Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update on 2015 production.
Annual Production
For the year ended 31 December 2015, gross production was approximately 654,800 barrels (536,900 net barrels) or 1,794 gross barrels per day. This compares to 706,319 barrels (net 579,182 barrels) or 1,935 gross barrels per day for the year ended 2014, a decrease of 7.3%. The decrease was primarily due to the natural decline rates on existing wells, offset by the results from the Company’s behind pipe and solvent treatment programs.
Management’s expectations are that total revenues for the year ended 31 December will be significantly higher than current market expectations.
