US focused oil firm Nighthawk says it has completed the purchase of the remaining 25% working interest in its Smoky Hill and Jolly Ranch projects.
The AIM-listed company will pay around £7.9million for the overall control of the sites, in the Denver-Julesberg basin in Colorado.
The deal, funded by a short-term bridging loan, sees Nighthawk take complete control of the sites, covering around 300,000 acres, from former partners Running Foxes Petroleum.
“We are pleased to have finally attained our goal of 100% ownership and control of the Smoky Hill and Jolly Ranch projects and we are grateful to our largest shareholders for providing the financial support to accomplish this,” said Nighthawk chairman Stephen Gutteridge.
“We will now press on with our plans to increase Arikaree Creek production and to establish the commerciality and value in the rest of our extensive acreage position.”