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.

you're not alone here oily--I picked up 10000 shares yesterday--hope your valuation catches on!

Another observation is that the underlying sales price is slowly rising, this confirms to me that someone is buying in the background. Unless some of the sales are in fact purchases.

Oily... just took a small position 6500 purchase... take a look - it shows as a sell, the spread is 23 - 24.5, ie mid 23.75, i bought for 23.65... so your theory could be true, most sells could be buys...

Thanks Big Ted, I've been banging my head against the wall all day trying to make sence of it all. That makes a lot of sence to me all we need now is for the MM's to accidently put a 1 in front of the SP.

Big Ted / Oily

I have bought 14250 today, it also shows as a SELL.

I sold out - stop loss triggered - only had 10,000

bhunt, if as we surmise that the mm's are dictating the price whatever the deals in front of them are, then maybe it might be worth going back in without having a stop loss in place. I reckon that by holding the price they are trying to maximise their profits, on what is after all, an attractive share. If this is the case, then you wouldn't lose too much on retrading.

Can anyone confirm if the 23.63p sales are in fact buys. Possibly same problem as yesterday.

Oily, level 2 quotes showing 23.18 - 23.62, they are buys...

Thanks bt.

Slow start today, but at least MM's seem to have sorted out SP problems.

This was covered in the stock channel tv programme yesterday-it's worth going to the website and ploughing through the boring stuff to listen to the oil barrel chap talk about this company. He called it a safe bet--us regulated-gas producing and profitable-lots more holes to be drilled 90% success rate so far--a cash cow! The market has yet to wake up to this one IMO. I intend to add as and when.

Hi mp, I am also looking to add shortly but my main assets are tied up in TMC and that is flying at the moment. Target for this one should be 60-70p.

Also recommended as a Buy by Monisha in allnewissues.com

and still the prices show up wrongly... L2 shows 23.6 - 24...

Very disappointed that this hasnt moved up more over the last couple of week. I think they have good potential but seem to be lacking publicity.

long term this should do very well IMO. It was featured on TW's stock market channel and the CE did a good promotion on the prospects and called it a low risk cash cow. As usual the market hasn't taken much notice and early investors are probably taking profits as some of them could buy pre ipo around 4p-if this is happening it will keep a lid on the sp for a while unless some good announcements come out. I'm holding.

New investment in the Vogel Bartlesville waterflood project in Bourbon county in Kansas. Nighthawk have purchased an 80% working interest in a 10 well project for $450,000. Drilling depth to be 350 to 450 feet, with a net pay calculation of 25 feet with a 22 to 27% porosity. There are an estimated 3.1 million barrels of oil at an estimated 30 to 50% recovery rate. The whole drilling project to be completed by June.

HAWK mentioned in Shares Mag as a 2007 Penny Shares Play.

this one is climbing nicely on recent news...



Nighthawk Energy reports further positive drill results at Cisco Springs
LONDON (Thomson Financial) - Nighthawk Energy PLC reported continuing positive drill results at Cisco Springs and said that it has bought a further 640 acres of land with its partner Running Foxes Petroleum Inc at the project for an undisclosed amount.

The US-focused hydrocarbon production and development company said that recent drilling at six wells encountered commercial quantities of hydrocarbons and that they will all be completed as production wells.

Nighthawk said in a statement that the land buy, which includes the Broadhead 1 producing oil well, takes the total acreage held at Cisco Springs to over 17,000 acres.

It added that talks are continuing with private leaseholders to buy further land and that it will bid for a substantial amount of new Federal leases in the BLM land auction due to be held in Utah during the summer of 2007.

The company is planning to drill 60 wells over the next two years at at the Cisco Springs project, in which it holds a 37.5 pct stake.