Falcon Oil & Gas Ltd. has executed a conditional agreement with Sweetpea Petroleum Pty Ltd, a wholly-owned subsidiary of PetroHunter Energy Corporation (Sweetpea) (the "Agreement"), to acquire its 50 million shares or 24.22% interest in Falcon Oil & Gas Australia Limited (FOGA) (the "Share Purchase").

FOGA is a subsidiary of Falcon and is the registered holder of four exploration permits in the Beetaloo Basin, Northern Territory, Australia. Falcon currently owns 150 million shares in FOGA representing 72.68% of the issued share capital of FOGA. Upon completion of the Agreement, Falcon's shareholding in FOGA will increase to 200 million shares representing 96.90% of the issued share capital of FOGA.

Tags: Falcon Oil & Gas