Proactive Investor's  Instablog

Proactive Investor
Send Message
Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
My company:
My blog:
  • Nighthawk Energy starts 3-well programme at Jolly Ranch oil project after 3D data locates sweet spot 0 comments
    Apr 15, 2010 6:53 AM
    Nighthawk Energy (AIM: HAWK) has commenced a three well drilling programme at its Jolly Ranch oil and gas project in Colorado after interpretation of 3D seismic data established potential sweet spots in the Cherokee and Atoka shale packages to add to several conventional targets.

    The company holds a 50% interest in the project with operator Running Foxes Petroleum holding the balance.

    The John Craig 11-2 well is targeting a large structural closure defined by the 3D survey in proximity to the Great Plains field. The well is located near Limon, an area to the north of the main project location, previously undrilled by the two companies. The other two wells, the Craig 6-4 and the Craig 16-32, are developmental wells located in the Bolero Field, which is part of the Jolly Ranch core development area.

    Drilling has already commenced on Craig 16-32, a direct offset from three wells previously drilled by Nighthawk and Running Foxes, which are producing oil from Atoka and Cherokee shales, limestones and dolomites. Craig 6-4 is twinned with the previously drilled Craig 6-4 salt water disposal well, which has previously encountered oil bearing horizons in the Cherokee and Atoka shales.

    Nighthawk also noted that the Great Plains field that was recently discovered by another operator in proximity of the Limon area has two wells that are producing at rates of 300-600 barrels of oil per day.

    Back in February, Running Foxes forecast the production at the project to rise from 150 bopd (barrels of oil per day) to an initial target of 1,000 bopd during 2010.

    Running Foxes has so far completed 13 vertical development wells targeting the Cherokee and Atoka shales, three shallower wells and two salt disposal wells, also having acquired an existing production well completed in an Atoka sandstone reservoir form the State of Colorado.

    Shares in the company added 3.4% on the news.

    Disclosure: The author holds no positions in the company
Back To Proactive Investor's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

Comments (0)
Track new comments
Be the first to comment
Full index of posts »
Latest Followers


More »

Latest Comments

Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.