Nighthawk 'Delighted' with Jolly Ranch Results

Nighthawk Energy on Friday updated its drilling activity at its 75 percent owned, operated project at Jolly Ranch in the Denver-Julesburg Basin, Colorado.

The John Craig 6-2 well was successfully drilled to a depth of 8,250 feet. Drilling was completed on time and on budget, and the well was logged and cased ready for testing.

Data collected from the well includes mud-logs, samples and wire-line gamma ray and pulse neutron logs. This data has clearly identified significant oil shows, with good porosity, in the primary target Cherokee formation. Three additional potential oil-bearing formations have also been identified, all of which are at shallower depths than the Cherokee.

The well was perforated and acidised over a twelve foot section of the Cherokee formation with immediate results. The initial flow has been closely monitored and measured. The well has flowed under natural pressure, through a 1 inch choke, and has produced over 600 barrels of high quality oil over a continuous twenty four hour period. Whilst this does not necessarily reflect the potential short or medium term production rates, this is a highly positive result, significantly above the production rates required for commerciality. Work is now underway to bring the John Craig 6-2 onto permanent production and two loads of oil from the well have already been lifted. Nighthawk has a 100 percent working interest in the 6-2 well (80 percent net revenue interest).

Further Cherokee targets and the three additional potential oil-bearing zones will remain behind pipe during this initial production phase, and represent attractive, low-cost opportunities to enhance and extend future production from the well.

Drilling of the Pike's Peak Williams 4-30, the second well in the drilling program, commenced on Sept. 14. This well is located 2.5 miles north-west of existing Nighthawk producing wells and will test the up-thrown side of a large, seismically defined, basement fault. The well has a planned target depth of 8,000 feet and primary targets include the Cherokee and Marmaton formations, with a number of secondary targets.

Drilling is proceeding on schedule and is currently through 5,300 feet. Nighthawk has a 100 percent working interest in the 4-30 well (80 percent net revenue interest).

Stephen Gutteridge, chairman of Nighthawk, commented: "The results from the John Craig 6-2 represent a very positive start to our new well drilling program, and the well is expected to significantly step-up our current production levels. We are delighted with the initial flow rates and we will update on sustainable flow levels once the well has been on production for a few weeks. The results are also early confirmation that our geo-science led development strategy to identify the 'sweet-spots' in the Cherokee resource play, coupled with relatively mild formation interaction, yields results. We are looking forward with increased confidence to the next wells in the program."


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