Shares in US-focused shale oil development and production company Nighthawk Energy rose on Wednesday after the company published a positive production and operations update for its projects in Colorado.

The AIM-listed company revealed that net revenue from oil sales for the two months of December and January was over $1.0m - exceeding the company's total revenues for the previous full financial year.

The company stated that average total oil production at its Smoky Hill and Jolly Ranch operations in January had been 280 barrels per day.

The 2013 new well drilling programme was expected to commence in the second quarter, the group added explaining that the Knoss 6-21 well was on-stream in January.

Stephen Gutteridge, Chairman of Nighthawk, commented: "When we became operator in Colorado in January last year we inherited a single producing well and 30 barrels per day of oil production. We are now producing at nearly ten times that rate with one well still building up and others to be brought back online once operations resume.

"This has been a successful first year as operator and provides a solid foundation for further progress in 2013. In particular, we are excited by the prospectivity in the immediate vicinity of the successful Steamboat Hansen 8-10 well and see considerable potential for increased production from that area."

Nighthawk's shares were up 3.80% to 4.23p at 10:23 on Wednesday.

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