PetroHunter Energy Corporation Announces Approval of the Beetaloo Basin Transaction By the Australian Foreign Investment Review Board
Posted on: Monday, 22 September 2008, 15:00 CDT
PetroHunter Energy Corporation (OTCBB: PHUN) announced today that the Australian Foreign Investment Review Board (FIRB) has notified Falcon Oil & Gas Ltd. that FIRB has no objection to the sale of a 50% working interest in PetroHunter's four Exploration Permits constituting approximately seven million acres in the Beetaloo Basin of the Northern Territory, Australia.
PetroHunter announced on August 25, 2008, that it had reached a binding agreement to sell Falcon an undivided 50% working interest in the Exploration Permits in exchange for $5 million in cash and $20 million in Falcon shares. The Australian Foreign Investment Review Board's notice fulfills the key third party condition to complete the Beetaloo Basin transaction. As a result, PetroHunter and Falcon can move toward the closing of the transaction subject only to the fulfillment or waiver of closing conditions common for transactions of this nature.
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 in oil and natural gas properties, including approximately 20,000 net mineral acres in Colorado and over 7,000,000 net mineral acres in Australia. 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.
Contacts: PetroHunter Energy Corporation Corporate Address 1600 Stout Street, Suite 2000 Denver, Colorado 80202 USA Phone (303) 572-8900 Fax (303) 889-8371 Charles B. Crowell Chairman and CEO (303) 572-8900 David E. Brody Senior Vice President and General Counsel (303) 572-8900 Investor Relations & Media Contact: CTA Integrated Communications Warren Laird Vice President Shirley Thompson President & CEO (303) 665-4200
SOURCE: PetroHunter Energy Corporation
Source: MARKET WIRE
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