Operations Update

NIGHTHAWK ENERGY PLC

("Nighthawk" or "the Company")

Operations Update

Nighthawk, the US focused shale oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces an update on its operated project at Jolly Ranch in the Denver-Julesburg Basin, Colorado.

Highlights

§ 2012 work-over program on schedule

§ Preparation and data gathering complete on seven wells

§ Recompletion stage now underway

§ Increased leasing and drilling activity in Jolly Ranch area

Summary

Nighthawk's 2012 Jolly Ranch work-over program is well underway. The first work-over rig arrived on location ahead of schedule in mid-February and, despite challenging weather conditions, has now successfully completed a number of operations on seven wells. The second work-over rig will be on location shortly.

The initial steps in the work-over program broadly comprise three activities - preparation and remediation work prior to re-completion; data-gathering; and recompletion into production.

Preparation and Remediation Work

During 2011, prior to Nighthawk becoming operator, investment in Jolly Ranch had been very limited. As a result Nighthawk anticipated that substantial work would be required to restore wells to the point where recompletion and production was a realistic option. After re-entry of seven wells the Company now anticipates that additional down-hole work will be required above original estimates, and consequently the Company has budgeted for an additional net spend of US$300,000 to US$600,000, which is fully funded.

The primary areas requiring additional spend are:

·; Significant sand-fill in wells

·; Casing and tubing damage

·; Re-balancing and repair of pump units

In addition, Nighthawk is undertaking substantial overhaul of topside facilities including cleaning of tanks, improvement of well-pads; better environmental protection; and improved infrastructure.

Data-gathering

The planned data-gathering process has proved very successful with check-shot data obtained from three wells and additional logging data from the out-lying Williams 10-27 well. In addition, the Company has acquired additional digital well data from the surrounding area and has commissioned independent geological analysis to help inform future drilling decisions and evaluate the extent of the various shale oil plays, including Cherokee and Niobrara, across the Jolly Ranch acreage.

Recompletion and Production

On assuming operatorship on 23 January 2012, there was only one producing well, the Craig 16-32, which was pumping at approximately 30 bbls/day (gross). This well was briefly taken off-line for clean-up work but is now back in production at a steady 30 bbls/day.

Over the past week recompletion work to bring three additional wells into production has been underway and an update on production will be released in April 2012.

Next Steps

With the arrival of the second work-over rig, work on the other eight wells in the program will accelerate through the stages of remedial work, data-gathering and recompletion where appropriate. Nighthawk does not anticipate that all these wells will come into production, but does expect to see a significant uplift in production from the current single-well output of 30 bbls/day (gross).

Surrounding Activity

The 410,000 acres of Jolly Ranch remain in the centre of an increasing level of leasing and drilling activity by larger players in the US shale oil market. Over the past month, announcements from Conoco, South Western Energy, Ultra Energy and other independents have confirmed interest in the immediate neighbourhood around Jolly Ranch.

Stephen Gutteridge, Chairman of Nighthawk, commented:

"Taking on the operatorship of a project that had seen little investment over the past year was always going to be challenging, but I am delighted that the Nighthawk Denver team have moved quickly to sort out problems, accumulate additional data, and get to well recompletion earlier than expected. Operational success is the criteria by which we expect to be measured and we will now be updating regularly on our progress."

Chuck Wilson, Chief Operating Officer of Nighthawk, who has over 32 years of experience in the oil and gas industry and meets the criteria of qualified persons under the AIM guidance note for mining and oil and gas companies, has reviewed and approved the technical information contained in this announcement.

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