Nighthawk Energy reports record oil production for August

13th Sep 2013 10:32

Nighthawk Energy, the US-focused oil and natural gas company, said production at its Smoky Hill and Jolly Ranch projects in Colorado hit a new monthly record in August.It reported gross average oil production last month reached 1,661 barrels a day with an average price of $97 a barrel.The Aim-listed company said it expected further development of its Arikaree Creek oil field to start in mid-October subject to final confirmation of new drilling permits and the drilling rig contract.Chairman Stephen Gutteridge said: "With our recent acquisition and analysis of new 2D seismic lines, we anticipate including some exploration drilling in our Q4 2013 programme, as well as adding further producing wells at Arikaree Creek." But the company warned of some downtime this month as it runs a programme of preventive maintenance and pressure testing at Arikaree in preparation for the winter. Once this is completed, Nighthawk expects a return to growth in monthly production in the fourth quarter. Shares in Nighthawk, which have risen sharply over the past six months, were down 6.7% at 9.56p at 10:49 on Friday.TB