Nighthawk Energy jumps on production update

Shares of Colorado focused shale oil producer Nighthawk Energy rallied as investors cheered a positive production and operations update at its Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin.

Shares of Colorado focused shale oil producer Nighthawk Energy rallied as investors cheered a positive production and operations update at its Smoky Hill and Jolly Ranch projects in the Denver-Julesburg Basin.

The group confirmed that the Big Sky 4-11 well, located on the Arikaree Creek oil field, started production May 24th 2013.

"Initial production rates since coming on-stream are ahead of the company's expectations and have been in the range of 300-400 barrels of oil/day with no water production," Nighthawk said in a company update.

Meanwhile production from the Steamboat Hansen 8-10 well, which is also located on the Arikaree Creek oil field, continues at a steady rate of 280-300 barrels of oil/day with no water production.

Additional producing wells located on the Jolly Ranch project are currently contributing a further 80-100 barrels of oil/day in total, the group explained.

Nighthawk said further increases in production are anticipated from the current drilling and work-over programmes.

Shares of Nighthawk climbed 8.02% to 4.85p at 12:00 in London.

CJ

Recommended

Why it pays to face up to your investment mistakes
Investment strategy

Why it pays to face up to your investment mistakes

Buying stocks can be a complicated business. But selling stocks can be tricky, too – even if you sell for the right reasons. Max King explains how to …
17 Sep 2021
Share tips of the week – 17 September
Share tips

Share tips of the week – 17 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
17 Sep 2021
Royal Mail will deliver for investors – here's how to play it
Trading

Royal Mail will deliver for investors – here's how to play it

Royal Mail Group has found its feet in the past 18 months and looks cheap. Matthew Partridge looks at how to trade the shares.
14 Sep 2021
The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021

Most Popular

The times may be changing, but don’t change how you invest
Small cap stocks

The times may be changing, but don’t change how you invest

We are living in strange times. But the basics of investing remain the same: buy fairly-priced stocks that can provide an income. And there are few be…
13 Sep 2021
Two shipping funds to buy for steady income
Investment trusts

Two shipping funds to buy for steady income

Returns from owning ships are volatile, but these two investment trusts are trying to make the sector less risky.
7 Sep 2021
Should investors be worried about stagflation?
US Economy

Should investors be worried about stagflation?

The latest US employment data has raised the ugly spectre of “stagflation” – weak growth and high inflation. John Stepek looks at what’s going on and …
6 Sep 2021