PetroHunter Begins Completion Testing 2 Buckskin Mesa Wells in Colorado

PetroHunter has commenced its completion and testing operations on two of the five wells previously drilled by PetroHunter in its Buckskin Mesa project in Rio Blanco County, Colorado.

Buckskin Mesa

PetroHunter's Buckskin Mesa project consists of 20,000 net mineral acres in the Piceance Basin of Colorado. As previously announced, logs from the five wells which PetroHunter drilled in this area in 2007 indicate an average of 500 to 600 feet of pay. The primary objective in these wells is the Williams Fork formation, while the secondary objectives are the Sego and Corcoran formations, which are below the Williams Fork.

The Company recently initiated fracture stimulation operations in a 132-foot interval in the Sego formation in the Lake 16-21 well, and in a 75-foot interval in the Corcoran formation in the Lake 6-22 well. Approximately 3,000 barrels of frac fluid were utilized in the Lake 16-21 and 2,100 barrels in the Lake 6-22. Flow testing operations are continuing on both wells. There will be ongoing operations to test other objectives over the next 60 to 90 days.

Although it is too early to determine whether the Sego and Corcoran zones ultimately will be commercial, PetroHunter is providing the following initial test results. As of Monday morning, December 8, 2008, initial testing of the Lake 16-21 (which began on December 2, 2008) has resulted in a total recovery of 2,931 mcf of gas, 115 barrels of condensate and 3,331 barrels of water (3,000 barrels of frac water were injected). Current production rates on the Lake 16-21 well are 350 mcf per day, 20 barrels of condensate per day (API 60 degree) and 333 barrels of water.

Also as of Monday morning, December 8, 2008, initial testing of the Lake 6-22 (which began on December 2, 2008) has resulted in a total recovery of 813 mcf of gas, 114 barrels of oil and 1,374 barrels of water (2,000 barrels of frac water were injected). The Lake 6-22 has several hundred barrels of frac fluid to recover. The well is being swabbed and has a production rate of 200 mcf per day, 9 barrels of oil (API 51 degrees) and 164 barrels of load water.

PetroHunter will continue its completion and testing program on the Lake 16-21 and Lake 6-22 wells in the eight remaining intervals over the next 60 to 90 days.
 

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