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EXHIBIT 10.1
 
FIRST AMENDMENT TO ACQUISITION AND CONSULTING AGREEMENT
BETWEEN MAB RESOURCES LLC AND PETROHUNTER ENERGY CORPORATION
DATED OCTOBER 18, 2007
 
 
 

 
 
 

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FIRST AMENDMENT TO
ACQUISITION AND CONSULTING AGREEMENT

THIS FIRST AMENDMENT (“First Amendment”) is made this 18th day of October, 2007,
by and between MAB Resources LLC (“MAB”) and PetroHunter Energy Corporation
(“PetroHunter”), and is an amendment to that certain Acquisition and Consulting
Agreement between MAB and PetroHunter, dated effective January 1, 2007 (the
“Original Agreement”).
 
The Parties agree as follows:
 
1.           Section 3.2(a) of the Original Agreement is hereby amended to
provide that the Reserved ORRI: “(a) will not apply to or burden the any lease
within the states of Montana or Utah, and will not apply to burden any lease
within the area known as the Piceance II properties (as defined in the
applicable Underlying Agreement) in any respect, effective October 1, 2007”.
 
2.           Section 3.3 of the Original Agreement is hereby deleted in its
entirety, effective January 1, 2007, and replaced with the following:
 
“3.3       PetroHunter Shares.  In addition to being subject to the Reserved
ORRI, PetroHunter shall issue and deliver to MAB the following shares and shall
execute the Promissory Note described in Section 3.5, as further consideration
for MAB’s assignment and relinquishment of the MAB Working Interest: Within
thirty days after Closing, PetroHunter shall issue to MAB fifty million
(50,000,000) shares of its common stock, valued as of the close of trading on
December 29, 2006, which is $1.62 (US) per share.  No later than November 15,
2007, PetroHunter shall also issue to MAB twenty-five million (25,000,000)
additional shares of its common stock.”
 
3.           Schedules 1 and 2 under the Original Agreement, as well as any
references to “Schedule 1” or “Schedule 2”, shall be deleted in their entirety.
 
4.           The Original Agreement shall be terminated, effective retroactively
to January 1, 2007, with respect to MAB’s rights, interests and obligations and
with respect to all of PetroHunter’s (including its subsidiaries and affiliates)
rights, interests and obligations pertaining in any manner to oil and gas
property interests in the states of Montana and Utah.
 
5.           Article 5 of the Original Agreement is hereby deleted in its
entirety, effective October 1, 2007, except for Section 5.3(f), which shall
remain in effect.
 
6.           The defined terms in the Original Agreement shall apply to this
First Amendment.
 
7.           Except as expressly stated herein, the Original Agreement shall
remain in full force and effect.
 
 
 
 

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IN WITNESS WHEREOF, the Parties have executed this First Amendment as of the
date first stated above.
 

MAB RESOURCES LLC

By:   /s/ Marc A. Bruner___________________
      Marc A. Bruner, President

PETROHUNTER ENERGY CORPORATION

By:     /s/ David E. Brody                                      
Title:     Vice President and General Counsel
 
 
 
 
 
 
 

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