EX-99.1
3
exh99-1_pressrelease.htm
EXHIBIT 99-1 PRESS RELEASE
exh99-1_pressrelease.htm
EXHIBIT
99.1
PRESS
RELEASE DATED NOVEMBER 6, 2007
¨
NEWS
¨
FOR
RELEASE: November 6, 2007
PetroHunter
Energy Corporation Closes Sale of Heavy Oil Assets to Pearl Exploration and
Production Ltd.
Denver,
Colo. - November 6, 2007 - PetroHunter Energy Corporation (OTC BB: PHUN)
("PetroHunter") is pleased to report that it has closed the previously
announced (October 1, 2007) sale of its heavy oil assets located in Montana
and
Utah to Pearl Exploration and Production Ltd.
The
assets were sold by PetroHunter's wholly-owned subsidiary, PetroHunter Heavy Oil
Ltd., for a purchase price of US $30 million, subject to certain
adjustments, as follows: (a) US $7.5 million in cash at closing; (b)
an aggregate of up to 2,500,000 common shares of Pearl (with a deemed value
for
purposes of this transaction of US $4.00 per share), of which 592,822 shares
are
being held in escrow pending further post-closing title due diligence and of
which 960,025 shares will be issued if and when the follow-on closing is held
on
an additional approximately 4,836 net acres ("Additional Acres") described
below, and (c) US $12.5 million (reduced to US $9,757,070.91 until the follow-on
closing has occurred on the Additional Acres) in cash at such time as
either: (i) production from the assets reaches 5,000 bopd; or (ii)
proven reserves from the assets is greater than 50 million barrels of oil as
certified by a third party reserve auditor acceptable to Pearl.
The
assets sold to Pearl include working interests in oil and gas leases in several
heavy oil development projects referred to as Fiddler Creek, Promised Land,
West
Rozel and Gunnison Wedge. Closing on a total of an additional approximately
4,836 net acres (Additional Acres, representing approximately 22% of the net
acres comprising the Fiddler Creek properties) has been deferred until certain
third party working interest owners have agreed to amendments acceptable to
Pearl for the acquisition of leases covering such portion of the Fiddler Creek
properties.
PetroHunter
CEO, Charles Crowell, stated, "As previously announced, this divestiture
represents a major step in the company's strategy to focus on core assets in
Colorado and Australia. The improved flexibility and liquidity resulting from
this sale, together with other steps being implemented, will enable PetroHunter
to move much further in realizing its short-term and long-term operational
and
financial objectives".
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 in oil and natural gas properties, including approximately 21,663
net
mineral acres in Colorado and over 7,000,000 net mineral acres in
Australia.
Contacts:
PetroHunter
Energy Corporation
Corporate
Address
1875
Lawrence Street, Suite 1400
Denver
Colorado 80202 USA
Phone
(303) 572-8900, Fax (303) 572-8927
Charles
B.
Crowell
Chairman
and CEO
(303)
572-8900
David
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.
###

EX - 99 . 1 3 exh99 - 1 _ pressrelease . htm EXHIBIT 99 - 1 PRESS RELEASE exh99 - 1 _ pressrelease . htm EXHIBIT 99 . 1 PRESS RELEASE DATED NOVEMBER 6 , 2007 ¨ NEWS ¨ FOR RELEASE : November 6 , 2007 Petro Hunter Energy Corporation Closes Sale of Heavy Oil Assets to Pearl Exploration and Production Ltd . Denver , Colo . - November 6 , 2007 - PetroHunter Energy Corporation ( OTC BB : PHUN ) ( " PetroHunter " ) is pleased to report that it has closed the previously announced ( October 1 , 2007 ) sale of its heavy oil assets located in Montana and Utah to Pearl Exploration and Production Ltd . The assets were sold by PetroHunter 's wholly - owned subsidiary , PetroHunter Heavy Oil Ltd . , for a purchase price of US $ 30 million , subject to certain adjustments , as follows : ( a ) US $ 7.5 million in cash at closing ; ( b ) an aggregate of up to 2,500,000 common shares of Pearl ( with a deemed value for purposes of this transaction of US $ 4.00 per share ) , of which 592,822 shares are being held in escrow pending further post - closing title due diligence and of which 960,025 shares will be issued if and when the follow - on closing is held on an additional approximately 4,836 net acres ( " Additional Acres " ) described below , and ( c ) US $ 12.5 million ( reduced to US $ 9,757,070.91 until the follow - on closing has occurred on the Additional Acres ) in cash at such time as either : ( i ) production from the assets reaches 5,000 bopd ; or ( ii ) proven reserves from the assets is greater than 50 million barrels of oil as certified by a third party reserve auditor acceptable to Pearl . The assets sold to Pearl include working interests in oil and gas leases in several heavy oil development projects referred to as Fiddler Creek , Promised Land , West Rozel and Gunnison Wedge . Closing on a total of an additional approximately 4,836 net acres ( Additional Acres , representing approximately 22 % of the net acres comprising the Fiddler Creek properties ) has been deferred until certain third party working interest owners have agreed to amendments acceptable to Pearl for the acquisition of leases covering such portion of the Fiddler Creek properties . Petro Hunter CEO , Charles Crowell , stated , " As previously announced , this divestiture represents a major step in the company 's strategy to focus on core assets in Colorado and Australia . The improved flexibility and liquidity resulting from this sale , together with other steps being implemented , will enable PetroHunter to move much further in realizing its short - term and long - term operational and financial objectives " . About Petro Hunter Energy Corporation Petro Hunter 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 in oil and natural gas properties , including approximately 21,663 net mineral acres in Colorado and over 7,000,000 net mineral acres in Australia . Contacts : Petro Hunter Energy Corporation Corporate Address 1875 Lawrence Street , Suite 1400 Denver Colorado 80202 USA Phone ( 303 ) 572 - 8900 , Fax ( 303 ) 572 - 8927 Charles B . Crowell Chairman and CEO ( 303 ) 572 - 8900 David 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 . # # #