Petrohawk Announces Third Quarter 2009 Financial and Operating Results

Company Expects to Grow Production 75% Over 2008

HOUSTON, Nov. 4 /PRNewswire-FirstCall/ -- Petrohawk Energy Corporation
("Petrohawk" or the "Company") (NYSE: HK) today announced 1) its third quarter
2009 financial and operating results, including higher than expected
production; 2) 2010 capital budget, production targets and planned
divestments; 3) updated activities in the Haynesville and Eagle Ford Shales;
4) an expansion of its Eagle Ford Shale acreage position and 5) an evaluation
of the Company's Bossier Shale potential.

"The third quarter was defined by continued expansion of our activities in the
Haynesville and Eagle Ford Shales. Today we detail plans that move these
important assets to the forefront of our production and reserve profiles and
predict significant production and reserve growth in the coming months and
years," said Floyd C. Wilson, Chairman and Chief Executive Officer. "Our focus
is on seizing the substantial growth potential in these plays, how we plan to
fuel that growth, and how we translate that growth into value for
shareholders. The plans outlined today aim to balance 2010 cash flow and
expenditures and accelerate drilling in these core shale plays, eliminating
the need for future capital raises to fund their development."

Production and Capital Expenditure Update

For the third quarter, Petrohawk reported production of 512 Mmcfe/d versus a
guidance midpoint of 500 Mmcfe/d and second quarter production of 483 Mmcfe/d.
Of the 512 Mmcfe/d, or 47,148 Mmcfe, produced during the quarter, 95% was
natural gas. During 2009, Petrohawk has grown production at an average of
approximately 12% per quarter. The Company's previously stated guidance for
fourth quarter 2009 was between 525 and 535 Mmcfe/d, which included production
from the Permian Basin properties. Fourth quarter production is now expected
to range between 565 and 575 Mmcfe/d, excluding the effect of Permian Basin
production for two months of the quarter. With this increase in guidance for
the fourth quarter, the Company is tracking to post 2009 average production of
between 490 and 500 Mmcfe/d, or approximately 75% over 2008.

Petrohawk spent approximately $310 million on drilling, completions, seismic
and workovers during the quarter. Petrohawk is increasing its budget for these
expenditures in 2009 by $100 million, to $1.1 billion, to account for
additional drilling and seismic opportunities in the Haynesville and Eagle
Ford Shales. The Company has drilled 116 operated and non-operated Haynesville
Shale wells year to date and is on track to meet its leasehold requirements in
this important play.

Acquisitions and Divestitures

Petrohawk closed approximately $135 million in leasehold acquisitions during
the third quarter, including: 1) Haynesville Shale acreage located in the
company-defined core of the play in Northwest Louisiana; 2) Haynesville and
Bossier Shale acreage located in the southern portion of the play and in East
Texas (Nacogdoches / Shelby) Extension; 3) Eagle Ford Shale acreage contiguous
to Petrohawk's core activity area in McMullen and LaSalle Counties of South
Texas; and 4) additional Eagle Ford Shale acreage in the Company's newly
announced oil prospective area in Dimmit County. During 2009, Petrohawk
expects its total expenditures on leasehold acquisitions to be approximately
$300 million.

For the year, Petrohawk has added approximately 53,000 net acres to its
position in the Haynesville Shale play at a cost of approximately $190
million. By pairing the activities of its drilling and acquisition programs,
Petrohawk expects that nearly half of the acreage acquired in the Haynesville
Shale during 2009 is in units that will be drilled and evaluated in its
year-end 2009 reserve estimate. The Company's net acreage position in the
Haynesville Shale now totals approximately 345,000 net acres.

Petrohawk has continued to be active in acquiring additional acreage in the
Hawkville Field area, as well as the overall Eagle Ford Shale trend. Total net
acreage in the Hawkville Field area has increased to over 225,000 net acres, a
portion of which is located outside of Hawkville Field. On November 2, 2009,
Petrohawk closed on the acquisition of approximately 13,000 net acres located
in McMullen County, adjacent to its existing Eagle Ford Shale position at
Hawkville Field for total consideration of approximately $39 million. During
the course of 2009, the Company has expanded its position in the Hawkville
Field area by approximately 20 miles to the northeast.

Petrohawk completed the sale of its Permian Basin assets on October 30, 2009
for $376 million, subject to ordinary post-closing adjustments. These
properties accounted for 177 Bcfe in estimated proved reserves as of December
31, 2008 and were producing approximately 30 Mmcfe/d.

2010 Production Guidance and Capital Budget

Production guidance for 2010 is being increased to between 665 and 685
Mmcfe/d, which represents a 43% pro forma increase over 2009, taking into
account the sale of the Permian Basin properties.

Petrohawk has established a drilling and completion budget of $1.45 billion
for 2010. The 2010 budget will be heavily weighted to activities in the
Haynesville Shale, comprising $900 million or 62% of the total drilling and
completion budget. The Eagle Ford Shale is allocated $350 million, or 24% of
this budget, and the Fayetteville Shale is allocated $100 million, or 7%. The
remaining 7% is expected to be spent in other areas, including the Company's
conventional drilling program in North Louisiana.

Petrohawk's midstream subsidiary, Hawk Field Services, will have an estimated
capital program of $250 million. Additionally, the Company expects to spend
between $100 million and $300 million on ongoing leasing activities. A
significant part of the capital plan will be funded through operating cash
flow, a portion of which is protected through the Company's hedging program,
with the balance to be provided for by currently available liquidity.

To further enhance the Company's liquidity position, Petrohawk has identified
over $1 billion in potential asset transactions during 2010, which may include
a transaction involving the Company's midstream assets, divesting Terryville
Field in northwest Louisiana, divesting its interest in the West Edmond Hunton
Lime Unit in central Oklahoma as well as other non-core assets.

Financial Highlights

During the third quarter, Petrohawk generated revenues of $238 million and
cash flows from operations before changes in working capital of approximately
$152 million, or $0.52 per fully diluted common share (cash flow from
operations before changes in working capital is a non-GAAP financial measure;
see Condensed Consolidated Statements of Cash Flows in the Company's Quarterly
Report on Form 10-Q for the quarterly period ended September 30, 2009 for a
reconciliation to net cash provided by operating activities).

Cash flows were substantially protected through the Company's active hedging
program. Third quarter revenues were $346 million, including a realized cash
derivative gain of $108 million. During the third quarter, Petrohawk gained
$2.40 per Mcf from hedging, bringing realized natural gas prices to $5.55 per
Mcf. The Company also gained $1.57 per barrel from its hedging program during
the quarter, bringing realized oil prices to $66.21 per barrel. Before the
effect of hedges, Petrohawk realized 93% of NYMEX for its natural gas
production and 95% of NYMEX for oil.

After adjusting for the effects of unrealized losses on derivatives, net
income for the quarter was $0.11 per fully diluted common share, or $31.2
million after tax (see Selected Item Review and Reconciliation table for
additional information). Before excluding selected items, the Company reported
a net loss of $40.2 million, or $0.14 per fully diluted common share, for the
quarter.

Cash costs (including lease operating, gathering and transportation,
production taxes, workover, general and administrative, and interest expense)
were $2.94 per Mcfe for the quarter. Lease operating expense was $0.44 per
Mcfe for the quarter and is expected to trend lower in future quarters based
on an increased proportion of production from the Haynesville Shale, as well
as the effect of the sale of the Permian Basin properties. Depletion,
depreciation and amortization (DD&A) expense, a non-cash item, for the third
quarter was $1.94 per Mcfe.

Petrohawk closed its amended credit facility in October, which provided for a
borrowing base of $1.3 billion, including $1.0 billion in capacity allocated
to oil and gas reserves (already adjusted for the sale of the Permian Basin
properties) plus up to an additional $300 million in value supplied by Hawk
Field Services. Petrohawk's liquidity at the end of the third quarter, prior
to the closing of the Permian Basin sale, was approximately $1.1 billion.

Operational Highlights

During the third quarter, Petrohawk drilled 170 gross wells with 100% success.
Of these, 92% were in the Haynesville, Eagle Ford and Fayetteville shales.

Q3 Operational Statistics

Haynesville Eagle Ford Fayetteville
Shale Shale Shale
----------- ---------- -------------
Operated Wells
Drilled 24 10 8
-------------- -- -- -
Non-operated
Wells Drilled 29 1 84
-------------- -- - --
Total Wells
Drilled 53 11 92
----------- -- -- --
Average Operated
Rigs Running 12 2.5 1
---------------- -- --- -
Average Operated
Well IP 18.6 (normally produced)
(Mmcfe/d) 8.5 (test constrained) 8.0 1.7
---------------- ------------------------- --- ---
Average Cost per
Operated Well
(Drill &
Complete) ($MM) 9.5 5.3 2.6
---------------- --- --- ---
2010 Target Cost
per Operated
Well (Drill &
Complete) ($MM) 8.0-9.0 4.5-5.0 N/A(1)
---------------- ------- ------- ------

1 Petrohawk plans to target deeper wells in the Fayetteville Shale in 2010
that are not comparable to 2009 well types.

Haynesville Shale

The Company drilled a total of 24 operated wells in the Haynesville Shale
during the third quarter. Twenty-three wells were in Northwest Louisiana and
one well was located in Shelby County, Texas. Eighteen of the wells were
completed during the quarter. Of these, fourteen were produced according to
normal procedure with an average initial production rate of 18.6 Mmcfe/d,
ranging from 12.6 Mmcfe/d to 25.5 Mmcfe/d. Petrohawk currently has 62 operated
Haynesville Shale wells on production with current gross operated production
of approximately 450 Mmcfe/d and net operated production of approximately 285
Mmcfe/d. Of the 62 operated wells that are currently producing, there are now
53 wells that have greater than 30 days of production. The average initial
30-day production rate for those wells is 14 Mmcfe/d.

Included in the 62 operated wells that are currently on production are four
wells being tested at restricted rates to compare the decline characteristics
of the test wells to other wells in the same area that have been produced
conventionally. The four test wells, which have been kept on a 14/64" choke
since first production, had initial production rates of between 8-9 Mmcfe/d
and flowing casing pressures of approximately 8500#. They have all exhibited
shallower decline rates in both production and flowing pressure than the
control set. The oldest well in the group has produced approximately 900 Mmcfe
and has considerably higher flowing pressure than the control wells had at the
same cumulative production. Further study of the economic and reservoir
implications of this reduced rate method are needed before any conclusions are
reached that would impact the Company's production practices.

Petrohawk accomplished a significant reduction in average drilling days per
well during the quarter in the Haynesville Shale operations, primarily due to
more efficient rigs and faster rates of penetration during the horizontal
lateral drilling phase. From January through June 2009 the average days from
spud to spud for all Haynesville Shale "grass roots" wells (wells drilled from
spud to total depth with the same rig) was approximately 68 days. In July,
that number decreased to just over 61 days and in August decreased to less
than 47. The Company's current forecast for average drilling days per well in
2010 is 42 days, a 20% reduction from the expected 2009 average of 51 days and
approximately a 50% reduction from average drilling days of 79 in 2008. A
direct example of how this improvement has occurred is a review of the number
of days in which greater than 800' of drilling occurred in the lateral. Prior
to third quarter 2009 there had been only 1 of these days. However, in the
third quarter there were 22 of these days, with the most footage on any given
day being greater than 1,700'. There are a number of factors that contributed
to this improvement, with the most significant being construction of a new
type of PDC bit that is specifically designed for the Haynesville Shale, as
well as a much better understanding of the precise section within the
Haynesville Shale to target the lateral in order to increase rate of
penetration.

Completion techniques have also improved well performance. A combination of
higher pump rates (as high as 100 barrels per minute), higher sand
concentrations (up to 3 lbs. per gallon) and decreased distance between
perforation clusters (50-65' spacing as compared to 85') have potentially
increased the amount of rock contacted through fracing. These improved
techniques have been employed in conjunction with a significant decrease in
average completion cost. The average per well completion cost during 2009 has
decreased from approximately $5.3 million in January to the current cost of
$3.5 million.

These improvements in the drilling and completion operations lead the Company
to a revised view that 2010 drill and complete costs per well in the
Haynesville Shale are expected to average between $8.0 and 9.0 million, versus
a year to date 2009 average per well cost of $9.5 million.

Lower Bossier ShalePlay

Petrohawk has been evaluating the Lower Bossier Shale in Northwest Louisiana
and East Texas as a viable shale gas reservoir through an abundance of open
hole log data, core data, and most recently a number of well tests by industry
partners. The conclusions of this evaluation are that 1) the area of
prospective commercial production within the Company's current leasehold area
is approximately 122,000 net acres; 2) the rock quality does approach that of
the Haynesville Shale in a limited area of the play; and 3) the expected
recovery from a Lower Bossier Shale well on average should be somewhat less
than that of the Haynesville Shale, with an estimated range of between 5.0 and
6.0 Bcfe/well.

At this time, and pending advanced technology that would allow multiple zones
to be completed with a single wellbore, the Bossier Shale will require
wellbores independent of the Haynesville Shale. Petrohawk expects to drill its
initial well to test the Lower Bossier in during the first quarter of 2010.

Eagle Ford Shale

Petrohawk drilled ten operated wells and one non-operated well during the
third quarter in Hawkville Field. Seven of the operated wells were completed
with an average initial production rate of 6.7 Mmcf/d and 220 Bc/d, or 8.0
Mmcfe/d using a 6:1 ratio for condensate, or 10.0 Mmcfe/d using a 15:1 ratio.
There are currently sixteen operated wells on production. The average initial
rate of all sixteen wells is approximately 7.8 Mmcf/d and 143 Bc/d, or 8.7
Mmcfe/d or 10.0 Mmcfe/d depending on which ratio is used. Current gross
operated production is approximately 55 Mmcf/d and 1,300 Bc/d, or 75 Mmcfe/d
using a 15:1 conversion ratio. Net operated production is currently
approximately 49 Mmcfe/d using a 15:1 conversion ratio. Twelve of the sixteen
wells on production have at least 30 days of production with the average rate
during the first 30 days being 7.1 Mmcfe/d using a 15:1 conversion ratio.

Drilling operations in the Hawkville Field have continued to gain efficiencies
with the average number of days from spud to total depth for the nine
non-pilot holes drilled during the quarter being 19 days. This efficiency has
resulted in an average spud to rig release cost of approximately $2.3 million,
with current total drilling and completion costs averaging approximately $5.3
million. The Company currently has two operated rigs running and one
non-operated rig working in the play. Petrohawk intends to focus drilling
operations during the next quarter on the high condensate yield area of the
field due to more restrictive hunting season restrictions in the dry gas
window area and the Company's desire to take advantage of the current
disparity between condensate and natural gas prices.

In addition to the decrease in drilling days, Petrohawk is continuing to
refine completion techniques used in the play. The first seven completions in
Hawkville Field had an average lateral length of 3,736' with an average of
10.6 stages pumped across an average stage length of 350'. The last nine
completions had an average lateral length of 4,356' with an average of 15.3
stages across an average stage length of 285'. In addition to the increased
lateral length and associated increase in the number of stages and decreased
stage length, the Company is increasing the sand concentration to
2.5-3.0#/gallon for each stage. These combined changes in the completion
design appear to have resulted in better well performance that Petrohawk hopes
will result in higher EUR's. Additionally, the Company will be extending the
lateral length on its wells to approximately 6,000-6,500' when possible, a
change that is also expected to translate into potentially better overall well
performance.

Fayetteville Shale

Petrohawk drilled eight operated wells and 84 non-operated wells in the third
quarter. The high level of non-operated activity has assisted in maintaining
a steady rate of production growth throughout 2009, with the exception of
short-term curtailments in the late third and early fourth quarter resulting
from a combination of low commodity prices and repairs being made on the
Boardwalk pipeline system. Average net production curtailed during the third
quarter was approximately 5 Mmcfe/d. The Company expects curtailments will be
less during the fourth quarter as the Boardwalk system returns to full
production.

While the drilling activity during the third quarter appears to be very
heavily weighted to the non-operated wells, Petrohawk and its primary
non-operated partners achieved a comparable level of net drilling. The
average working interest for the eight Petrohawk operated wells was 48.5% (3.9
net wells). Of the 84 non-operated wells drilled, 49 were drilled by
Southwestern Energy with an average 6.7% working interest (3.3 net wells) and
29 were drilled by Chesapeake Energy with an average 15.2% working interest
(4.3 net wells). This level of drilling activity has resulted in increased
total net production from 72 Mmcfe/d at the end of the first quarter to a
maximum rate of 88 Mmcfe/d in late August prior to the onset of the previously
mentioned curtailments.

Hawk Field Services

Petrohawk's rapidly growing midstream business, Hawk Field Services (HFS)
generated $55 million in revenues during the quarter, tracking to revenues of
over $80 million for the year, primarily as the gathering and treating
operator for Petrohawk's production in the Haynesville Shale. HFS plans to
continue to grow its transportation and treating capacity in the Haynesville
and Eagle Ford Shales. HFS currently has six third-party customers and has
been actively adding third party customers. By the end of 2009, HFS is
expected to have approximately 375 miles of pipeline in service, with nearly
200 miles in the Haynesville Shale.

Petrohawk Earnings Conference Call and Webcast
Petrohawk will host a conference call tomorrow, Thursday, November 5, 2009 at
10:30 a.m. EST (9:30 a.m. CST) to discuss third quarter 2009 financial and
operating results. To access, dial 800-644-8607 five to ten minutes before the
call begins. Please reference Petrohawk Energy Conference ID 31504868.
International callers may also participate by dialing 706-679-8184. In
addition, the call will be webcast live on Petrohawk's website at
http://www.petrohawk.com. A replay of the call will be available at that site
through November 26, 2009.

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, Arkansas, East Texas, South
Texas and Oklahoma.

For more information contact Joan Dunlap, Vice President - Investor Relations,
at 832-204-2737 or jdunlap@petrohawk.com. For additional information about
Petrohawk, please visit our website at www.petrohawk.com.

Additional Information for Investors

This press release contains information regarding initial and 30-day average
rates of production that are subject to decline over time and should not be
regarded as reflective of sustained production levels. Our current estimates
are that the average rate of production from our Haynesville Shale wells will
decline approximately 80%-85% during the first twelve months of production and
the average rate of production from our Eagle Ford Shale wells will decline
approximately 75%-80% during the first twelve months of production. Comparable
rates of decline may be expected to be similar to rates of decline of shale
wells in other areas, but insufficient data exists to estimate decline curves
in these areas with any degree of certainty. Accordingly, actual decline
rates may differ significantly.

This press release contains forward-looking information regarding Petrohawk
that is intended to be covered by the safe harbor "forward-looking statements"
provided by the Private Securities Litigation Reform Act of 1995, based on
Petrohawk's current expectations and forward-looking statements include
statements regarding estimates of future production, capital expenditures and
results of operations, and other statements reflecting expectations, beliefs,
plans, objectives, assumptions, strategies or statements about future events
or performance (often, but not always, using words such as "expects",
"anticipates", "plans", "estimates", "potential", "possible", "probable", or
"intends", or stating that certain actions, events or results "may", "will",
"should", or "could" be taken, occur or be achieved) and include, without
limitation, estimated production for 2009 and 2010 and estimated 2009 and 2010
capital expenditures. Management's assumptions and future performance are
subject to a wide range of business risks, uncertainties and actual levels of
capital expenditures, and there is no assurance that these projections can or
will be met. Forward-looking statements are based on current expectations,
estimates and projections that involve a number of risks and uncertainties,
which could cause actual results to differ materially from those reflected in
these statements. These risks include, but are not limited to: the risks of
the oil and gas industry (for example, operational risks in exploring for,
developing and producing crude oil and natural gas; risks and uncertainties
involving geology of oil and gas deposits; the uncertainty of reserve
estimates; the uncertainty of estimates and projections relating to future
production, costs and expenses; potential delays or changes in plans with
respect to exploration or development projects or capital expenditures;
health, safety and environmental risks and risks related to weather such as
hurricanes and other natural disasters); uncertainties as to the availability
and cost of financing; fluctuations in oil and gas prices; uncertainties
related to acquisitions and divestitures; risks associated with derivative
positions; inability of our management team to execute its plans to meet its
goals, shortages of drilling equipment, oil field personnel and services,
unavailability of gathering systems, pipelines and processing facilities and
the possibility that government policies may change or governmental approvals
may be delayed or withheld. Additional information on these and other factors
which could affect Petrohawk's operations or financial results are included in
the section entitled "Risk Factors" in Petrohawk's Annual Report on Form 10-K
and its reports on Form 10-Q on file with the SEC. Investors are cautioned
that any forward-looking statements are not guarantees of future performance
and actual results or developments may differ materially from the expectations
in the forward-looking statements. Forward-looking statements are based on the
estimates and opinions of management at the time the statements are made.
Petrohawk does not assume any obligation to update forward-looking statements
should circumstances or management's estimates or opinions change.

The SEC generally permits oil and gas companies, in filings made with the SEC,
to disclose only proved reserves, which are reserve estimates that geological
and engineering data demonstrate with reasonable certainty to be recoverable
in future years from known reservoirs under existing economic and operating
conditions. In this press release, we use the term "resource potential" which
the SEC guidelines prohibit from being included in filings with the SEC.
"Resource potential" refers to the Company's internal estimates of hydrocarbon
quantities that may be potentially discovered through exploratory drilling or
recovered with additional drilling or recovery techniques. Resource potential
may not constitute reserves within the meaning of the Society of Petroleum
Engineer's Petroleum Resource Management System and does not include any
proved reserves. Area wide resource potential has been risked using a risk
factor selected by the Company's management. Actual quantities that may be
ultimately recovered from the Company's interests will differ substantially.
Factors affecting ultimate recovery include the scope of our ongoing drilling
program, which will be directly affected by the availability of capital,
drilling and production costs, availability of drilling services and
equipment, drilling results, lease expirations, transportation constraints,
regulatory approvals and other factors; and actual drilling results, including
geological and mechanical factors affecting recovery rates. Estimates of
resource potential may change significantly as development of the Company's
resource plays provides additional data. In addition, our production
forecasts and expectations for future periods are dependant upon many
assumptions, including estimates of production decline rates from existing
wells and the undertaking and outcome of future drilling activity, which may
be affected by significant commodity price declines or drilling cost
increases.

PETROHAWK ENERGY CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share amounts)

Three Months Ended Nine Months Ended
September 30, September 30,
------------------ ---------------------
2009 2008 2009 2008
-------- -------- ----------- --------
Operating revenues:
Oil and natural gas $174,783 $304,960 $512,528 $824,531
Marketing 63,155 - 216,165 -
-------- -------- ----------- --------
Total operating
revenues 237,938 304,960 728,693 824,531
-------- -------- ----------- --------
Operating expenses:
Marketing 66,586 - 211,722 -
Production:
Lease operating 20,788 12,324 55,903 37,621
Workover and other 865 1,696 1,793 3,482
Taxes other than income 15,204 12,185 39,921 37,185
Gathering,
transportation and
other 22,743 12,489 65,870 32,956
General and
administrative:
General and
administrative 20,405 15,607 57,419 43,296
Stock-based
compensation 4,145 3,389 10,762 9,068
Depletion, depreciation
and amortization 91,692 99,400 290,383 269,221
Full cost ceiling
impairment - - 1,732,486 -
-------- -------- ----------- --------
Total operating
expenses 242,428 157,090 2,466,259 432,829
-------- -------- ----------- --------
(Loss) income from
operations (4,490) 147,870 (1,737,566) 391,702
Other (expenses) income:
Net (loss) gain on
derivative contracts (1,568) 388,216 196,360 (32,130)
Interest expense and
other (58,981) (40,018) (170,929) (102,709)
-------- -------- ----------- --------
Total other
(expenses)
income (60,549) 348,198 25,431 (134,839)
-------- -------- ----------- --------
(Loss) income before
income taxes (65,039) 496,068 (1,712,135) 256,863
Income tax benefit
(provision) 24,862 (190,603) 650,201 (99,776)
-------- -------- ----------- --------
Net (loss) income
available to common
stockholders $(40,177) $305,465 $(1,061,934) $157,087
======== ======== =========== ========

Net (loss) income per
share of common stock:
Basic $(0.14) $1.30 $(3.88) $0.75
======== ======== =========== ========
Diluted $(0.14) $1.28 $(3.88) $0.74
======== ======== =========== ========

Weighted average shares
outstanding:
Basic 287,913 235,235 273,477 208,549
======== ======== =========== ========
Diluted 287,913 239,479 273,477 212,503
======== ======== =========== ========

PETROHAWK ENERGY CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)

September 30, December 31,
------------- ------------
2009 2008
------------- ------------
Assets:
Current assets $526,060 $648,432
Net oil and natural gas properties 4,157,027 5,071,287
Other noncurrent assets 1,724,381 1,187,610
---------- ----------
Total assets $6,407,468 $6,907,329
========== ==========

Liabilities and stockholders' equity:
Current liabilities $693,656 $726,312
Long-term debt 2,394,270 2,283,874
Other noncurrent liabilities 37,132 492,233
Stockholders' equity 3,282,410 3,404,910
---------- ----------
Total liabilities and stockholders' equity $6,407,468 $6,907,329
========== ==========

PETROHAWK ENERGY CORPORATION
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In thousands)

Three Months Ended Nine Months Ended
September 30, September 30,
-------------------- ----------------------
2009 2008 2009 2008
-------- -------- ---------- ----------
Cash flows from operating
activities:
Net (loss) income $(40,177) $305,465 $(1,061,934) $157,087
Adjustments to reconcile net
(loss) income to net cash
provided by
operating activities:
Depletion, depreciation
and amortization 91,692 99,400 290,383 269,221
Full cost ceiling
impairment - - 1,732,486 -
Income tax (benefit)
provision (24,862) 190,603 (650,201) 99,776
Stock-based compensation 4,145 3,389 10,762 9,068
Net unrealized loss
(gain) on derivative
contracts 115,171 (423,917) 96,752 (57,337)
Other 6,466 2,211 15,926 2,292
-------- -------- ---------- ----------
Cash flow from operations
before changes in working
capital 152,435 177,151 434,174 480,107
Changes in working capital (3,801) 60,044 40,576 45,677
-------- -------- ---------- ----------
Net cash provided by
operating activities 148,634 237,195 474,750 525,784
-------- -------- ---------- ----------

Cash flows from investing
activities:
Oil and natural gas
capital expenditures (416,290) (1,151,837) (1,164,392) (2,545,944)
Proceeds received from
sale of oil and natural
gas properties 724 (3,576) 724 107,324
Marketable securities
purchased (519,509) (1,034,979) (1,282,601) (2,151,077)
Marketable securities
redeemed 386,501 1,271,971 1,255,582 1,898,358
Decrease in restricted
cash - - - 269,837
Other operating property
and equipment
expenditures (79,971) (44,484) (225,322) (75,525)
Other intangible assets
acquired (105,108) - (105,108) -
Other 37,600 - 37,600 -
-------- -------- ---------- ----------
Net cash used in investing
activities (696,053) (962,905) (1,483,517) (2,497,027)
-------- -------- ---------- ----------

Cash flows from financing
activities:
Proceeds from exercise of
options and warrants 711 510 2,667 10,770
Proceeds from issuance of
common stock 571,500 762,738 956,500 1,831,951
Offering costs (21,696) (29,037) (30,727) (73,754)
Proceeds from borrowings 303,000 368,000 937,674 1,964,000
Repayment of borrowings (307,354) (368,865) (849,513) (1,736,266)
Debt issue costs 212 (4,832) (13,025) (23,391)
-------- -------- ---------- ----------
Net cash provided by
financing activities 546,373 728,514 1,003,576 1,973,310
-------- -------- ---------- ----------

Net (decrease) increase in
cash (1,046) 2,804 (5,191) 2,067
Cash at beginning of period 2,738 1,075 6,883 1,812
-------- -------- ---------- ----------
Cash at end of period $1,692 $3,879 $1,692 $3,879
======== ======== ========== ==========

PETROHAWK ENERGY CORPORATION
SELECTED OPERATING DATA (Unaudited)
(In thousands, except per unit and per share amounts)

Three Months Nine Months
Ended September Ended September
30, 30,
---------------- ----------------
2009 2008 2009 2008
------- ------- ------- -------
Production:
Natural gas - Mmcf 44,850 26,701 120,926 71,637
Crude oil - MBbl 383 378 1,204 1,128
Natural gas equivalent - Mmcfe 47,148 28,972 128,150 78,405
Daily production - Mmcfe 512 315 469 286

Average price per unit:
Realized oil price - as reported $64.64 $117.14 $51.82 $110.17
Realized impact of derivatives 1.57 (34.28) 3.38 (30.47)
------- ------- ------- -------
Net realized oil price (Bbl) $66.21 $82.86 $55.20 $79.70
======= ======= ======= =======

Realized gas price - as reported $3.15 $9.68 $3.54 $9.71
Realized impact of derivatives 2.40 (0.85) 2.34 (0.79)
------- ------- ------- -------
Net realized gas price (Mcf) $5.55 $8.83 $5.88 $8.92
======= ======= ======= =======

Cash flow from operations (1) 152,435 177,151 434,174 480,107
Cash flow from operations - per
share (diluted) 0.52 0.74 1.57 2.26

Average cost per Mcfe:
Production:
Lease operating 0.44 0.43 0.44 0.48
Workover and other 0.02 0.06 0.01 0.04
Taxes other than income 0.32 0.42 0.31 0.47
Gathering, transportation and other 0.48 0.43 0.51 0.42
General and administrative:
General and administrative 0.43 0.54 0.45 0.55
Stock-based compensation 0.09 0.12 0.08 0.12
Depletion 1.85 3.39 2.18 3.39

(1) Represents cash flow from operations before changes in working
capital. See the Consolidated Statements of Cash Flows for a
reconciliation from this non-GAAP financial measure to the most
comparable GAAP financial measure.

PETROHAWK ENERGY CORPORATION
SELECTED ITEM REVIEW AND RECONCILIATION (Unaudited)
(In thousands, except per share amounts)

Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2009 2008 2009 2008
-------- -------- --------- --------
Unrealized loss (gain) on
derivatives:(1)
Natural gas $112,861 $(374,622) $88,177 $(51,111)
Crude oil 30 (49,295) 8,575 (6,226)
Interest 2,280 - - -
-------- -------- --------- --------
Total mark-to-market
noncash charge 115,171 (423,917) 96,752 (57,337)
Full cost ceiling
impairment - - 1,732,486 -
Expense of deferred
financing costs(2) - - 911 782
Master limited partnership
withdrawal - - - 3,352
-------- -------- --------- --------
Total selected items,
before tax 115,171 (423,917) 1,830,149 (53,203)
Income tax effect of
selected items (43,788) 162,403 (695,823) 20,382
-------- -------- --------- --------
Selected items, net of tax 71,383 (261,514) 1,134,326 (32,821)
Net loss available to
common stockholders, as
reported (40,177) 305,465 (1,061,934) 157,087
Net income available
to common stockholders,
excluding selected items $31,206 $43,951 $72,392 $124,266
======== ======== ========= ========

Basic net loss per share
of common stock, as
reported $(0.14) $1.30 $(3.88) $0.75
Impact of selected items 0.25 (1.11) 4.15 (0.16)
-------- -------- --------- --------
Basic net income per share
of common stock, excluding
selected items $0.11 $0.19 $0.27 $0.59
======== ======== ========= ========

Diluted net loss per share
of common stock, as
reported $(0.14) $1.28 $(3.88) $0.74
Impact of selected items 0.25 (1.09) 4.11 (0.15)
-------- -------- --------- --------
Diluted net income per share
of common stock, excluding
selected items $0.11 $0.19 $0.23 $0.59
======== ======== ========= ========

(1) Represents the non-cash unrealized loss (gain) associated with the
mark-to-market valuation of outstanding derivative contracts.

(2) Represents non-cash charges related to the write-off of debt issue
costs associated with the senior revolving credit facility.

SOURCE Petrohawk Energy Corporation

Joan Dunlap, Vice President, Investor Relations, +1-832-204-2737,
jdunlap@petrohawk.com