Nighthawk Energy has confirmed the executive of the settlement over the Monarch joint development agreement.
Nighthawk said it has entered into the settlement agreement with Cascade Petroleum LLC, the terms of which were set out in the company’s interim results announcement on 30 September.
The US$500,000 cash payment to Cascade was made concurrently with the execution of the agreement. As a result of the settlement, the required 2016 drilling commitment of the company in the JDA is relieved. No further drilling commitments exist under the JDA.
The company does not believe the settlement will have a material impact on the company’s financial results going forward.
Story provided by StockMarketWire.com