We can all sleep well at night knowing that PetroHunter got a fair deal :)

Green Manning & Bunch Provides Fairness Opinion to PetroHunter in Asset Sale to Falcon Oil & Gas

For more information, contact: Warren Henson, 303.592.4803 or Ward Cerny, 303.592.4827

October 16, 2008 — The Industrials Practice at Green Manning & Bunch, Ltd. (GMB), one of the nation’s leading middle-market investment banks, announced today that it has rendered a fairness opinion to Denver-based PetroHunter Energy Corporation’s (OTCBB:PHUN) Board of Directors. This opinion is in connection with PetroHunter's announced agreement to sell certain interests to Falcon Oil & Gas Ltd. (TSXV:FO), a Toronto-based oil and gas exploration and production company.

PetroHunter is a global oil and gas exploration and production company that is committed to acquiring and developing unconventional oil and natural gas prospects. PetroHunter’s assets include interests in approximately 20,000 net mineral acres in Colorado and more than 7,000,000 net mineral acres in Australia. “Through the Falcon transaction, PetroHunter has successfully bolstered its balance sheet while retaining core assets as well as gaining a strategic and well-capitalized partner in Falcon,” said Ward Cerny, Vice President of GMB’s Industrials Practice.

As part of the process, GMB worked closely with PetroHunter’s Board of Directors and management, performing an in-depth analysis and valuation of the company as well as the assets under consideration. GMB ultimately used its analyses to render a fairness opinion for the transaction.

"GMB's responsiveness and service made them a great choice for a fairness opinion on a detailed transaction in upstream oil and gas," said PetroHunter Senior Vice President and General Counsel David Brody. "They were able to quickly analyze and evaluate adjustments to the purchase and sale agreements alongside management as the negotiations progressed. This allowed us to move forward confidently with the transaction."

Under the announced agreement, Falcon will acquire an undivided 25% working interest in five of PetroHunter’s Buckskin Mesa wells in Rio Blanco County, Colorado. At the closing announced on October 1, 2008, Falcon also acquired an undivided 50% working interest in four exploration permits covering approximately 7,000,000 acres in the Beetaloo Basin of the Northern Territory, Australia. Following the completion and testing of the five wells in Rio Blanco County, Falcon has the option to acquire an undivided 50% working interest in PetroHunter’s entire 20,000-acre Buckskin Mesa holdings. If Falcon exercises this option, the combined transactions will result in a minimum consideration to PetroHunter in the amount of approximately $64.25 million. The closing of the Buckskin Mesa transaction is subject to closing conditions and regulatory approvals.

Referring to the transaction, Falcon Chief Operating Officer Rod Wallis said, “Expanding our asset base and geographic portfolio into other economically and politically stable countries provides an opportunity to transform Falcon into a leading global player in unconventional exploration and production.”

PetroHunter’s Chairman and CEO Charles B. Crowell stated, “The transactions with Falcon enable PetroHunter to test our Buckskin wells and to move forward with our exploration and development plan in both our major assets.”

Green Manning & Bunch, Ltd. is an investment bank specializing in mergers and acquisitions, private placements of equity and debt, and strategic financial advisory services for middle market companies. GMB combines more than $15 billion in transactional experience with industry-specific expertise in Building Materials & Services, Consumer, Healthcare, Industrials and Technology, and lower middle-market expertise from its Business Advisors division to deliver superior results for its clients. From its headquarters in Denver and its Phoenix office, GMB is centrally located to serve clients nationwide. GMB’s corporate parent, CoBiz Financial (NASDAQ: COBZ), is a $2.5 billion financial holding company that offers commercial banking services, trust and fiduciary services, property and casualty insurance brokerage and risk management consulting services, employee and executive benefits consulting, and wealth transfer services in addition to investment banking.

PetroHunter Energy Corporation, through the operations of its wholly owned subsidiaries, PetroHunter Operating Company and Sweetpea Corporation Pty Ltd., is a global oil and gas exploration and production company. Its primary assets consist of various oil and gas leases and related interests in oil and natural gas properties, including approximately 20,000 net mineral acres in Colorado and an undivided 50% working interest in four exploration permits covering approximately 7,000,000 net mineral acres in Australia.

Falcon Oil & Gas Ltd. is a British Columbia corporation which is in the business of oil and gas exploration and production. It has operations in Hungary through its wholly owned subsidiary TXM Oil and Gas Exploration, LLC, and in Romania through its wholly owned subsidiary JVX Energy Corporation.