SOURCE: PetroHunter Energy Corp.

May 15, 2008 14:14 ET

PetroHunter Energy Corporation Announces Extension of Closing Date Under Purchase and Sale Agreement With Laramie Energy II, LLC to May 31 in Order to Complete Pre-Closing Matters

DENVER, CO--(Marketwire - May 15, 2008) - PetroHunter Energy Corporation (OTCBB: PHUN) ("PetroHunter") announced that it has entered into an amendment of the Purchase and Sale Agreement with Laramie Energy II, LLC to extend the closing date to no later than May 31, 2008 to complete certain pre-closing conditions.

As previously announced, PetroHunter's Southern Piceance properties covered by the sale consist of approximately 1,059 net acres in Garfield and Mesa Counties, Colorado, including 16 wells which have been drilled, but not completed or connected to a pipeline. PetroHunter retains all its interest in eight producing wells in Garfield County, which are operated by EnCana Oil & Gas (USA), Inc.

About PetroHunter Energy Corporation

PetroHunter Energy Corporation, through the operations of its wholly-owned subsidiaries, PetroHunter Operating Company and Sweetpea Corporation Pty Ltd, is a global oil and gas exploration and production company with primary assets consisting of various oil and gas leases and related interests, including over 21,000 net mineral acres in Colorado and over 7,000,000 net mineral acres in Australia. For more information please visit www.petrohunterenergy.com.

About Laramie Energy II, LLC

Laramie Energy II, LLC is a Denver-based oil and gas exploration and production company with established operations in the Piceance Basin, Colorado, an area where its operating team has focused since 2004. For more information on Laramie, please see www.laramie-energy.com.

Forward-Looking Statements

Except for statements of historical fact, the information presented herein constitutes 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 the company 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 other factors over which PetroHunter Energy Corporation, or any of its subsidiaries, has little or no control.

Contact Information

  • Contacts:
    PetroHunter Energy Corporation
    Corporate Address
    1600 Stout Street, Suite 2000
    Denver Colorado 80202 USA
    Phone (303) 572-8900
    Fax (720) 889-8371

    Charles B. Crowell
    Chairman and CEO
    (303) 572-8900

    David E. Brody
    Vice President and General Counsel
    (303) 572-8900

    Investor Relations Contact:
    Bevo Beaven
    Sr. Vice President/General Manager
    CTA Integrated Communications
    (303) 665-4200