SOURCE: PetroHunter Energy Corporation

PetroHunter Energy Corporation

March 10, 2010 14:09 ET

PetroHunter Energy Corporation Obtains Extensions From Secured Lenders

DENVER, CO--(Marketwire - March 10, 2010) -  PetroHunter Energy Corporation (OTCBB: PHUN) today announced that its largest secured creditors, Global Project Finance and Renn Capital, extended the maturity date of $44.65 million of debt to December 31, 2014. PetroHunter paid accrued interest to these creditors with restricted shares of its common stock, valued at $0.125 per share. Going forward, interest will be accrued but paid at maturity, together with the debt principal.

PetroHunter will try to obtain similar agreements from holders of approximately $3 million of secured debt. 

These agreements greatly reduce PetroHunter's cash commitments through 2014, and enhance its ability to focus on operations.

About PetroHunter Energy Corporation

PetroHunter Energy Corporation, through the operations of its wholly-owned subsidiaries, PetroHunter Operating Company and Sweetpea Petroleum 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 20,000 net mineral acres in Colorado and an undivided 25% working interest in four Exploration Permits in the Northern Territory, Australia, consisting of approximately 7,000,000 net acres. For more information please visit www.petrohunterenergy.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

  • Contact:
    Martin B. Oring
    CEO
    PetroHunter Energy Corporation
    1600 Stout Street, Suite 450
    Denver, Colorado 80202 USA
    Phone (303) 572-8900
    Fax (303) 889-8371