Nighthawk Energy will purchase more shares in the Jolly Ranch project in the Denver-Julesburg Basin in Colorado from Running Foxes Petroleum. Nighthawk will pay $8.5 million in cash and $4 million in shares for an additional 25% interest in the venture. "This acquisition will propel Nighthawk to a position of majority partner and operator of a potentially major early stage U.S. shale-oil play, with funding available to press ahead with further development," said Stephen Gutteridge, Nighthawk's chairman.

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