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.

Nighthawk have now paid Running Foxes, their full consideration less a discount for early settlement, of their 37.5% share in Cisco Springs. This should now raise sp to 65p purely on the current valuation of CS.

Hi cynic, bet your glad your in.

too early to tell yet ..... plenty of time for sp to crash!

Thats our cynic, lol. I think this ones now on the way up.

would hate to disappoint by being cheey first thing in the morning .... lol!
BUY SCHE by the way

Drilling and project update just out. If 3.1million barrels at $66 per barrel times 35% retrieval rate equals $71.61million, times 80% holding is $57.288million divided by 2 into 28.644million approx. This would be equivalent to another 18.86p onto the sp.

Target price should now be 84p approx.

Cynic, dont sell yet, plenty more to come. Plus 3p on the day to 43p. Thats about 17% profit for you in a week.

Plus 4.5p in 5 minutes, there's no stopping this one at the moment.

Now 24% in a week.

Nighthawk Energy plc
31 May 2007



NIGHTHAWK ENERGY PLC

DRILLING AND PROJECT UPDATE



The directors of Nighthawk Energy plc ('Nighthawk' or the 'Company') (AIM: HAWK) are pleased to announce a significant expansion of the appraisal and development drilling programme at the Devon oil field (formerly known as the Vogel Bartlesville project). The Company holds an 80 per cent. interest in this waterflood project and the operator, Running Foxes Petroleum Inc. ('Running Foxes'), a 20 per cent. interest.

The Devon oil field is located in Bourbon County, Kansas, within the Cherokee Basin, a prolific shallow oil and gas producing area. The current drilling is targeting Bartlesville channel sandstones located from 350 to 500 feet.

Nighthawk has previously announced the results of the first four wells of the
current appraisal and development programme, all of which confirmed the presence of oil saturated sandstones. These wells have been completed, logged and cased as future producers. In addition, the original project area of 160 acres has been extended through land acquisition to 960 acres.

A further 11 wells have now been completed, logged and cased as future
producers. The net oil pays of the new wells range from 8 to 20 feet. Five of
the recent wells were drilled on the Graham lease to the north of the original
160 acre Vogel lease, demonstrating the extension of the reservoir. No water
zone has been encountered in any of the wells drilled to date.

Two wells on the recently acquired acreage to the south of the Vogel lease
indicated the reservoir is present and is thicker than on the Vogel lease.

Due to the drilling success on the recently acquired acreage, the original programme of 12 appraisal wells has now been increased to 40 with the objective of delineating the extent of the reservoir. Drilling is expected to be concluded in July 2007.

Following the conclusion of the appraisal programme, a pilot production project
of five test wells, including both injectors and producers, will commence in the
third quarter of 2007.

The oil in place over the original 160 acres of the project when acquired in March 2007 was estimated 3.1 million barrels of oil (gross). Following the recent land acquisition and appraisal drilling on the new acreage, Running Foxes now estimates the oil in place to be in excess of 10 million barrels of oil (gross).

David Racher B.Sc (Hons) Geology, who is a consultant to Nighthawk, has reviewed and approved the technical information contained in this announcement.

Missed the last bit earlier, 3 times as much oil as my last estimate. Equals 54p plus 65p. New target price for me is now 119p.

Hi Oily, thought I'd keep you company! HAWK certainly delivering the goods. I met David Bramhill & Joe O'Farrel at Master Investor 2007 and got the nod that they thought they were sitting on a cash cow, which had to be proved and developed in a benign environment. Presently, happy to hold upto 119p!!

Perhaps the header can be updated for current fair value estimate now?? Thanks.

Oh one other point, I understand that full production won't be achieved until around 2013 ish, so this share may have a long way to go yet. DYOR :-)

Hi silvermede, this is only my calculation of worth and isn't guaranteed. I'd like to think that it is worth at least that and more with future developments to take into account. Good luck to all holders, see you all down the Noble showrooms.

A bit of profit taking going on at the moment, looking for a dip in sp to top up.

Silvermede -Is this the same David Bramhill that ran Cambridge Minerals, quite a few years ago?

shall endeavour not to sucker myself into buying more ...... it would be pure greed ..... on the advice of you guys (very many thanks) i got in with 1/3 norm stake at 37, so still have a tasty (paper!) profit

ditto cynic-sitting on my hands with difficulty!