Petrohawk Energy Corporation Announces Results to Date of Tender Offer and Receipt of Requisite Consents

HOUSTON, Aug. 17 /PRNewswire-FirstCall/ -- Petrohawk Energy Corporation (NYSE: HK) announced today the results to date of the previously announced cash tender offer and consent solicitation (the "Offer") for its outstanding 9 1/8% Senior Notes due 2013 (CUSIP Nos. 716495AB2 and 716495AA4) (the "Notes") and receipt of the requisite consents to adopt the proposed amendments to the indenture governing the Notes.  As of 5:00 p.m., New York City time, on August 16, 2010 (the "Consent Expiration"), which was the deadline for holders to tender their Notes in order to receive the consent payment in connection with the Offer, tenders and consents had been received from holders of $652,740,000 in aggregate principal amount of the Notes, representing approximately 84.9% of the outstanding Notes.  

Accordingly, based on the receipt of the consents, Petrohawk intends to execute a supplemental indenture (the "Supplemental Indenture") to the indenture governing the Notes to eliminate substantially all of the restrictive covenants and certain events of default. The Supplemental Indenture will not become operative until a majority in aggregate principal amount of the outstanding Notes has been purchased by Petrohawk pursuant to the terms of the Offer, which is expected to occur later today, August 17.

Petrohawk's obligation to accept for purchase, and to pay for, any Notes pursuant to the Offer is subject to a number of conditions that are set forth in the Offer to Purchase and Consent Solicitation Statement dated August 3, 2010, including the closing today of Petrohawk's previously announced public offering of $825 million of 7 1/4% Senior Notes due 2018. Subject to the satisfaction or waiver of these conditions, later today all Holders who validly tendered (and did not validly withdraw) their Notes prior to the Consent Expiration will receive total consideration equal to $1,048.13 per $1,000 principal amount of the Notes, which includes a consent payment of $30.00 per $1,000 principal amount of the Notes, plus accrued and unpaid interest on the Notes up to, but not including, the payment date.

In accordance with the terms of the Offer, withdrawal rights with respect to the tendered Notes expired at 5:00 p.m., New York City time, on August 16, 2010.  Accordingly, holders may not withdraw Notes previously or hereafter tendered, except as required by law.

Holders who tender (and do not validly withdraw) their Notes after the Consent Expiration and prior to the expiration of the Offer, will be entitled to receive consideration equal to $1,018.13 per $1,000 principal amount of the Notes, plus any accrued and unpaid interest on the Notes up to, but not including, the payment date. Holders of Notes tendered after the Consent Expiration will not receive a consent payment. The tender offer will expire at 11:59 a.m., New York City Time, on August 30, 2010, unless extended by Petrohawk.

The complete terms and conditions of the Offer are described in the Offer to Purchase, copies of which may be obtained from Global Bondholder Services Corporation, the depositary and information agent for the Offer, at (866) 294-2200 (U.S. toll-free) or, for banks and brokers (212) 430-3774.  Barclays Capital is the exclusive dealer manager and solicitation agent for the Offer.  Additional information concerning the Offer may be directed to (800) 438-3242 (U.S. toll free) or (212) 528-7581 (collect).

This announcement is for information purposes only and is not an offer to purchase, a solicitation of an offer to purchase or a solicitation of consents with respect to any securities.  The Offer is being made solely by the Offer to Purchase and Consent Solicitation Statement dated August 3, 2010.

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 and East Texas (Haynesville Shale), Arkansas (Fayetteville Shale) and South Texas (Eagle Ford Shale).

This press release contains forward-looking statements within the meaning of the federal securities laws.  Petrohawk cautions you that any statements contained in this press release that are not strictly historical statements constitute forward-looking statements. These statements are based upon current beliefs or expectations and are subject to various risks and uncertainties, including those set forth in Petrohawk's filings with the United States Securities and Exchange Commission, including the Annual Report on Form 10-K for the fiscal year ended December 31, 2009 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2010 and June 30, 2010 (copies of which may be obtained from the SEC's website at http://www.sec.gov). Readers should not place undue reliance on any such forward-looking statements, which are made only as of the date hereof. Petrohawk undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in Petrohawk's expectations.

SOURCE Petrohawk Energy Corporation