HOUSTON, Sept. 21 /PRNewswire-FirstCall/ -- Petrohawk Energy Corporation (NYSE: HK; "Petrohawk" or the "Company") has entered into a definitive agreement to sell its Permian Basin properties to a privately-owned company for total consideration of $376 million in cash. The sale is expected to close by October 30, 2009 and is subject to customary closing conditions and adjustments. The effective date of the sale is July 1, 2009. "Proceeds from this sale will add to our already-strong liquidity position, as we continue to focus our attention on our rapidly growing shale assets, particularly high-return, high-margin development in the Haynesville and Eagle Ford Shales," said Floyd C. Wilson, Chairman and CEO. As of December 31, 2008, Petrohawk reported estimated proved reserves of 177 Bcfe for these assets. The properties are currently producing approximately 30 Mmcfe/d. Bank of America Merrill Lynch acted as marketing and financial advisor to Petrohawk in connection with the sale. Petrohawk Energy Corporation is an independent energy company engaged in the acquisition, production, exploration and development of natural gas and oil with properties concentrated in North Louisiana, Arkansas, South Texas, East Texas, and Oklahoma. For more information contact Joan Dunlap, Vice President - Investor Relations, at 832-204-2737 or . For additional information about Petrohawk, please visit our website at http://www.petrohawk.com/. Additional Information for Investors This press release contains forward-looking information regarding Petrohawk that is intended to be covered by the safe harbor "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995, based on Petrohawk's current expectations and forward-looking statements include statements regarding estimates of future production, capital expenditures and results of operations, and other statements reflecting expectations, beliefs, plans, objectives, assumptions, strategies or statements about future events or performance (often, but not always, using words such as "expects", "anticipates", "plans", "estimates", "potential", "possible", "probable", or "intends", or stating that certain actions, events or results "may", "will", "should", or "could" be taken, occur or be achieved). Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those reflected in these statements. These risks include, but are not limited to: the risks of the oil and gas industry (for example, operational risks in exploring for, developing and producing crude oil and natural gas; risks and uncertainties involving geology of oil and gas deposits; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to future production, costs and expenses; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; health, safety and environmental risks and risks related to weather such as hurricanes and other natural disasters); uncertainties as to the availability and cost of financing; fluctuations in oil and gas prices; risks associated with derivative positions; inability of our management team to execute its plans to meet its goals, shortages of drilling equipment, oil field personnel and services, unavailability of gathering systems, pipelines and processing facilities and the possibility that government policies may change or governmental approvals may be delayed or withheld. Additional information on these and other factors which could affect Petrohawk's operations or financial results are included in Petrohawk's reports on file with the SEC. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the expectations in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Petrohawk does not assume any obligation to update forward-looking statements should circumstances or management's estimates or opinions change. DATASOURCE: Petrohawk Energy Corporation CONTACT: Joan Dunlap, Vice President - Investor Relations, Petrohawk Energy Corporation, +1-832-204-2737, Web Site: http://www.petrohawk.com/

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