Yes it’s all over at Nighthawk. They are in such a rush to offload their assets (recently they had us all believing that their assets were worth $110 million dollars!) that they’re writing down $65 million dollars! and refocusing the company’s potential on The Jolly( Roger) Ranch!
Tim Heely has certainly ran amok with the hatchet chopping and slicing at every asset so much so that it would appear to me that Nighthawk are in terminal decline. I just can’t see Jolly Ranch doing anything worth while particularly as they were, if my memory serves me right, trying to flog this very asset some time back! “Yes we will now focus on our lead project the very same one that we were trying to sell! Time for all the long-suffering LOYAL investors to walk away with their heads held high. You stuck with this company through thick and thin and we here take our hats off to you. There is not one piece of good news in Nighthawks strategic review even the Schlumberger reserves estimate at Jolly Ranch is expected to be thus “Although at this stage of development the actual reserve figure is expected to be low” Nighthawk are telling the market that they are getting out of their assets while at the same time focusing on Jolly Ranch and other potential assets ! So they are writing down $65 million dollars in failed assets that they invested in and failed. Now we are informed that they want to buy some more with your money! Here’s what’s going to happen. They’ll re-finance, issue more shares and concentrate on Jolly Roger! Let’s hope that Jolly roger comes good. Otherwise it’s good night Vienna!
No trust here.