PetroHunter Energy Corporation says that the Australian Foreign Investment Review Board (FIRB) has notified Falcon Oil & Gas Ltd. that FIRB has no objection to the sale of a 50% working interest in PetroHunter's four Exploration Permits constituting approximately seven million acres in the Beetaloo Basin of the Northern Territory, Australia.

PetroHunter announced on August 25, 2008, that it had reached a binding agreement to sell Falcon an undivided 50% working interest in the Exploration Permits in exchange for $5 million in cash and $20 million in Falcon shares. The Australian Foreign Investment Review Board's notice fulfills the key third party condition to complete the Beetaloo Basin transaction. As a result, PetroHunter and Falcon can move toward the closing of the transaction subject only to the fulfillment or waiver of closing conditions common for transactions of this nature.

Tags: PetroHunter Energy Corporation