UPDATE 1-Nighthawk Energy to integrate 3 US projects

Wed Jul 15, 2009 7:53am BST
 
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* To integrate Devon, Buchanan and Xenia projects

* Buchanan estimated to hold 184.26 mln barrels of oil

* Sees growing gas potential at the projects

* Expects to produce gas from Xenia project in Q4 (Adds details)

July 15 (Reuters) - U.S.-focused energy company Nighthawk Energy Plc (NGTE.L) said on Wednesday it would integrate three of its projects in the United States into a single major development and production entity to be known as the Revere project.

The move follows drilling success and the growing gas potential at the Devon Oilfield, Buchanan and Xenia waterflood projects, the company said in a statement.

Nighthawk said its interest in the project areas would remain at 80 percent, 50 percent, and 50 percent for Devon, Buchanan and Xenia respectively.

Independent reports by Oilfield Production Consultants Ltd (OPC) estimated stock tank oil originally in place (STOOIP) at the Buchanan project to be 184.26 million barrels of oil, the company said.

OPC is conducting a review of the Xenia acreage, the results of which are expected to add significantly to the Devon and Buchanan STOOIP figures, Nighthawk said.  Continued...

 

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