PetroHunter Energy Corp. (fka PHUN)

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HEAVY OIL PROPERTIES

Fiddler Creek

The Company is reviewing production and technical data from two recompleted wells
in the Fiddler Creek properties in Stillwater County, Montana. Preliminary oil
composition and production data indicates that both wells are capable of
delivering continuous heavy oil flow via use of progressive cavity pump
technology.

In January, an additional 3,000 acres of federal leasehold was acquired in the
Fiddler Creek area at the Montana federal sale. This additional acreage increases
the Company's acreage position in the Fiddler Creek area (which includes several
structural features) to more than 23,000 net acres. The Company has completed
geological and geophysical maps and has selected three vertical and three
horizontal well locations for development later this calendar year.