Draw down of funds and issue of equity

11 November 2010

NIGHTHAWK ENERGY PLC

("Nighthawk" or "the Company")

Draw down of funds and issue of equity

Nighthawk, the US focused oil and gas development and production company (AIM: HAWK and OTCQX: NHEGY), announces that it has raised net proceeds of £3.275 million by drawing down on its Equity Financing Facility ("EFF") with Darwin Strategic Limited ("Darwin"), part of the Evolution Group. The EFF agreement was arranged by Darwin and was announced by Nighthawk on 14 October 2010.

Under the terms of the EFF agreement the Company has allotted, conditional on admission to trading on AIM, 28,463,600 new ordinary shares of 0.25p each to Darwin (the "New Nighthawk Shares"). The New Nighthawk Shares have been issued at a price of approximately 11.51p per share and rank pari passu in all respects with the existing ordinary shares of 0.25p each in Nighthawk.

The proceeds from the draw down, which is the first undertaken by the Company since the announcement of the EFF, will allow Nighthawk to continue the development of the asset base. The funds will be used to meet ongoing commitments and will focus on Jolly Ranch, the Company's lead project, with the immediate operational focus being the completion and recompletion of a number of wells that have already been drilled. The objective will be to obtain a better understanding of the completion techniques required to deliver value at the project.

Application will be made to the London Stock Exchange for the 28,463,600 New Nighthawk Shares to be admitted to trading on AIM. It is expected that the admission will become effective and that trading in the New Nighthawk Shares will commence on 16 November 2010 ("Admission").

Following Admission, the Company's enlarged issued share capital will comprise 358,103,080 ordinary shares with voting rights. The Company does not hold any shares in treasury. This figure of 358,103,080 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

Tim Heeley, Chief Executive, Nighthawk Energy plc, said:

"We are pleased to announce the successful first draw down from our facility with Darwin Strategic. The funds will be used to complete and recomplete some of the existing wells on our Jolly Ranch project and for ongoing technical analysis work.

"We are pleased to have Darwin as a strategic partner and look forward to a long relationship with them. The Board continues to undertake the Strategic Review and will deliver an update on this process in due course."

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About Darwin Strategic:

Darwin Strategic, a majority owned subsidiary of The Evolution Group, provides funding solutions for UK listed PLCs, including Equity Financing Facilities. Darwin Strategic has extensive experience in both corporate finance and secondary market trading, and offers bespoke funding solutions for companies beyond traditional debt and equity funding.