PetroHunter Energy Corporation announced it closed the sale of its 50% working interest in eight producing oil and gas wells to Robert L. Bayless, Producer LLC (“Bayless”), for $2.3 million, effective December 1, 2008. The eight wells are located in Garfield County, Colorado, and are operated by EnCana Oil & Gas (USA), Inc. PetroHunter stated that the sale of these non-operated properties is consistent with the Company’s plan of disposing of non-strategic assets and will provide additional funds for the Company’s ongoing operations.
PetroHunter’s Chairman and CEO, Charles B. Crowell, stated, “The cash generated from this sale addresses some short-term cash needs and will enable us to remain focused on our objectives of developing Buckskin Mesa and our 7-million-acre prospect in Australia.”
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 in oil and natural gas properties, including approximately 20,000 net mineral acres in Colorado and an undivided 50% working interest in four exploration permits comprising approximately seven million acres in Australia. For more information, please visit www.petrohunter.com.