The large tranasaction might be attributed to Petrohunter if the shares they had from the Buckskin were released from Escrow or no longer restricted.

As part of the Falcons MD&A of May 29 2009

The Second PSA also stipulates that, on closing of this transaction, the Company will become operator of the Beetaloo Basin Project, and that PetroHunter and the Company will enter into an escrow agreement which will govern the release of all remaining Falcon common shares previously issued to PetroHunter.

From Petrohunters press release on May 27 2009 If the shares have been released from Escro after the closing on June 10 then it is possible that the bulk sale today could have easily have come from Petrohunter. This would give them cash to participate in the well completion if this is falcon attends to do based upon their press releases.

This transaction will provide PetroHunter with access to 26.1 million shares of Falcon stock that had been unavailable for sale. At the closing of this transaction, PetroHunter will place these shares in an escrow account which will provide for scheduled releases of the shares.

The closing of this transaction is subject to the fulfillment of certain closing conditions, as well as the receipt of all required regulatory approvals. Closing of the transaction is expected to occur on or before June 10, 2009.

My comments: IF Falcon plans anything for Austrailia as the operator, Petrohunter which still holds a 25 percent in the acreage, would be required to come up with their share of the costs. Correct?

As part of the Falcons MD&A of May 29 2009

PetroHunter had previously drilled one well in 2007, the Shanandoah-1 well, which was suspended prior to reaching its intended total depth. It is intended that this well will be re-entered in 2009 to drill to the planned total depth. As such, this well is untested and has no associated reserves.

Is the rainy season in Australia in September and runs till March? If this is the case then to get into the well in 2009 does not leave them much time before the rain prevents them from working on the well? '

I would suspect that Falcon would have to shown that Petrohunter has sufficient capital to meet thier obligations or risk the fact that Falcon would have to pay for the entire amount of the drill.

Just some thoughts

adanac1