PetroHunter Energy Gets Extension from Secured Lenders

PetroHunter announced that its largest secured creditors, Global Project Finance and Renn Capital, extended the maturity date of $44.65 million of debt to December 31, 2014. PetroHunter paid accrued interest to these creditors with restricted shares of its common stock, valued at $0.125 per share. Going forward, interest will be accrued but paid at maturity, together with the debt principal.

PetroHunter will try to obtain similar agreements from holders of approximately $3 million of secured debt.

These agreements greatly reduce PetroHunter's cash commitments through 2014, and enhance its ability to focus on operations.