2009-08-15-2008-10-01-2008-11-01

Acquired 50% WI in 4 permits in Beetaloo Basin in Northern Territory.

Falcon Oil & Gas Ltd., Denver, (Toronto Venture: FO) has closed the acquisition of a 50% working interest in four exploration permits in Australia from PetroHunter Energy Corp., Denver, (OTCBB: PHUN) for US$25 million in cash and stock. Falcon had previously paid US$5 million in cash on Aug. 25 and has issued 28.9 million shares of Falcon stock at US$0.72 each for a total US$20 million at closing. The assets consist of the 7-million-acre Beetaloo Basin in the Northern Territory. PetroHunter remains operator. Falcon's plans to acquire a 25% working interest from PetroHunter in five wells in the 20,000-acre Buckskin Mesa project in the Colorado Piceance Basin. Falcon has also loaned PetroHunter US$5 million in a 10% temporary bridge loan which will be advanced directly to certain PetroHunter creditors who are due payment for services and other obligations related to the Beetaloo Basin and Colorado Buckskin Mesa properties.