Pre IPO price 4p
Opening price on debut 25p
Floatation price 46p to raise 14million to extend Jolly Ranch
Current fair value estimate 114p
Market cap 70.59 million.
Value of Cisco Springs investments 98 million.
Value of Vogel investments 75 million.
Desparado trucking now Nightfox 250,000 for a 50% stake with partner Running Foxes.
Centurion Project Kansas, 150,000 for a 50% stake.
Jolly Ranch Colorado, 40,000 acres cost 356,000 for a 50% stake.
Cash in bank 7.75 million.

As this EPIC opens on AIM today anything could happen. On the one hand you have traders trying to cash in a sixfold profit. You will also have a clambering of traders after shares because, firstly they could only get 75% of their allocation because of demand. Secondly at 25p this company is still way under valued.

With this shale : it must be like drilling for oil on Brighton beach....there are times when I'm wondering what I'm doing in this company : they always give a very optimistic outlook but production is still very little...they need to gear up the drilling and bringing into production more quickly.

Swabbing oil takes longer than pumping obviously and doesn't produce very much it appears.

Shareholders give Nighthawk tough ride at AGM

If Nighthawk Energy's (HAWK) chief executive David Bramhill thought he was in for an easy ride at the company's AGM today, he was forced to think again as an unexpectedly high number of disgruntled shareholders piled into the room.


With many clutching the company's earlier Jolly Ranch update, they were eager to cut through the fluff and dissect the statement's production figures, keen to hear from the horse's mouth exactly what this meant for Nighthawk's future.


They would have to wait a while, however, as there was the small matter of getting resolutions out the way. Only after a seemingly painless show of hands to the re-election of directors, was it on to the real business of the day.


Shareholders expressed surprise at the Jolly Ranch project's low production figures of 150 barrels of oil per day, after Nighthawk had previously hailed the Colorado-based project as a "world-class asset".


First up in the firing line was Steve Tedesco, chief executive of Running Foxes and co-owner of the Jolly Ranch project. Aware of the growing tension in the room, Tedesco sought to remind shareholders that recent data from oil information services group Schlumberger on the project highlighted its future potential. Although there was a lot of work still to do, progress was being made and figures exceeded their earlier expectations, he said.


The ranch which spans approximately 370,000 gross acres (similar to the size of Surrey for those familiar with the home counties) possesses in excess of 1.4 billion tonnes of oil.


"If I get just 10% of that I'll be a very happy man indeed," Tedesco told the audience.


Less happy was the shareholder who said Nighthawk had misled them with targets of 1,000 barrels of oil per day by the start of 2009, but with the end of the year looming they had failed to push above 150 barrels of oil per day.


Knowing it was his turn to step into the spotlight, a smartly-dressed David Bramhill stood up and was surprisingly candid in his response: "We experienced a very tough trading year. Everybody felt the blow as oil prices dropped extremely low.


"Production has been sporadic and if the last year has taught us anything it's that it's never smooth. We don't know for sure the exact daily output but we know it's good."


Good wasn't good enough, however, for some of the attendees who pressed for an exact production target for the end of the year. Although Tedesco proffered figures in the region of 700-800 barrels of oil per day by the close of the year, one shareholder continued to lambast Nighthawk for failing to give the market clear production figures.


As a result speculation and vicious rumours continue to dominate the market, the shareholder alleged.


It wasn't an accusation that Nighthawk's distinguished chief executive was going to take lying down.


Nighthawk recognised people's need for information, Bramhill fired back, adding that he knew of no other company that releases monthly production targets. Furthermore, rumours would still run the mill whether the news was good or bad.


One rumour he wasn't keen to let run, however, was the one concerning Ascent Resources (AST). The company had previously entered into an agreement to acquire a 10% interest in the Jolly Ranch project but dropped out at the last minute.


"We needed money desperately," Bramhill admitted, "and the deal with Ascent cost us dearly both financially and in reputation. September of last year to May of this year were very difficult times for us and the Ascent deal hurt us but we are comfortable again now".


Nighthawk said it would take a good year before it would be able to present the Jolly Ranch project to potential partners, but was confident that it would achieve that milestone.


"We have a world class project and we are a strong company. The focus now is to look ahead," Bramhill reassured, smiling brightly as the throng of shareholders rushing forward to shake his hand.

strange how the witch-bitch and her acolyte have gone so silent ..... what a crock of shit HAWK is, and the management looks broadly similar ..... i only have a smallish number of these, so guess i'll continue to hold, though with no good logic ..... much the same could be said of VIY

cynic your views on Hawk coincide with ours if the ceo doesn't know (or care) what the monthly/daily production is who does? So much cash has been expended for so little return, glad to hear Bramhill can afford a nice suit!

Talk of a takeover bid in Shares magazine this week....bid possibly at 55p.....?.

HAWK is not performing at all... zzzzzzzzzzzzzzzzzzzzzzzzzz

Give it time. About 2 years should be about right.

seems to be heading sub 30p unless there is some good production news.

David Bramhill is misleading the shareholders

How what has he said?

Shareholders expressed surprise at the Jolly Ranch project's low production figures of 150 barrels of oil per day, after Nighthawk had previously hailed the Colorado-based project as a "world-class asset".

That what he said.

might just keep my car in petrol for a year, and hyleo is right

cynic you must have a "Roller".

oh a Royce you mean! .... not sporty enough for me

cynics saving up to buy Kate an electric car from TAN....... electric drive not too electrify..... though there's a thought....

a broomstick will suit her and marni-bitch very well, preferably an ill-behaved one as in the Harry Potter films

lol..:))

Bought in this morning...2010 could be the year this really takes off? (imho)

HAWK has no power to fly, seems to crash all the time.