Nighthawk Energy plc provides an update on the sale of an interest in the Jolly Ranch project.
The Sale by Nighthawk Production LLC, a wholly owned subsidiary of the Company, and Running Foxes Petroleum, Inc. will be subject to a Purchase, Sale and Option Agreement, the terms of which have been agreed between all parties.
The Sale will comprise an aggregate 20 per cent. interest in the core Jolly Ranch project which covers 50,000 net acres, and a series of options over a 20 per cent. interest in the remaining 232,000 net acres of the wider Jolly Ranch project, including Middle Mist and Mustang Creek. Nighthawk Production LLC and Running Foxes Petroleum, Inc. will each sell and grant options over a 10 per cent. interest in the project.
Completion of the Sale is scheduled for mid-May 2009 and further details will be announced at that time.