PHUN Enters Into Agreement With Falcon Oil & Gas Ltd. for Sale of an Interest in the Beetaloo Basin Project for $5 Million Debt Relief

DENVER, CO--(Marketwire - April 27, 2009) - PetroHunter Energy Corporation (OTCBB: PHUN) announced that it has entered into a non-binding letter of intent with Falcon Oil & Gas Ltd. under which PetroHunter will sell and assign to Falcon an undivided 25% working interest in PetroHunter's four exploration permits covering seven million acres in the Beetaloo Basin of the Northern Territory, Australia. As PetroHunter had sold a 50% working interest in this prospect to Falcon in September 2008, this will increase Falcon's working interest to 75%.

As principal consideration for acquiring the 25% working interest, Falcon will agree to forgive the $5 million due under a loan made to PetroHunter in October 2008.

The closing of this transaction is subject to the execution of definitive agreements, the fulfillment of certain closing conditions, as well as the receipt of all required regulatory approvals. Closing of the transaction is expected to occur on or about May 25, 2009.

Source: marketwire