8th Oct 2013 07:29
LONDON (Alliance News) - Nighthawk Energy PLC Tuesday said its oil production has more than doubled in its third quarter as new operations come on stream.
The oil-and-gas exploration-and-production company with operations in the US said its average oil production for the three months ended September 30 increased 142% to 1,528 barrels of oil per day from 631 barrels of oil per day.
The company also said that stronger oil prices and increased production generated net revenues of over USD10 million in its third quarter.
Nighthawk said it now has five wells in production at the Denver-Julesburg Basin in Colorado, with its Big Sky 4-11 and Taos 1-10 wells providing a full quarter of production and its Silverton 16-10 and Snowbird 9-15 wells coming on stream in July.
The company also said that, due to planned maintenance work at all five producing wells, average oil production has seen a slight dip to 1,408 barrels per day in September.
Nighthawk Energy shares were down 1.4% to 9.86 pence in early trading Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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