Bullish Hawk: Nighthawk Energy (AIM: HAWK)

Shares in the AIM-traded Nighthawk Energy (AIM: HAWK) have been flying aggressively. What has fuelled such a ride?

Booming oil prices are making things a bit easier for Nighthawk Energy. Cash is flowing, new wells are being developed fueling a good ride for the stock.

The stock is indeed looking very promising. It has been steadily adding picking up in price. But let's see what the company itself has been up to these days?

Today the US-focused hydrocarbon production and development company, announced the launch of its pilot production at its Devon Oilfield waterflood project in Kansas, USA.

The Devon project, covering 1,764 acres, targets the Upper and Lower Bartlesville channel sandstones and has seen an expanded appraisal drilling programme over the project area since March 2007.

The main Nighthawk project is in the Cisco Springs Oil & Gas Field in Grand County, Utah where the company owns a 50% working interest. Last year in March, the company has expanded its portfolio adding 80% in the Vogel Bartlesville Water Flood project in Kansas. In June last year, Nighthawk and its partner Running Foxes, acquired the assets of Desperado Tracking.

The company has undertaken some aggressive projects lately, based in Colorado. According to the company, the projections are promising.

Other potential areas that could lead to an increase in reserves include the Buchanan and Worden sites in Missouri, and Centurion, in Kansas.