SOURCE: Claron Ventures, Inc.

December 18, 2006 10:37 ET

Claron Ventures Announces Proposed Name Change to Outback Energy Corporation -- Appoints Board Members -- Agrees to Acquire Petroleum Exploration Assets in Australia

LAS VEGAS, NV -- (MARKET WIRE) -- December 18, 2006 -- Claron Ventures, Inc. (OTCBB: CVTR) wishes to advise that on December 6, 2006, Claron Ventures, Inc. ("Claron") entered into an Agreement with PetroHunter Energy Corporation ("PetroHunter") and its subsidiary, PetroHunter Energy NT Ltd. ("NT"), for Claron's acquisition of NT in exchange solely for the issuance of Claron preferred and common stock and a financing warrant. It is proposed that Claron would change its name to "Outback Energy Corporation" and effect a recapitalization the details of said transaction having duly been filed with the SEC.

NT was formed in Nevada in October 2006 to explore and develop all of the current and future onshore Australian Northern Territory assets of PetroHunter. NT acquired an undivided 50% working interest in Exploration Permit 98 from PetroHunter and will acquire PetroHunter's remaining Northern Territory assets (namely, an undivided 50% working interest in Exploration Permits 76, 99, and 117) pursuant to the terms of a purchase and sale agreement for $15 million.

Completion of the transaction is subject to several conditions, including the completion of satisfactory due diligence by the parties and NT having raised at least $15,000,000 in a private placement by January 10, 2007 in order to complete its acquisition of the Exploration Permits. Under the terms of the Agreement, investors in the private placement would exchange their interests in NT for common shares of Claron.

The parties contemplate entering into a definitive agreement on or before December 31, 2006 containing substantially the same terms as the Agreement, but if a definitive agreement is not reached, then the Agreement shall bind the parties.

In related news, Claron Ventures, Inc. has appointed Matthew R. Silverman and Stephen Schultz to serve as directors effective as of December 6, 2006.

Since 2001, Matthew R. Silverman has been responsible for Exploration New Ventures and Special Projects with Robert L. Bayless Producer LLC, an oil and gas company that is active in the central and southern Rocky Mountain regions. This has included exploration for conventional oil and natural gas, tight gas, and coalbed methane development in several basins. Mr. Silverman directs Bayless's geology and land departments in its Denver, Colorado, and Farmington, New Mexico, offices. From 1989 to 2000, he was employed by Gustavson Associates, Inc., an international oil and gas consulting group, where he was responsible for technical evaluation and capital formation for exploration and production opportunities around the world. His work included appraising oil and gas assets (producing and exploratory), preparing on-site oil and gas field feasibility studies, and business development. Mr. Silverman was previously employed by TOTAL Minatome and its predecessors, CSX Oil & Gas and Texas Gas Exploration, from 1982 to 1989 in Denver, Colorado, and by Evans Energy from 1976 to 1982. He received an A.B. degree from Brown University in 1975 and an M.S. degree in Geology from University of Colorado in 1983. Mr. Silverman is a Certified Petroleum Geologist.

Stephen Schultz has served as the director, corporate communications and investor relations for Acusphere, Inc., a NASDAQ-listed company, since 2005. He has also been a director of Falcon Oil & Gas Ltd., a company whose stock is listed on the TSX Venture Exchange, since June 2006. From 2002 to 2005, he was the director, corporate governance programs for Shareholder.com, where he provided Shareholder.com clients with advice on corporate governance, U.S. Securities and Exchange Commission disclosure, and investor communications. Prior to his tenure at Shareholder.com, Mr. Schultz was Vice President, corporate communications and investor relations for Manufacturers' Services Limited, a New York Stock Exchange-listed company, where he was responsible for all corporate communications. He graduated from St. Lawrence University with a B.A. and attended the Executive Management Program at the Jesse Jones School, Rice University.

Forward-Looking Statements

Except for statements of historical fact, the information presented herein may contain forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Claron to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Claron Ventures, Inc. has little or no control.

ON BEHALF OF THE BOARD
Claron Ventures, Inc.
Trevor Sali, Chief Executive Officer

Contact Information

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    Investor Relations Contact:
    Great Northwest Investor Relations, Inc.
    1-888-786-2134