PetroHunter Energy Corporation Announces Closing With Laramie Energy II, LLC for Sale of Properties in Piceance Basin, Colorado
PetroHunter Energy Corporation (OTCBB: PHUN)
("PetroHunter") announced that on May 30, 2008, it closed on the sale of
its oil and gas leases and working interest in its "Southern Piceance"
properties in Garfield County, Colorado. As previously announced, the buyer
was Laramie Energy II, LLC. The purchase price was $21 million (before
minor adjustments under the Purchase and Sale Agreement).
PetroHunter's Southern Piceance properties covered by the sale consisted of
approximately 625 net acres in Garfield County, Colorado, including 16
wells which have been drilled, but not completed or connected to a
pipeline. An additional 434 net acres could be included in the sale in a
subsequent closing between the parties if PetroHunter and a third party
lessor are able to enter into an amended lease, and if certain title
curative is achieved. PetroHunter retains all its interest in eight
producing wells in Garfield County, which are operated by EnCana Oil & Gas
(USA), Inc.
PetroHunter's Chairman and CEO, Charles B. Crowell, stated, "We're very
excited about reaching this important stage, and about the future of this
company. The closing of the Laramie transaction will enable PetroHunter to
implement our strategy in Buckskin Mesa, our 20,000-acre core area in the
northern Piceance Basin, and to move forward this year with the early
phases of our long-term exploration and development plans on our seven
million-acre property in Australia."
About PetroHunter Energy Corporation
PetroHunter Energy Corporation, through the operations of its wholly owned
subsidiaries, PetroHunter Operating Company and Sweetpea Corporation Pty
Ltd, is a global oil and gas exploration and production company with
primary assets consisting of various oil and gas leases and related
interests, including approximately 20,000 net mineral acres in Colorado and
over 7,000,000 net mineral acres in Australia. For more information please
visit www.petrohunterenergy.com.
About Laramie Energy II, LLC
Laramie Energy II, LLC is a Denver-based oil and gas exploration and
production company with established operations in the Piceance Basin,
Colorado, an area where its operating team has focused since 2004. For
more information on Laramie, please see www.laramie-energy.com.
Forward-Looking Statements
Except for statements of historical fact, the information presented herein
constitutes forward-looking statements. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors, which may
cause the actual results, performance or achievements of the company to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors
include general economic and business conditions, the ability to acquire
and develop specific projects, the ability to fund operations and other
factors over which PetroHunter Energy Corporation, or any of its
subsidiaries, has little or no control.
Contacts:
PetroHunter Energy Corporation
Corporate Address
1600 Stout Street, Suite 2000
Denver Colorado 80202 USA
Phone (303) 572-8900
Fax (720) 889-8371
Charles B. Crowell
Chairman and CEO
(303) 572-8900
David E. Brody
Vice President and General Counsel
(303) 572-8900
