Draw down of funds and issue of equity

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 £1.899 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, 20,000,000 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 9.5p 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 second undertaken by the Company since the announcement of the EFF, will allow Nighthawk to continue the completion and recompletion of a number of wells that have already been drilled at Jolly Ranch. This work will allow the Company 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 20,000,000 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 4 February 2011 ("Admission").

Following Admission, the Company's enlarged issued share capital will comprise 378,103,080 ordinary shares with voting rights. The Company does not hold any shares in treasury. This figure of 378,103,080 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.

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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.