Nighthawk, the US focused oil development and production company, said reduced oil prices and lack of drilling had an impact on its half-year results with both revenue and profits down.
The company said oil sales volumes in the first six months of 2015 were higher than the same period last year with 351,609 barrels of oil and it maintained production despite very limited new drilling activity thanks largely to efficiencies within existing wells
Revenue was $16million compared with $25.4million with a normalised EBITDA of $6.6million compared with $17.4million in 2014.
Chairman Rick McCullough, said: “The first half of the year was challenging with low oil prices and our lack of drilling.
“However, now with the recent capital raise, we are well positioned to execute our five well drilling program during the remainder of this year.
“We are particularly encouraged by the prospects of the Arikaree Creek water flood project that we expect to implement in 2016.”
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