28th Mar 2014 08:59
LONDON (Alliance News) - Nighthawk Energy PLC Friday said it swung to a pretax profit in 2013 as revenues were boosted by six new wells during the period.
The oil and gas exploration and production company, operating in the US state of Colorado, posted a pretax profit of USD13.3 million in 2013, versus a pretax loss of USD2.4 million the previous year, as revenues vastly increased to USD26.2 million from USD1.6 million in 2012.
The company said its revenues increased as nine new wells were drilled during the period, and six new wells were successfully brought into production, bringing gross oil sales to 358,294 barrels of oil compared from 29,812 barrels in the full year 2012.
Nighthawk said its average daily gross oil production increased from 280 barrels per day in January 2013 to 1,556 barrels per day in December, while it has added to this with two further successfully producing wells prior to its year end.
However, the firm said its cost of sales increased to USD7.7 million from USD1.8 million the previous year, and its administrative expenses increased to USD6.2 million from USD2.4 million as it ramped up operations during 2013.
The company said the outlook for 2014 is promising, with planned investment in both production, development and exploration prospects during the period.
Nighthawk Energy shares were up 10% to 8.88 pence, putting it in the top five AIM risers in early trading Friday.
By Tom McIvor; [email protected]; @TomMcIvor1
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