Restricted Share Issue

For immediate release 18 March 2013

Hardy Oil and Gas plc

("Hardy", "the Company")

Issue of Restricted Shares

Hardy Oil and Gas plc (LSE: HDY), the oil and gas exploration and production company focused in India, announces that on 15 March it authorised the issue of an aggregate of 45,492 ordinary shares of US$0.01 each in the capital of the Company ("Ordinary Shares") to all of its non-executive Directors, including the Chairman.

Hardy's remuneration policy provides for all non-executive directors to be issued Ordinary Shares equivalent to 25 per cent of their annual cash fee on an annual basis. The Ordinary Shares are issued in consideration for services rendered in 2012 at a price of 122 pence per Ordinary Share, being the closing price on the day prior to issue.

The Ordinary Shares are subject to Restricted Shares Agreements whereby such Ordinary Shares will be restricted for a period of three years from the date of issue and, save in certain circumstances, will be released if the non-executive director remains a director throughout the three year period.

Set out below is a table showing the number of Ordinary Shares of Hardy issued to each of the non-executive directors (including the Chairman):

Application will be made to the UK Listing Authority and to the London Stock Exchange for the new Ordinary Shares, to be admitted to the Official List maintained by the UK Listing Authority, and to be admitted to trading by the London Stock Exchange on its market for listed securities.

Immediately following admission the total issued share capital of the Company will be 73,073,417 Ordinary Shares, each with equal voting rights.

For further information please contact: