Nighthawk announces details of two significant joint ventures that it has entered into in northern Lincoln County.
Joint Venture One: the Monarch Joint Venture
Under the Monarch Joint Venture, Nighthawk has entered into a joint development agreement ("JDA") with Cascade pursuant to which each party has cross-assigned half of its interest in the acreage within the boundaries of the joint venture to the other party. This has resulted in Nighthawk cross-assigning a 50% Working Interest in 6,197 net mineral acres to Cascade and Nighthawk receiving from Cascade a 50% Working Interest in 17,422 net mineral acres. All acreage cross-assigned by both parties under this joint venture is non-producing at this time.
In order to earn in to this joint venture, under the terms of the agreement with Cascade, Nighthawk is required to bear 100% of the cost of the first six wells to be drilled within the boundaries of the joint venture, the first four of which must be drilled on or before December 31st 2015, and the remaining two on or before June 30th, 2016.