarbons industry and previously managed theLasmo plc onshore US portfolio in Kansas, Louisiana, South Dakota, Texas andWyoming, has approved the technical information contained in this announcement. Enquiries: Nighthawk Energy plc 01271 882160David Bramhill, Managing Directorwww.nighthawkenergy.net office@nighthawkenergy.net Hanson Westhouse Limited 0113 246 2610Tim Feather tim.feather@hansonwesthouse.comMatthew Johnson matthew.johnson@hansonwesthouse.com Bishopsgate Communications Limited 020 7562 3350Dominic Barretto dominic@bishopsgatecommunications.com This information is provided by RNS The company news service from the London Stock Exchange