PHUN doesn't have many shares left to sell:

Falcon and PetroHunter continue to develop the 2009 work program for the jointly held 7 million acre prospect in Northern Territory, Australia (the “Beetaloo Basin”). The 28,888,888 common shares of Falcon issued to PetroHunter for Falcon’s 50% interest in Beetaloo remain subject to the contractual agreements between the companies as previously disclosed; whereby 14,500,000 shares are pledged by PetroHunter to Falcon as collateral for Falcon’s US$5.0 million loan to PetroHunter, 11,600,000 shares are available to PetroHunter to pledge as collateral for loans from third parties, leaving 2,788,888 available for sale by PetroHunter.

They have already sold most of the 2,788,888 that were free trading.