PetroHunter Applies for Additional Australian Acreage
PetroHunter Energy reports that MAB Resources, LLC and Sweetpea Petroleum Pty. Ltd., MAB's wholly owned subsidiary, have applied for a fifth petroleum exploration permit in the Beetaloo Basin in the Northern Territory of Australia on behalf of both PetroHunter and Sweetpea.
The permit application covers an area of 51 blocks, amounting to approximately 956,000 acres. Through Sweetpea, PetroHunter currently owns a 50% undivided working interest in four exploration permits in the Beetaloo Basin, covering approximately seven million acres. Exploration potential identified by the company's geological and geophysical mapping extends into the area covered by the permit application. Upon approval of this permit, PetroHunter's position in the Beetaloo Basin would expand to approximately eight million acres.
Australian Seismic Program
As part of the work program commitment under the existing exploration permits, a 700 kilometer 2D seismic study is being conducted in the Beetaloo Basin. To date, 250 kilometers have been recorded. The program is expected to finish in the fourth quarter of 2006. Future plans are to drill a number of wells in the second and third quarter of 2007 to test prospects developed by this seismic program.
PetroHunter Energy Corporation is a global oil and gas exploration and production company with primary assets consisting of an undivided 50% working interest in oil and gas leases and related assets, including approximately 26,300 net mineral acres in the Piceance Basin of Colorado, seven million net acres in the Northern Territory of Australia, as well as properties in Montana and Utah.
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