PetroHunter Energy Signs Agreement to Purchase Powder River Basin Oil and Gas Assets of Galaxy Energy Corporation
04 Enero 2007 - 8:00AM
PR Newswire (US)
DENVER, Jan. 4 /PRNewswire-FirstCall/ -- PetroHunter Energy
Corporation ("PetroHunter") (OTC:PHUN) (BULLETIN BOARD: PHUN) and
its wholly owned subsidiary, PetroHunter Operating Company, have
entered into an agreement ("PSA") with Galaxy Energy Corporation
(AMEX:GAX) and its wholly owned subsidiary, Dolphin Energy
Corporation, for PetroHunter Operating Company to purchase all of
Galaxy's and Dolphin's oil and gas interests in the Powder River
Basin of Wyoming and Montana. Dolphin owns an average 86% working
interest in 197 oil and gas wells in the Powder River Basin.
Twenty-two wells are currently selling gas at an average rate of
850,000 cubic feet a day. The remaining wells are in various stages
of dewatering, shut-in waiting on pipeline, or waiting to be
completed. The PSA, which was signed on December 29, 2006, provides
for PetroHunter Operating Company to pay $45 million to acquire all
of Galaxy's and Dolphin's oil and gas interests in Sheridan,
Johnson, Converse and Campbell Counties in Wyoming, and in Big
Horn, Custer, Powder River and Rosebud Counties in Montana. The
purchase price will be $20 million in cash and $25 million in
shares of PetroHunter common stock at the rate of $1.50 per share.
Closing of the transaction will be subject to approval by Galaxy's
senior lenders, approval in its discretion of all matters by
PetroHunter's Board of Directors, including PetroHunter receiving
financing on terms acceptable to it, and various other terms and
conditions. Either party may terminate the agreement if the closing
has not occurred by February 28, 2007. The agreement calls for a $2
million earnest money payment to be made to Galaxy in two
installments by January 31, 2007. PetroHunter has filed a Form 8-K
concerning the PSA with the Securities and Exchange Commission.
Marc A. Bruner, who has a 32% beneficial ownership interest and is
the largest shareholder in PetroHunter, also is a 14.3% beneficial
shareholder of Galaxy. Marc A. Bruner is the father of Marc E.
Bruner, the President, Chief Executive Officer and director of
Galaxy. Marc E. Bruner is the stepson of Carmen J. Lotito, the
Chief Financial Officer and a director of PetroHunter. About
PetroHunter Energy Corporation PetroHunter, through the operations
of its wholly-owned subsidiary, PetroHunter Operating Company, is a
global oil and gas exploration and production company with primary
assets consisting of an undivided 50% working interest in various
oil and gas leases and related interests in oil and natural gas
prospects, including approximately 220,000 net mineral acres in
Colorado, Utah and Montana, and seven million net mineral acres in
Australia. Each of the statements set forth above, regarding the
total number of net mineral acres owned by PetroHunter and the net
mineral acres in each project, refers to the combined total net
mineral acres owned 50% by PetroHunter and 50% by its working
interest partner. In each of its principal areas of operation
PetroHunter is obligated to pay the first $50 million of total
capital expenditures, except for its prospects in Montana and
Australia, where PetroHunter is obligated to pay the first $100
million of total capital expenditures incurred. MAB Resources LLC,
which is owned by Marc A. Bruner, is PetroHunter's 50% working
interest partner in each of these projects. Marc A. Bruner is the
largest shareholder of PetroHunter. PetroHunter Energy Corporation
shares trade in the United States on the Over-the-Counter Bulletin
Board (OTC:PHUN) (BULLETIN BOARD: PHUN) . Forward-Looking
Statements This press release consists of forward-looking
statements regarding the intent, belief or current expectations of
the Company and its management. Prospective investors are cautioned
that any such forward-looking statements are not guarantees of
future performance and involve a number of risks and uncertainties,
and actual results could differ materially from those indicated by
such forward-looking statements. The Company assumes no obligation
to update the information contained in this press release, whether
as a result of new information, future events or otherwise. Please
refer to the Company's filings with the United States Securities
and Exchange Commission for discussions of risks and uncertainties
found in Forms 10-KSB (annual report), 10-QSB (quarterly report)
and other filings. Additional information may be found at the
PetroHunter Energy Corporation Web site,
http://www.petrohunter.com/. Contacts: PetroHunter Energy
Corporation Corporate Address 1875 Lawrence Street, Suite 1400
Denver Colorado 80202 USA Phone (303) 572-8900, Fax (303) 572-8927
Kelly H. Nelson Chairman and CEO (801) 363-8303 Garry D. Lavold
President and COO (303) 572-8900 Michael K. Lam Corporate
Development, North America (416) 303-8810 Alexander Hubbard-Ford
Corporate Development, Europe +44 (0) 79 8448 1541 DATASOURCE:
PetroHunter Energy Corporation CONTACT: Kelly H. Nelson, Chairman
and CEO, +1-801-363-8303, or Garry D. Lavold, President and COO,
+1-303-572-8900, or Michael K. Lam, Corporate Development, North
America, +1-416-303-8810, or Alexander Hubbard-Ford, Corporate
Development, Europe, +44 (0) 79 8448 1541, all of PetroHunter
Energy Corporation Web site: http://www.petrohunter.com/
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