SOURCE: Petrohunter Energy

April 28, 2008 06:30 ET

PetroHunter Energy Corporation Announces Purchase and Sale Agreement With Laramie Energy II, LLC for Sale of Properties in Piceance Basin, Colorado

DENVER, CO--(Marketwire - April 28, 2008) - PetroHunter Energy Corporation (OTCBB: PHUN) ("PetroHunter") announced that it has entered into a binding Purchase and Sale Agreement with Laramie Energy II, LLC, under which PetroHunter has agreed to sell to Laramie all of PetroHunter's working interest in PetroHunter's "Southern Piceance" properties in Garfield and Mesa Counties, Colorado. The transaction is scheduled to close on or before May 6, 2008.

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.

PetroHunter's Chairman and CEO, Charles B. Crowell, stated, "PetroHunter and Laramie have worked diligently to reach this point. The sale of our Southern Piceance assets is another step in implementing our corporate strategy, and will put a challenging period of our history behind us. Completion of this transaction will allow PetroHunter to focus on additional drilling and development in Buckskin Mesa, our core area in the Piceance Basin, and to move forward this year with the early phases of our long-term exploration and development plans on our seven million-acre prospect in Australia."

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 approximately 21,663 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
    CTA Integrated Communications
    Sr. Vice President/General Manager
    (303) 665-4200