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.

More jam tomorrow ,who is buying oil assets at the moment?

Jam tomorrow? No, this is near-term income, totally wrong outlook.

"world class reserves" flippin nora, at these prices? They've already started work and with just a 4-month wait to pay for each pump (as I read it) then it seems very solid. I'm now all-in but would buy all I could if I had any spare.

While we have been surprised by the alarming slide in Nighthawk’s share price since the beginning of September, the current price represents a great buying opportunity. The company continues to make new, and upgrade existing, oil and gas discoveries as well as acquiring more acreage. As such we maintain our target price at 173p and buy recommendation.

Please, you're having a laugh. AIM has no money cause there are no agencies to fund them, thus in theory this is worth 0p.

RNS Number : 3274F
Nighthawk Energy plc
08 October 2008



Nighthawk Energy plc

Jolly Ranch Group, Centurion and Xenia 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 announce operational updates on the Jolly Ranch Group, Centurion and Xenia projects. Nighthawk holds a 50 per cent working interest in each of the projects which are operated by Running Foxes Petroleum Inc. ('Running Foxes'), which holds the remaining percentage interests.




Jolly Ranch Group




Craig 15-32 well encountered hydrocarbons and production pipe run

Hydrocarbons discovered in Marmaton B, Cherokee and Atoka shales and Morrow sandstones

Test flow rate from Jolly 16-1 increases to 446 barrels of oil per day and over 1 million cubic feet of gas per day

Rig moved to drill Craig 7-34




Further to the announcement on 2 October 2008, the operator has informed the Company that the Craig 15-32 well has reached total depth and production pipe has been run. Good oil shows were encountered in the Marmaton B, Cherokee and Atoka shales and a Morrow sandstone. Testing of this well will begin in the next 14 days. The Patterson-UTI Energy rig 103 is being moved to drill Craig 7-34, the fourth well of the current ten well programme. To date, six wells have been drilled, all encountering hydrocarbons in multiple formations that are being tested separately in selected wells.




The Jolly Ranch Group project is an emerging regional shale play targeting primarily the Atoka and Cherokee shales. In addition, there are conventional zones on the acreage, including the Marmaton B which is currently producing at the Jolly 2-1. The Marmaton B zone has been encountered in all wells drilled to date on the acreage block and is considered a regional conventional oil target.




The Jolly 16-1 flowed on a 24 hour test at 446 BOPD and over 1 MMCFGPD from the Lower Atoka shales and 100 per cent. oil cut. The flow rate is considerably higher than that reported on 2 October 2008. The well is awaiting delivery of a pump jack and oil storage tanks which are due to be installed within 10 days. The workover rig and frac tanks are being moved to the Jolly 4-13 for completion of the Lower Atoka shales.




As announced on 2 October 2008, in addition to four shallow wells planned to test the Codell formation, a further 13 wells are planned to be drilled and the operator is staking an additional 30 wells on the Jolly Ranch Group project.




Centurion

Franklin 13-6 well encounters hydrocarbons in multiple zones

Atoka-Nighthawk 13-11 well completed as a gas producer

Rig moved to drill Atoka-Nighthawk 12-29




The Centurion project is located in Sumner County, Kansas, covering approximately 15,000 acres. The project lies within the prolific Sedgwick Basin which has produced from the Arbuckle, Simpson, Viola, Mississippian and Cherokee sandstones and carbonates at depths of less than 5,000 feet.




The Devonian Chattanooga or Woodford shale is the primary shale target and has produced hydrocarbons throughout most of the central and eastern US since the 1920s. The Simpson and Cherokee shales are also potential targets and produce in other parts of the US.




Two exploration wells have been drilled on the project area, the Franklin 13-6 and Atoka-Nighthawk 13-11.




The Franklin 13-6 well has reached total depth at 3,904 feet, 100 feet into the Arbuckle. The well has encountered excellent live oil shows and large mudlog gas kicks throughout a 60 foot zone from 3,391 to 3,451 in the Mississippian Chat, a carbonate reservoir and prolific production horizon in the area.




The well has cored the Chattanooga shale which is giving off a petroliferous odour from 3,705 to 3,746 feet. The core has been shipped to Omnilabs for testing. Immediately below the shale the Simpson sandstone at 3,746 to 3,750 feet encountered live oil shows, moderate porosity and a good gas kick on the mud log. The operator has run pipe to total depth in order to test these zones. The well is located on a defined structural high and several other conventional oil zones will be tested. The Excello, Summit and Chattanooga shales have all been cored.




The rig has been moved to drill the Atoka-Nighthawk 12-29 targeting the same conventional oil zones and Chattanooga shales on a structural high.




The Atoka-Nighthawk 13-11 has been completed at 4,000 feet and is dewatering the Excello, Summit and V shales. The well is making increasing amounts of gas and the operator is pursuing a tap facility to sell product.




Gas in place in respect of the Chattanooga shale is estimated to range between 8-12 billion cubic feet per 640 acres. The Cherokee shales typically recover 150 million cubic feet of gas per well on 80 acre spacing and conventional reservoirs vary from 5,000 to 500,000 barrels of oil per well on 40 acre spacing depending on reservoir characteristics.




Xenia

First two wells of an 18 well programme, the Stewart 5-34D and 6-34C encounter 22 and 28 feet of oil pay respectively in Bartlesville sandstone

Additional coals or shales flowed gas in each well

Production pipe run and gas pipeline under construction




The Xenia waterflood project is located 10 miles west of the Devon Oilfield in Kansas and covers an area of 1,959 acres. The Xenia field has eight shut in wells and produced gas historically for a local municipality.




The Bartlesville sandstone is the primary target at the project as at the Devon Oilfield and Buchanan Group projects. The sandstone is part of a regional tidal to near marine fluvial system that lies between layers of coals and shales.




Nighthawk has been informed by the operator that the first two wells of an 18 well programme, the Stewart 5-34D and Stewart 6-34C, have been drilled on the Xenia project.




The wells encountered 22 and 28 feet of Bartlesville sandstone respectively with good oil saturation at a depth of 620 feet. In addition, at least three coals or shales in each well flowed gas while drilling and production pipe has been run. A 12 mile pipeline is under construction for gas sales.







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.

Ludicrous.....now....the sp down again....getting fed up with this !....I know oil is dropping but still the same....this should be 30p higher at least !.

agreed i am in - sold hawk sometime ago at a profit before the drops - now time to buy back in - may drop a little lower but this is good enough for me

agreed i am in - sold hawk sometime ago at a profit before the drops - now time to buy back in - may drop a little lower but this is good enough for me

apologies for the repeat - hit the return key twice in error!

Bought a few more .

Looks like HAWK has run out of favour. Its current 30p worth looks very shaky as production is not likely to override its costs as oil price is weaker by the day.

Down again...grrrrr !, not getting much right in 2008 !.

Justyi....this has potential....look at the updates....loads of wells being drilled...I'm convinced this will come right unless oil comes down a lot further (hope not)....bit by bit production will increase but at the moment this market is governed by sentiment.....and good stocks have suffered....some of the prices for some companies are ridiculous....but there you go that's the way it is....too much borrowing going on in this world !.

Bought a few more ,building a decent holding .

What on earth is happening to this stock....?

See what I say...it is 26p...better sell out...too shaky to hold on...will go to 10p -15p soon

Some say price being walked down to 22p.

Will have to wait and see, I am now looking for a re-entry into this one, but must be sub 25p, the price it floated at.

Nothing wrong with the company as far as I'm concerned. Its bargain time, but how much lower may it go. Who knows, you pays your money you takes your chance.

i sold my entire holding at about 98p some time ago - been waiting to buy back in - nearly there i think - major problem is that oil price sliding - even with modern technology may affect hawk - time will tell - if this drops to 20 - 25p i will buy a small holding back and sit it out - good luck all as this really is a sound company with 11M in the bank

Well Gibby...I wish that when you sold your entire holding that you would have convinced me to have waited until now.....problem is that I sold as well and made the mistake of buying back in !,......did anybody really expect oil to come right down to this level ?....I for one never thought that it would drop below $90 ever !.

By the way oil up by half a $ (as we speak) !.