2009-08-19-2007-03-01

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Estimated Price
86MM
Description

Blocks and acreage

PetroHunter Energy Corp., Denver, (OTCBB: PHUN) has revised its plans to acquire assets in the Northern Territory of Australia from Sweetpea Petroleum Pty. Ltd. and its parent, Mab Resources LLC, Denver, and will now pay approximately US$72.5 million in stock and US$13.5 million in cash in a deal valued at approximately US$86 million. The assets include 51 blocks on approximately 956,000 acres in the Beetaloo Basin. Pro forma, PetroHunter will have approximately 4 million acres in the basin. PetroHunter will now receive 100% working interest in all the properties, and its obligation to carry Mab for its 50% portion of the first US$700 million in capital costs is eliminated. Mab's 3% overriding royalty is increased to 5%, not including the Piceance II properties and placed where it would result in PetroHunter having less than a 75% net revenue interest. If PetroHunter does not achieve proved reserves of 1 trillion cubic feet of gas, the balance of shares in escrow will be returned to PetroHunter.