HDY.L Regulatory News (HDY)

Hardy Oil and Gas plc

("Hardy" or "the Company")

Board Appointments

Hardy Oil and Gas plc (LSE: HDY), the oil and gas exploration and production company focused in India, announces the appointment of Ian MacKenzie as Chief Executive Officer designate and Peter Milne as an Independent Non-Executive Director of Hardy. To ensure a smooth transition Mr Sharma will remain as Chief Executive Officer until the Company's Annual General Meeting on 16 May 2012 when he will become a Non-Executive Director and be succeeded as Chief Executive Officer by Mr MacKenzie.

Mr MacKenzie has held several senior management and executive level positions with public and privately held oil and gas sector companies. His most recent role was as an executive director of the KCA Deutag Drilling Group where he also held directorships for six other associated UK registered companies as well as six Norwegian companies for which he was the Chairman of the main operating entity KCA DEUTAG Norge A/S.

Mr MacKenzie gained an honours degree in Engineering Science from Aberdeen University and a Postgraduate Diploma in Offshore Engineering from Robert Gordons, Aberdeen. He also has formal qualifications in Finance & Accounts. He is a Chartered Mechanical Engineer, FEANI registered European Engineer, member of the Energy Institute, Society of Petroleum Engineers and a past External Examiner in the RGU Oil & Gas MSc course.

Mr Peter Milne has a proven track record in the oil sector. For over 15 years he was the Finance Director of Abbot Group plc, the largest UK headquartered drilling contractor. During that period the company grew from being a largely UK focused business, with turnover of £50 million, into a global organisation with more than £1 billion turnover, operations in 20 countries and employing over 8,000 people. This transformation was achieved through a strategy of organic and acquisition led growth. Mr Milne qualified as a Chartered Accountant with Deloittes in 1977 and was an executive director of Abbot Group plc (a former FTSE 250 company) and KCA Deutag Drilling Group up until 2010.

The Company will be issuing its preliminary results for the year ended 31 December 2011 on 7 March 2012.

Commenting on the appointments, Alasdair Locke Non-Executive Chairman of Hardy said:

"We are delighted that Ian and Peter have agreed to join our team. Ian has a proven track record of delivering results in a competitive industry. We are confident that his experience and leadership qualities will ensure we are successful in implementing our long term objectives.

Peter's extensive financial experience and expertise will complement our board's competencies as we continue to devise appropriate strategies to create value in a dynamic and competitive oil and gas sector."

Commenting on Mr Sharma's pending transition to Non-Executive Director, Alasdair Locke Non-Executive Chairman of Hardy said:

"While Hardy will continue to benefit from Mr Sharma's advice and counsel as a Non-Executive Director, the Board wishes to acknowledge his immense contribution to Hardy, which he co-founded in 1997. He was instrumental in building the Company's unique spread of exploration acreage in India that led to the successful listing of the Company first on AIM and later on the Main Market of the London Stock Exchange. His knowledge of the business, established over a forty year career, has been, and will continue to be, invaluable to Hardy."

For further information please contact:

ADDITIONAL INFORMATION FOR PETER MILNE:

In the past five years, Peter Milne (57) was a director of the companies listed below;

*Mr Milne was a director of Turbo Beta Ltd until August 2010, it was put into insolvent administration in March 2011 as part of a consensual group refinancing of Abbot/KCA. The company was a non-trading intermediate holding company. The administration is ongoing.

Mr Milne does not hold any other directorships.

Mr Milne currently has no shareholdings in Hardy.

Upon appointment Mr Milne is entitled to receive 30,000 ordinary shares in the Company. Hardy is scheduled to report its 2011 preliminary results on 7 March 2012 and as a result the Company is currently in a closed period. It is intended that the Company will issue the shares following the publication of its 2011 preliminary results. Once issued, such ordinary shares will be held in escrow and will be released to Peter Milne after three years (subject to acceleration in certain circumstances), provided he remains a director of the Company for a period of three years.

There is no other information to be provided in accordance with paragraph 9.6.13 of the Listing Rules.

ADDITIONAL INFORMATION FOR IAN MACKENZIE:

In the past five years, Ian MacKenzie (54) was a director of the companies listed below;

Mr MacKenzie does not hold any other directorships.

Mr MacKenzie currently has no shareholdings in Hardy

Upon appointment Mr MacKenzie is entitled to receive 750,000 employee shares options in the Company within the Company's Unapproved Share Option Scheme. Hardy is scheduled to report its 2011 preliminary results on 7 March 2012 and as a result the Company is currently in a closed period. It is intended that the Company will issue the share options following the publication of its 2011 preliminary results. Once issued, such share options will be subject to certain performance conditions.

There is no other information to be provided in accordance with paragraph 9.6.13 of the Listing Rules.

NOTES TO THE EDITORS

Hardy Oil and Gas plc is an upstream oil and gas company focused in India. Its portfolio includes a blend of exploration, appraisal, and production assets. Hardy's goal is to evaluate and exploit its asset base with a view to creating significant value for its shareholders.

Hardy Oil and Gas plc has existing production from an offshore field in India's Cauvery basin. Hardy also has interests in four offshore exploration blocks in India's Saurashtra, Cauvery, and Krishna Godavari basins.

Hardy is incorporated under the laws of the Isle of Man and headquartered in London, UK. Ordinary shares of Hardy were admitted to the Official List and the London Stock Exchange's market for listed securities effective 20 February 2008 under the symbol HDY.

The Company's Indian assets are held through the wholly owned subsidiary Hardy Exploration & Production (India) Inc, located in Chennai, India.

For further information please refer to our website at www.hardyoil.com