DENVER, April 7, 2008 /PRNewswire-FirstCall/ -- PetroHunter Energy Corporation (OTC Bulletin Board: PHUN) ('PetroHunter') announced that it has entered into a non-binding letter of intent with Laramie Energy II, LLC, which outlines the basic terms of a purchase and sale agreement ('PSA') which the parties will attempt to negotiate. The PSA will provide that Laramie would acquire 100% working interest in PetroHunter's 'Southern Piceance' properties in Garfield and Mesa Counties, Colorado.

PetroHunter's Southern Piceance properties covered by the proposed sale consist of approximately 1,059 net acres in Garfield and Mesa Counties, Colorado, including 16 wells which have been drilled, but not completed or connected to a pipeline. If the parties are able to reach agreement and all closing conditions are met, the closing would occur by April 30, 2008. 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, 'The sale of our Southern Piceance assets would provide PetroHunter with the ability to move forward one more step toward completing our existing wells, and conducting additional drilling and development in 2008, in Buckskin Mesa, our core area in the Piceance Basin. We expect the projected revenues from production in Buckskin Mesa to further enable the company to continue to implement its long-term exploration and development plans there and on our seven million-acre prospect in Australia.'

About PetroHunter Energy Corporation

PetroHunter Energy Corporation, through the operations of its wholly-owned subsidiaries, PetroHunter Heavy Oil Ltd., 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 21,663 net mineral acres in Colorado and over 7,000,000 net mineral acres in Australia. For more information please visit http://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 http://www.laramie-energy.com.

     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

     Investor Relations Contact:
     Bevo Beaven                  CTA Integrated Communications
                                  Sr. Vice President/General Manager
                                  (303) 665-4200

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.

SOURCE PetroHunter Energy Corporation