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Nighthawk well positioned after record March

Nighthawk Energy, the Colorado focused shale oil producer, pumped a record monthly volume of oil from its wells and is generating free cash for further investment.

Nighthawk Energy, the Colorado focused shale oil producer, pumped a record monthly volume of oil from its wells and is generating free cash for further investment.

The company averaged 372 barrels per day in March, well ahead of February's 284 and January's 280 barrels, and pledged further increases in production from the continuing work-over programme and new drilling.

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Nighthawk stated that, thanks to robust oil prices and March's strong production levels, it made $750,000 net revenue in the month, which "comfortably exceed monthly expenditures, generating free cash for further investment".

Chairman Stephen Gutteridge said that the company was therefore well positioned to invest in the next stage of growth and development.

"This will begin with the drilling of two new development wells close to the highly successful Steamboat Hansen 8-10 well, with drilling expected to commence in April 2013."

"The production gains from the current work-over programme have confirmed the multiple stacked pay potential that we have across our acreage and diversified our production across a number of wells," he added.

"We anticipate further increases in production through developing up-hole potential in existing well-bores, as well as significant additions from new drilling."

A work-over programme has successfully brought four wells back into production and the company anticipates further additions to production from this programme.

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