Nighthawk Energy has reached a global settlement of all litigation and claims arising out of agreements with Running Foxes Petroleum and related issues with RFP's joint venture partner, American Patriot Oil and Gas Inc.
Nighthawk says the settlement agreement reflects the parties' desire to fully and completely resolve all claims and defences in the federal court litigation and state court litigation.
Under the terms of the settlement, Nighthawk, RFP and APO were released from all past, current, and future claims related to all current, pending and potential future issues between the parties within the Arikaree Creek Field.
The parties agreed to dismiss all current and pending federal and state litigation and administrative regulatory matters, between them related thereto.
As part of the global settlement, no money was exchanged by the parties, however Nighthawk has assigned RFP a minor override royalty interest in one lease in Arikaree Creek, and APO has assigned Nighthawk certain leases just south of Arikaree Creek totalling approximately 640 acres with Nighthawk assigning APO a minor override royalty interest in those leases.
Running Foxes has agreed to certain terms regarding any future water flood projects that Nighthawk might pursue in Arikaree Creek.