Nighthawk Energy : Update on Chapter 11 cases

26 June 2018

NIGHTHAWK ENERGY PLC('Nighthawk' or 'the Company')

Update on Chapter 11 cases

Nighthawk, the US-focused oil development and production company (AIM: HAWK and OTCQX: NHEGY) today provides an update on the sale process pursuant to section 363 of the US Bankruptcy Code.

Following the 22 June 2018 deadline for submission of competing proposals to the Polaris Production Partners LLC 'stalking-horse' bid proposal, the Company confirms that no additional bids were received and accordingly that it has cancelled the auction previously scheduled for 26 June 2018. The US bankruptcy court ('Court') will conduct a hearing to approve the sale of those assets to the stalking horse bidder ('Sale') on 28 June 2018, at which time the Company will advise that no objections to the sale were received by the same 22 June deadline. Closing is expected to occur on or around 1 July 2018.

The Company received no viable or formal proposals for a restructuring or a recapitalization of the Company.

The net proceeds of a Sale are to be applied first in reduction of the CBA loan and in payment of allowed expenses of administration incurred in the course of the Chapter 11 cases. It is expected that the Sale will yield no residual value for shareholders, whose interests are subordinated by U.S. bankruptcy law to the claims of creditors and expenses of administration.

The Company expects to issue a further update following the final Court hearing on 28 June 2018.

Following completion of a Sale it is the Directors' intention that the Company shall be wound up, and its remaining, non-operating assets liquidated under provisions of the US Bankruptcy Code.

Annual Report and Suspension

The Company notifies that, in light of the above processes, it will not be in position to notify and publish its audited annual accounts for the year ended 31 December 2017 ('2017 Accounts') by 29 June 2018.

The Company's securities remain suspended on AIM pursuant to the announcement dated 1 May 2018.

Enquiries:

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.