Nighthawk provides details of a report completed by Schlumberger Data & Consulting Services in respect of the continuity of the Atoka and Cherokee Shales over certain key areas of the Jolly Ranch project acreage.

The report was commissioned to confirm independently that the organic rich shales in the Atoka and Cherokee are laterally continuous, specifically between the Craig 6-4 SWD well and the recently drilled John Craig 7-2 well which are approximately 30 miles apart.

Two north-south cross sections were constructed over the project acreage in the Jolly and Craig Ranch areas. The stratigraphic tops were extended from the Jolly Ranch area approximately 30 miles to the north through the location of the recently drilled John Craig 7-2 well.

The report concluded that in both the Atoka and Cherokee formations, the individual shales can be readily correlated through the area covered by the cross sections. In addition, it was concluded that the result provides confidence that shales are present under most, if not all of Nighthawk's acreage.

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