Nighthawk Energy plc Share Awards and Restricted Stock Scheme (3357T)

TIDMHAWK

RNS Number : 3357T

Nighthawk Energy plc

02 October 2014

2 October 2014

NIGHTHAWK ENERGY PLC

("Nighthawk" or "the Company")

Share Awards

Restricted Stock Scheme

Nighthawk, the US focused oil development and production company (AIM: HAWK and OTCQX: NHEGY), announces that further to the recent appointment of Rick McCullough as Executive Chairman, that as of 1 October 2014, Mr McCullough became eligible for the award of up to 2 million ordinary shares in the Company. The award is based on certain vesting conditions which are share price performance over a 27 month period and value realised in any future change of control event. The minimum price at which any award can be made is 11.66 pence per ordinary share, 25 per cent above the closing mid-market price of Nighthawk ordinary shares on 1 October 2014. The award is conditional on Mr McCullough purchasing and holding a minimum of 750,000 ordinary shares throughout the performance period. Mr McCullough does not have any other interest in Nighthawk ordinary shares at the current time.

On the same date, Richard Swindells, the Company's Chief Financial Officer, became eligible for an award of up to 700,000 ordinary shares, based on the same performance and vesting conditions as the award to Mr McCullough. The award is subject to Mr Swindells maintaining a holding of at least 5 million ordinary shares or vested options throughout the performance period. Mr Swindells currently holds 878,137 ordinary shares and 9,300,000 vested options over ordinary shares.

In order to fully incentivise its Denver based office team, the Company is putting in place a new US stock option scheme (the "Restricted Stock Scheme"). Under the Restricted Stock Scheme, participants are eligible for an award of up to 60 per cent of their salary per annum, payable in ordinary shares of the Company, with the number of shares awarded being based on the Company's share price and GBP/US$ exchange rate at the time of the award. The award of any shares will be based on certain performance conditions, the key one of which is production growth. The maximum value that may be subject to award under this scheme is US$1.49 million per annum.

Chuck Wilson, the Company's Chief Operating Officer, is eligible to participate in the Restricted Stock Scheme and the maximum value of any award that Chuck Wilson could receive per annum is currently $201,600. The award is subject to Mr Wilson maintaining a holding of at least 5 million ordinary shares or vested options throughout the performance period. Mr Wilson currently holds 725,000 ordinary shares and 8,000,000 vested options over ordinary shares.

The full details of the Restricted Stock Scheme will be presented to shareholders at the Company's next Annual General Meeting.

The Company's issued share capital is currently 959,376,330 ordinary shares.

Enquiries:

 
 Nighthawk Energy plc 
 Rick McCullough, Chairman                                       +1 303 407 9600 
 Richard Swindells, Chief Financial 
  Officer                                                   +44 (0) 20 3582 1350 
 
 Westhouse Securities Limited                               +44 (0) 20 7601 6100 
 Alastair Stratton                     alastair.stratton@westhousesecurities.com 
 Robert Finlay                             robert.finlay@westhousesecurities.com 
 
 FTI Consulting                                             +44 (0) 20 7831 3113 
 Ben Brewerton                                   ben.brewerton@fticonsulting.com 
 Ed Westropp                                   edward.westropp@fticonsulting.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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