The large tranasaction might be attributed to Petrohunter if the shares they had from the Buckskin were released from Escrow or no longer restricted. How many shares are left outstanding and held by Petrohunter?

As part of the 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.

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 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? '

Just some thoughts

adanac1