*Proactiveinvestors have recalled this article and replaced it with the following because a quote has been misinterpreted*
David Bramhill, the founder and managing director of Nighthawk Energy (LON:HAWK, OTCQX: NHEGY), has announced his intention to retire from the board with immediate effect.
He will be succeeded as boss by commercial director Tim Heeley.
Nighthawk announced that Joe O’Farrell, co-founder and executive director, is also leaving.
Chairman Michael Thomsen said: "I would like to thank David and Joe for their contributions to the development of Nighthawk.
“David has a strong track record of founding and developing E&P companies and we wish him every success with his new ventures.
"We believe that Tim is the right person to lead the next phase of Nighthawk's progression from development to production."
Thirty-six-year-old Heeley has been with the company for the past two years and comes with a wealth of City experience. He has debt and equity experience with Standard Bank and broker Panmure Gordon before that.
Prior to working in the Square Mile, Heeley spent eight years in the E&P sector as a project development engineer working with companies such as Shell, BP, Exxon and BG on numerous international hydrocarbon projects.
The departure of Bramhill will come as a shock to those who follow the company closely.
He has been the driving force behind the company’s Jolly Ranch shale oil project in Colorado.
Bramhill said: "I have decided that this is the right time for me to retire from Nighthawk having dedicated four years since I founded the company.
“As a significant shareholder, I am confident that the company will continue to prosper and fulfil its undoubted potential."
Speaking to Proactive Investors, Heeley said Bramhill's departure had been "amicable", adding: "It was about moving to the next stage of development.
"It (Bramhill's retirement) was driven by corporate timings ahead of the annual meeting. But it was an amicable situation."
Heeley was unable to give an update on the potential sale of a stake in the Jolly Ranch project.
In July the group revealed that no fewer than seven interested parties have been short-listed by consultants Macquarie Tristone, which is conducting the auction process.
They will now be allowed access to the data room to assess the quality of Jolly Ranch before tabling definitive offers for a stake in the acreage, which is jointly owned by operator Running Foxes.
Heeley said: "Companies continue to go through it (the data room) and getting feedback. But we don’t have a formal expression of interest as we stand at moment."
At 3.00pm the shares had fallen by 3.25p, or 16 per cent, to 16.75p.