2009-04-29-2009-04-28-2009-07-01

Bought 25% WI in Beetalo Basin project, Northern Territory, Australia.

Falcon Oil & Gas Australia Pty Ltd., a subsidiary of Falcon Oil & Gas Ltd., Denver, (Toronto Venture: FO) has closed its acquisition of a 25% working interest in four exploration permits in Australia from PetroHunter Energy Corp., Denver, (OTCBB: PHUN) in exchange for canceling a US$5-million debt. Falcon previously acquired 50% interest in the 7-million-acre Beetaloo Basin in the Northern Territory in September for US$25 million. Falcon now holds 75% working interest. PetroHunter remains operator. Falcon has also reassigned to PetroHunter the undivided 25% working interest previously acquired in five wells, including the 40-acre tract surrounding each well in PetroHunter's 20,000-acre Buckskin Mesa project in the Piceance Basin, Colorado. Falcon chairman, chief executive and president Marc A. Bruner now beneficially holds 35.4% of the issued and outstanding shares of PetroHunter. Falcon previously issued the US$5-million loan to PetroHunter in October.