PetroHunter Updates Testing, Completion Ops at Buckskin Mesa Wells

PetroHunter has provided an update on 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. The testing and completion program was announced in October 2008.

Buckskin Mesa

PetroHunter's Buckskin Mesa project consists of 100% working interest in 20,000 net mineral acres in the Piceance Basin of Colorado, except for five wells previously drilled (but not completed) by PetroHunter in which Falcon Oil & Gas Ltd. owns an undivided 25% working interest, including the 40-acre tract surrounding each well. As previously announced, logs from the five wells 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.

In October 2008, the Company 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. Thereafter, during the period from October 2008 through today, the Company tested various other formations in those two wells.

PetroHunter is continuing to evaluate these results and will conduct scientific analysis of this information over the next several weeks, and is currently evaluating the gas potential of the uphole section of these wells. PetroHunter has also commenced testing and completion operations on the Anderson 6-16 well, which is one of the five wells previously drilled and not completed.