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.

bit of mm manipulation i think with amount of buys pre-trading

yep bought again myself at 108 - bit annoyed when dropped but never mind - yes mm's again - sure of that! this will correct upwards

Never trade this in the first hour. When it drops it always recovers, and when it goes up big, it always retraces to about half of the initial rise, intraday. For example yesterday it opened up +8p approx, within an hour or so it was +4p and stayed about there for the day.

thanks oilyrag - you are correc

Update :)

RNS Number : 7367W
Nighthawk Energy plc
16 June 2008




Nighthawk Energy plc


Jolly Ranch and Middle Mist Project Updates



The directors of Nighthawk Energy plc ('Nighthawk' or 'the Company') (AIM: HAWK), the US focused hydrocarbon production and development company, are pleased to provide an operational update in respect of the Jolly Ranch and adjoining Middle Mist projects, located in Lincoln County, Colorado.


Nighthawk holds 50 per cent. interests in both projects. The operator, Running Foxes Petroleum Inc., holds the remaining 50 per cent. interests.


As announced on 30 April and 5 May 2008, the Jolly Ranch 16-1 and Jolly Ranch 2-1 wells which were designed to test multiple objectives, encountered hydrocarbons during drilling and were subsequently cased for testing.


The next well, the Craig Ranch 8-1, also testing multiple objectives, has now been drilled to target depth. Hydrocarbons were encountered during drilling and casing has been set for testing.


All three wells will test the primary target, the Marmaton, as well as other zones. Initial production testing on the three wells, which is expected to take approximately 45 days to complete, will commence in July 2008.


The drilling rig has been released and the drill programme will resume in Q3 2008 following the testing of the three wells. To date, drilling permits for a further 21 wells have been approved in the Jolly Ranch area by the State of Colorado.


In addition, Nighthawk and Running Foxes have acquired further acreage bringing the combined land held at Jolly Ranch and Middle Mist to in excess of 225,000 acres.



David Racher B.Sc (Hons) Geology, who is a consultant to Nighthawk and has over 37 years of experience in the hydrocarbons industry and previously managed the Lasmo plc onshore US portfolio in Kansas, Louisiana, South Dakota, Texas and Wyoming, has approved the technical information contained in this announcement.

Like I said last week, on the release of news, sp was up 2p at the open. Now it has dropped to 0.25p up. Keep watching and soon you may be able to buy lower than start figure with another positive RNS in the bank for long term. Good luck all.

u r dead right oily again. cheers for this tip

the only worrying thing is that so far they have a 100% successful strike record!

Cynic but no actual production.

but seemingly no problem in finding commercial quantities if i have read correctly .... my very amateur interpretation is that they are just working out how to maximise, but am happy to be corrected.

Libertas Capital did a detailed report dated 18th June 2008 that has a valuation not far off the recent one from Hanson Westhouses (Hawk house brokers, 242p); quite a substantial 24-page read, a nice extract popular with the boards is:-

'We are initiating coverage of Nighthawk with a BUY. In our view it has the
potential to emulate the success of the mid-tier US E&P plays. We believe the market has yet to appreciate the possible scale of the Nighthawk reserve base and that the current market capitalisation of about 215m is well underpinned by the Cisco Springs project alone. The news flow should remain bullish in the months ahead - given the prospectivity of Nighthawks properties and the drilling and development programmes. Our one year price target is 235p/share based on an assessment of peer group valuations per mcf of gas and per barrel of oil and our estimate of risk-adjusted reserves. The target assumes broadly unchanged conditions in oil and gas markets.

This has come down a hell of a lot today.. anyone know whats going on?

mm's i imagine

HAWK had a hell of a run and so a pause or even profit taking in the light of dire markets comes as no surprise

people have been shorting it down and i bet they will be buying at end of today

recent broker forecast of 242p!!and thats in last week

though last week they would not have known details of this right issue and deal with Qataris ...... shall wait and see, not that there is much else to do.

thought of shorting more SOLA a couple of days ago .... now that WOULD have been a sensible move for once!

These seemingly inexplicable drops seem to happen across the board from time to time.
Stupidly cheap now and I'm in for more now the worst seems done.

I doubt the worse is over yet.