Nighthawk, the U.S. focused oil development and production company with assets in Colorado (ticker: HAWK, NHEGY), announced an update to production levels.
Gross and net* oil production (unaudited), in barrels, for the first three months of 2017 is summarized below.
| Monthly | Daily Average | ||||||||||
| Gross | Net | Gross | Net | ||||||||
| 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | ||||
| January | 43,599 | 43,961 | 30,543 | 36,017 | 1,406 | 1,417 | 985 | 1,162 | |||
| February | 36,051 | 40,378 | 24,786 | 33,053 | 1,288 | 1,407 | 885 | 1,153 | |||
| March | 38,794 | 42,720 | 28,381 | 34,942 | 1,251 | 1,314 | 916 | 1,078 | |||
| YTD | 118,444 | 127,059 | 83,710 | 104,012 | 1,316 | 1,396 | 930 | 1,143 | |||
*Net production is based upon Nighthawk’s Net Revenue Interest of approximately 82% save for the Monarch 10-15 well where HAWK has a 16% working interest.
Nighthawk said the net production previously disclosed for January 2017 has been adjusted from 35,544 barrels to 30,543 barrels, reflecting the terms of the settlement agreement with Cascade Petroleum LLC (including the Monarch 10-15 well) and sales adjustments.
During February 2017, certain wells were not in production as they were being worked over, both as part of routine maintenance and in conjunction with the Arikaree Creek water flood pilot project. These wells have returned to production during March 2017, as reflected in the net daily average production rates.
Nighthawk said it expects augmented volumes from its pilot water flood project to be realized in Q2 of 2017.
