enercom’s the oil & services conference™13 … served with nasdaq-listed pdc energy inc. as...
TRANSCRIPT
EnerCom’s The Oil & Services Conference™13 February 2015
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
The Disclaimer & Forward-Looking Statements
This presentation, and any supplemental information (written or oral) or other documents provided in connection therewith (collectively, the “materials”), are provided solely for the information of those being presented to and may not be distributed, published, reproduced or otherwise disseminated without the express written consent of the Company. This presentation is incomplete without reference to, and should be considered in conjunction with, any supplemental information provided by and discussions with the Company in connection therewith. Any defined terms used herein shall have the meanings set forth herein, even if such defined terms have been given different meanings elsewhere.
These materials are for discussion purposes only and may not be relied upon by any person or entity for any purpose except as expressly permitted by the Company. The materials were prepared specifically for this presentation and were not prepared with a view to public disclosure or to conform with any disclosure standards under any state, federal or international securities laws or other laws, rules or regulations and the Company takes no responsibility for any further use of these materials.
The materials are based on the financial, economic and market conditions as in effect when the materials were prepared. Although subsequent developments may affect the contents of the materials, the Company has not undertaken, and is under no obligation, to update, revise or reaffirm the materials. The materials do not constitute an opinion of the Company or any representative of the Company on whether to buy or sell securities or assets of any company. The materials do not constitute an offer to sell or a solicitation of any offer to buy any securities. Offers are made only by prospectus or other offering materials.
2
UK Head Office: 3000 Cathedral Hill | Guildford | Surrey GU2 7YB | Main number: +44 (0) 20 3582 1350 Richard Swindells, Chief Financial Officer & Company Secretary US Office: 1805 Shea Center Drive, Suite 290 | Highlands Ranch, CO 80129 | Main number: +1 303 407 9600 Richard McCullough, Chairman and Chief Executive Officer Website: www.nighthawkenergy.com
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Appendix Slides
Needs Work The Company
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
The Overview
Early stage public company, U.S. operator in Colorado’s prolific Denver-Julesburg Basin
100% WI in more than 200,000 net acres
Multi-zone opportunities;
13 Arikaree wells have produced about 1,000,000 barrels in the first two years
Extensive inventory of drill ready locations and up hole completions
Recently completed two new JVs that add substantially to drilling upside
First-mover advantage in focused area of operations
Proven geologic exploration concept
Company now moving into developmental drilling mode
Company trades as HAWK on UK AIM and NHEGF on US OTCQX
Enterprise value: US$143 million** on February 13, 2015
Shares Issued: 963.1 million; average daily volume: 1.5 million shares
4
* Company risked estimate prepared to SPE standard **Using 1.54:1 US$/GBP conversion
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Nighthawk Team
Rick McCullough, Chairman - Rick has over 30 years of energy experience with 18 years serving as CFO, President and CEO/Chairman of public and private companies. He served with NASDAQ-listed PDC Energy Inc. as Chief Financial Officer from 2006 to 2008 and as Chief Executive and then Chairman from 2008 until 2011, where he led a strategic turnaround resulting in an almost four-fold increase in share price. In 2011 , he was named CEO of the year for US mid-cap companies by Investor Relations Magazine.
Chuck Wilson, Chief Operating Officer - Chuck has over 30 years of oil & gas experience and has held senior positions in drilling, completions and production operations including horizontal drilling in the Bakken. Previously Chuck was Onshore Drilling Manager for Denver-based Forest Oil, a NYSE-listed E&P company.
Richard Swindells, Chief Financial Officer - Richard joined Nighthawk in 2011 and has previously spent 15 years as an investment banker in London most recently with Ambrian Partners as head of Oil & Gas Corporate Finance and Director of Corporate Finance at Panmure Gordon.
5
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Nighthawk Team
Michael Thomsen, Vice President of Geology - Mike has over 35 years experience in the natural resources industry and is the founding officer of Nighthawk Production LLC. Previously he was Chief Geologist for Freeport-McMoRan Inc. and Director of International Exploration for Newmont Mining Co. He was also the former chairman of Oil Quest Resources PLC.
Harold Mayland, Operations Manager - Harold has over 40 years experience in oilfield operations and completions with companies such as Shell Oil and Baker Oil Tools. He formed a downhole completion technology company that eventually became Weatherford Completions.
Anders Elgerd, Exploration Manager - Anders has more than 30 years experience as a geologist and geophysicist working in most of the major basins in the US in addition to working in a number of international locations. He graduated with honors in Geology from the University of Florida.
David Faulder, Reservoir Engineering Manager - Dave has over 30 years experience as a reservoir engineer working with companies such as Chevron and Bill Barrett. David holds MS and PhD degrees from the Colorado School of Mines.
6
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Appendix Slides
Needs Work The Strength of the Story
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
The Business Strategy of Nighthawk Energy
Large operated land position with attractive geologic and hydrocarbon production characteristics
Use best in class drilling and completion technologies to produce wells at optimum rates; Balance exploration with developmental drilling
Use geologic 3D model, downhole logs, coring and directional tools to increase drill bit success rate and shorten “proof of concept” time period
Invest wisely to grow production and reserve base; expand the footprint on the trend; consider use of partners to accelerate
Optimize shareholder returns by increasing EBITDA , maintaining low-cost structure, utilizing hedging programs, and actively managing the balance sheet
8
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Why Nighthawk is Focused on D-J Basin
Attractive entry point for assimilating large acreage position
Low cost of entry; High NRI of 80-85%
All rights to all depths provides large resource potential
High-quality assets
Multiple stacked pay targets with vertical and horizontal potential
Stacked pay reduces dry hole costs and provides behind pipe completion projects with very high capital efficiency rates
Low initial decline rates and low water production enhances IRR
Attractive cost structure: vertical wells cost US$ 1.7 Million
Rapid per-well payback
Most projects remain economic today
25% breakeven IRR at prices in US$40-50 barrel (WTI Index)
9
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Nighthawk Energy’s Capital Program Strategy
10
Capital Efficient Projects - Inventory of low-cost, high-return projects - Plan to complete 25 behind pipe projects in 2015
Pipeline of High-Impact Wells - Vertical wells, low-cost D&C - 3D seismic key to locations
Multi-Stacked Pay Zones - Mississippian Wells - Pennsylvanian Wells - Low initial declines
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Appendix Slides
Needs Work The Assets
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
World-Class Operators: Eastern Colorado’s D-J Basin
Core Stacked Formation Play Approx. 3 million gross acres Major players by Acreage* Pioneer 20% Cascade 15% Nighthawk 10% Anadarko 10% Devon 10% Southwestern 10% Pine Ridge 5% NexGen 5% Wiepking 5%
*Company’s internal estimates 12
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Arikaree Creek Field Development
Steamboat 8-10First prod 11-28-2013IP30 227 stb/dCum 188.7 MstbEUR 294.7 Mstb
Big Sky 4-11First prod 5-24-2013IP30 374 stb/dCum 144.1 MstbEUR 213.1 MstbTaos 1-10
First prod 6-16-2013IP30 527 stb/dCum 229.5 MstbEUR 846.5 Mstb
Silverton 16-10First prod 7-9-2013IP30 144 stb/dCum 41.2 MstbEUR 73.2 Mstb
Snowbird 9-15First prod 7-17-2013IP30 132 stb/dCum 49.7 MstbEUR 133.7 Mstb
Big Sky 12-11First prod 11-15-2013IP30 249 stb/dCum 46.8 MstbEUR 134.8 Mstb
Big Sky 5-11First prod 3-2-2014IP30 277 stb/dCum 36.7 MstbEUR 115.7 Mstb
Big Sky 13-11First prod 2-13-2014IP30 116 stb/dCum 25.0 MstbEUR 173.0 Mstb
Big Sky 14-11First prod 5-19-2014IP30 56 stb/dCum 6.0 MstbEUR 32.0 Mstb
Blackcomb 5-14First prod 10-5-2014IP30 371 stb/dCum 0 MstbEUR 85.0 Mstb
Blackcomb 12-14First prod 9-1-2014IP30 148 stb/dCum 4.4 MstbEUR 15.4 Mstb
Snowbird 16-15First prod 11-8-2014IP6 468 stb/dCum 0 MstbEUR 170.0 Mstb Blackcomb 3-14
IP30 250 stb/d Cum 0 Mstb EUR 200.0 Mstb 13
*
*
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
1.8 1.4 1.6 1.4 1.6
1.9 2.0
2.6
1.5
1.9 2.1
2.4
1.5
2.6
1.7
2.6
1.9
3.3
2.7
2.1 1.9
1.2
2.6
1.7
0.9
1.6 1.5 1.5 1.5 1.5 1.5 1.6 1.5 1.4 1.7 1.5 1.7 1.5 1.5
1.0
1.4 1.7
2.6
1.8 1.8 1.8 2.0
1.8 2.0
1.0
0.0
1.0
2.0
3.0
$4.0
$ MM Actual Budget Actual Average Budget Average
Successful 87%
Successful 50%
Unsuccessful 50%
ARIKAREE CREEK DEVELOPMENT
EXPLORATION
Successful/Total Wells 5/10 13/15
$1.6
$2.0
Past Drilling Success ($ in millions unless otherwise noted)
14
AFE vs. Actual Cost
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Arikaree Creek field discovered in November 2012 with Steamboat Hansen 8-10 discovery well
13 producers, 2 shut-in wells
Current production of ~1,800 BOEPD gross (as of October 2014)
Net operating cash flow to date of ~$50 million
Capex spent to date of ~$26 million
Estimated PV-10 of future cash flows is ~$50 million at $50 per barrel
Up to $80 million at $75 per barrel.
Analysis based on PDP only with no further drilling assumed
Implies potential return of ~4x-5x on invested capital
.
Arikaree Creek Historical Field Analysis ($ in millions unless otherwise noted)
Overview Production
0
5
10
15
20
25
30
35
$40
0
5
10
15
20
25
30
35
$40
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Net Operating Cash Flow Free Cash Flow
0
500
1,000
1,500
2,000
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
BOEPD Actual Illustrative profile
Actual Illustrative profile
Free Cash Flow
13 producers; no additional wells or recompletions
13 producers; no additional wells or recompletions
15
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Geologic Concepts – Stacked Pay
16
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Arikaree Creek – Composite Type Curve
17
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
No other Mississippian Spergen producers of the Arikaree Creek type in southeastern Colorado; two years of production history
First year flat decline substantially helps ROR
Second year decline rate is 60%; expect terminal declines to be in 5-8% range; 15 year lives
Snow King wells are now being drilled/completed; assumption is they will produce similar to Arikaree Creek wells
Using regional data for Marmaton producers
Evolving Type Curves
18
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Targeting the St Louis Fm as seen in the Big Sky 5-11 core
Big Sky 14-11 vert ~50 bopd, 123 bwpd
Big Sky 6-11 pilot
Big Sky 6-11H
8045.7’ 8045.7’
Big Sky 5-11 - A Potential Horizontal Target
19
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
World-Class Operators: Eastern Colorado’s D-J Basin
Core Stacked Formation Play Approx. 3 million gross acres Major players by Acreage* Pioneer 20% Cascade 15% Nighthawk 10% Anadarko 10% Devon 10% Southwestern 10% Pine Ridge 5% NexGen 5% Wiepking 5%
*Company’s internal estimates 20
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
The Structural Part of the Mississippian Play
Outline of structural trend play Nighthawk acreage in yellow
21
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Trend Area
S.K.
A.C.
G.P.
A.C. – Arikaree Creek S.K. – Snow King Area G.P. – Great Plains / Weipking Fullerton
MISSISSIPPIAN PRODUCING TREND
Northern Lincoln County Joint Ventures
3D Seismic Shoot (114 sq miles)
Nighthawk Operated JV
22
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Key Elements of the JVs
Nighthawk Operated Joint Venture; Monarch JV
23,600 total net acres
4 well and 3D seismic commitment by Hawk by 12/31/15
2 well commitment by Hawk by 6/30/16
50-50 JV basis after initial commitment
Multiple 2D leads and prospects previously identified
Covers the core area of the defined Mississippian structural trend
Structures may have similar geological attributes to its existing
Arikaree Creek field
Cascade Operated Joint Venture; El Dorado JV
40,400 total net acres
85-15 Cascade-Nighthawk JV basis
Covers potential parallel structures to the core area
23
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Appendix Slides
Needs Work 2015 Plans
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
2015 Financial and Operational Plans
Company’s first plans and budget
Established 5 Corporate Targets; Measure results in 2015
Production, 2P Reserves, Liquidity, LOE/G&G/G&A Costs per barrel of
production, ROR on Invested Capital
Drill within cash flows in H2 2015 if mid year pricing improves; exit at peak
levels of production and cash flow positioning for possible ramp in 2016
Drill 7 new Nighthawk wells; drill 4 Monarch JV wells-$19 Million/$1.75
Million per well
Complete 25 behind pipe projects
Identified approximately $2.5 million in margin enhancements over 2014
levels.
25
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
The Reasons to Invest in HAWK’s Growth
Developmental drilling with continuing exploration at high IRRs First-mover advantage: high-quality assets supports top-tier project metrics Experienced management team with large-scale development c.v.’s Increasing forward inventory of drilling opportunities
Mix of developmental and exploration Behind pipe Marmaton and Cherokee (Arikaree Creek and Salen) Vertical Spergen wells on structure (Arikaree Creek and Snow King) Vertical Marmaton and Cherokee (Arikaree Creek, Salen, Snow King) HZ on structure (Arikaree Creek, Snow King) Vertical or HZ off structure
Monarach JV will add numerous new drill locations and behind pipe potential
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
Jan
-12
Mar
-12
May
-12
Jul-
12
Sep
-12
No
v-1
2
Jan
-13
Mar
-13
May
-13
Jul-
13
Sep
-13
No
v-1
3
Jan
-14
Mar
-14
May
-14
Jul-
14
Sep
-14
No
v-1
4
Jan
-15
Mar
-15
May
-15
Jul-
15
Sep
-15
No
v-1
5
Proved Developed Producing Growth Potential
Growth Potential
Pp Net BOEPD
(1) Illustrations based on Company’s risked estimates of PDP and drilling and recompletion inventory 26
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Appendix Slides
Needs Work Appendix
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Eastern DJ Basin Geology
Morrowan
Atokan
Desmoinesian
Missourian
Virgilian
Meramecian
PALE
OZO
ICM
ESO
ZOIC
ERA SYSTEM SERIES FORMATION
St Louis SpergenWarsaw
Spergen
SimpsonSS
St. LouisM1
Stratigraphic Column- Eastern Colorado
Morrow
Keyes
GraniteWash
Mer
ame
cian
Steamboat Hansen 8-10 Discovery Well
Limestone
Tripolite
HydrothermalDolomite Pay
28
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Current Thinking Arikaree Creek
Penn Prospective Outline (54 potential locations)
Area of Pennsylvanian drape
Existing Wells 12 Miss, 2 Penn Awaiting recompletion Loc (Miss and Penn) Loc (Penn only) Salt water disposal
29
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Is Snow King another Arikaree Creek?
Existing Well (Snowking 13-33) Dry hole with oil shows Currently drilling (Keystone 3-7)
Penn Prospective Outline (68 potential locations)
Area of Pennsylvanian drape
30
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Interim Results 30 June 2014
31
Unaudited6months
Unaudited6months
Unaudited6months
AuditedYear
ended30 ended31 ended30
ended31
June2014 December2013 June2013
December2013
Revenue 25,417,770 20,432,696 5,721,514
26,154,210
Costofsales (8,109,558) (5,681,610) (2,055,867)
(7,737,477)
Grossprofit 17,308,212 14,751,086 3,665,647
18,416,733
Administrativeexpenses (3,202,170) (3,221,689) (2,338,101)
(5,559,790)
Normalisedoperatingprofitbeforeexceptionaladministrativeitems 14,106,042 11,529,397 1,327,546
12,856,943
Depreciation&amortisation 3,311,123 2,854,408 919,404
3,773,812
NormalisedEBITDAbeforeexceptionaladministrativeitems 17,417,165 14,383,805 2,246,950
16,630,755
Grossbarrelssold 342,384 274,866 83,428
358,294
Netbarrelssold 279,964 223,240 67,423
290,664
Dailyaveragebarrelssold(gross) 1,892 1,494 461
982
Averagesalespriceperbarrel $91.73 $92.70 $85.60
$91.05
NormalisedEBITDApergrossbarrelsold $50.87 $52.33 $26.93
$46.42
1. Normalisedoperatingprofitisoperatingprofitadjustedforexceptionaladministrativeitemsand,in
respectoftheperiodended31December2013,againonsteppedacquisition.2. Normalised EBITDA is operating profit adjusted for depreciation, amortisation, exceptional
administrativeitemsand,inrespectoftheperiodended31December2013,againonsteppedacquisition.
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Terminology
“AFE” – Authority for expenditure is a budgetary document, usually prepared by the operator, to list estimated expenses of drilling a well to a specified depth, casing point or geological objective, and then either completing or abandoning the well.
“Bbls” – barrels
“Behind pipe” - behind pipe opportunities, production or reserves refers to potentially producible zones that have been penetrated by a well bore but are separated from the well bore by casing (pipe) and cement and hence cannot be produced without recompleting the well in such behind pipe zones. Once completed and proved to be productive, behind pipe opportunities can increase production, cash flow and reserves.
“BOE” – Barrel of oil equivalent. A term used to summarize the amount of energy that is equivalent to the amount of energy found in a barrel of crude oil.
“BOEPD” – Barrels of oil equivalent per day
“Company” or “Nighthawk” Nighthawk Energy plc, a company incorporated and registered in England and Wales under the Companies Act 1985 with registered number 4000483
“D&C” – Drilling and Completion
“EBITDA” - Earnings before interest, tax, depreciation and amortization ,which generally equates to the revenues less operating costs of an entity.
“EUR” – Estimated ultimate recovery is the amount of oil and gas expected to be economically recovered from a reservoir or field by the end of its producing life.
“Group” the Company, its subsidiaries and its subsidiary undertakings
“IRR” – Internal rate of return
“MBOEPD” – Thousand barrels of oil equivalent per day
“MMBOE” - million barrels of oil equivalent
Continued…
32
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Terminology
“Mcf” – Thousand cubic feet
“NAV” – Net asset value
“Net revenue interest (NRI)” - Nighthawk's share of oil, gas, and associated hydrocarbons produced, saved, and marketed, after satisfaction of all royalties, overriding royalties, or other similar burdens on or measured by production of oil, gas, and associated hydrocarbons
“Net Present Value (NPV)” - The value today of a series of future cash flows adjusting those cash flows for the time value of money.
“Net Revenue Interest (NRI)” - A share of production after all burdens, such as royalty and overriding royalty, have been deducted from the working interest.
“PV” – Present value
“Possible reserves” are reserves that have a 10% chance of being greater than estimated and a 90% chance of being smaller
“Probable reserves” are reserves that have a 50% chance of being higher than estimated and a 50% chance of being lower
“Proved Developed Non-producing (PDNP) reserves” include shut-in and behind-pipe reserves
“Proved Developed Producing (PDP) reserves” are expected to be recovered from completion intervals (oil- and gas-producing sands or zones) that are open and producing at the time of the estimate
“Proved Undeveloped (PUD) reserves” are expected to be recovered from (1) new wells on undrilled acreage or (2) existing wells requiring major expenditure
“WI”- Working Interest is the percentage of ownership in an oil and gas lease granting its owner the right to explore, drill and produce oil and gas from a tract of property.
“West Texas Intermediate (WTI)” is a blend of crudes widely used as a price marker or benchmark for the international oil industry.
“3P Reserves” is the total of Proved Reserves, Probable Reserves and Possible Reserves
33
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Rick McCullough, Chairman Rick was appointed Chairman of Nighthawk on October 1, 2014 and has over 30 years’ experience in the US energy and oil and gas industries. He served with NASDAQ-listed PDC Energy Inc. as Chief Financial Officer from 2006 to 2008 and as Chief Executive and then Chairman from 2008 until 2011, where he led a strategic turnaround resulting in an almost four-fold increase in share price. In 2011, he was named as CEO of the year for US mid-cap companies by Investor Relations Magazine. Prior to joining PDC Energy, Rick served as President and CEO at Gasource, LLC and as an investment banker at JP Morgan.
Chuck Wilson, Chief Operating Officer, US Operations Chuck joined Nighthawk in August 2011 from Gasco Energy Inc. where he was VP of Engineering and Operations. Previously he was the U.S. Onshore Drilling Manager for Denver-based Forest Oil Company, a NYSE-listed exploration and production company. Chuck has more than 33 years of experience in the oil and gas industry ranging from drilling, completion and production operations to surface equipment installations, including horizontal drilling in the Bakken. He holds a BS degree in Petroleum Engineering from the University of Wyoming and in addition has held several positions within the Society of Petroleum Engineers and the American Association of Drilling Engineers.
Michael Thomsen, Vice President - Geology Mike has more than 30 years’ experience in the natural resources industry and has worked in more than 40 countries on acquisitions, project development and exploration. He has directed and managed a number of energy and minerals companies and was the former Chairman of Oil Quest Resources plc. Mike was previously Chief Geologist with Freeport-McMoRan Inc, a major US energy and minerals producer, where he directed programs in the Permian Basin of west Texas, the Gulf of Mexico region, the Sergipe Basin of Brazil and the Suez-Sinai region of Egypt. He was also Director of International Exploration with Newmont Mining Corporation.
Richard Swindells, Chief Financial Officer and Company Secretary Richard joined Nighthawk in June 2011 having previously spent 15 years as an investment banker, the past five of which he has spent advising and raising equity for resources companies. Richard joined from Ambrian Partners where he was Head of Oil & Gas Corporate Finance having previously been CEO of Nabarro Wells & Co and director of Corporate Finance at Panmure Gordon. Richard has an economics degree from University of Birmingham and holds the Chartered Institute for Securities and Investment diploma.
Nighthawk’s Management Team
34
LSE:
HA
WK
w
ww
.nig
hth
awke
ner
gy.c
om
Nighthawk’s Management Team
Harold Mayland, Operations Manager Harold started his career in 1960 as a tool pusher working on production rigs. He spent 4 years with Shell Oil as Production Field Foreman. This was followed by one year with Flying Diamond as Production Superintendent. He spent three years with Baker Oil tools providing services to oil and gas companies. He later started Mountain States Oil Tools, at that time he designed and patented test and production equipment for subsurface use, which he sold out 6 years later. It is now known as Weatherford Completions service. Mr. Mayland started Osprey Oil & Gas Company, where he bought several old fields and entered into joint ventures with other companies to drill and complete producing wells. Since 1982, he has been involved in providing consulting services for well site drilling, completions, workover operations, production, and oilfield construction.
Anders Elgerd, Exploration Manager Anders has more than 32 years of experience in petroleum exploration and development in the disciplines of Geology and Geophysics. He has worked most of the major producing basins in the US as well as internationally. Since February 2012 he has headed up the exploration efforts at Nighthawk in Eastern Colorado. He graduated with high honors from the University of Florida in 1980 with a Bachelor of Science Degree in Geology. He is a member of the American Association of Petroleum Geologists, the Denver Geophysical Society, the Rocky Mountain Association of Geologists and the Denver International Petroleum Society.
David Faulder, Reservoir Engineering Manager David joined Nighthawk in August 2014 and has over 33 years’ experience as a reservoir engineer in a wide variety of geologic environments. He started his career with Chevron and was reservoir engineer for Rangely, Colorado for three years, the largest oil field in the Rocky mountains. He later worked with the Idaho National Laboratory (a USDOE facility) as Advisory Scientist, for the National Petroleum Technology Office as an analyst and for SAIC evaluating Alaska’s oil and gas production potential as project reservoir engineer and economist. Later assignments include Bill Barrett Corporation as exploration engineering advisor, and Terra-Gen Power as reservoir engineering manager. David has petroleum engineering degrees from the University of Wyoming (BS), and MS and PhD degrees from Colorado School of Mines were he is also an Adjunct Professor teaching classes in well testing, reservoir simulation, economics, and geothermal reservoir engineering. He has been a consultant since 1992 and has Professional Engineering licenses from California and Colorado.
35