2009-08-16-2008-10-01

To acquire 50% WI in 7-million-acre prospect in Beetaloo Basin in Australia.

Falcon Oil & Gas Ltd., Denver, (Toronto Venture: FO) plans to acquire an undivided 50% working interest in a 7-million-acre prospect in the Beetaloo Basin of the Northern Territory in Australia from PetroHunter Energy Corp., Denver, (OTCBB: PHUN) for $25 million. The Beetaloo Basin properties in Australia consist of approximately 7 million acres under four exploration permits issued by the Northern Territory of Australia. Falcon will pay $5 million in cash and $20 million in shares for an undivided 50% working interest. PetroHunter will remain operator. BMO Capital Markets is advisor to Falcon. Falcon has operations in Hungary through subsidiary TXM Oil and Gas Exploration LLC and in Romania through subsidiary JVX Energy Corp.