Petrohawk Provides Third Quarter Operational Update
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As of 9:52 AM ET 10/21/08Petrohawk Energy Corporation ("Petrohawk" or the "Company") (NYSE: HK) today summarized third quarter operations, providing updates on activities in the Haynesville Shale, Fayetteville Shale, other conventional and unconventional drilling programs.

Third Quarter 2008 Drilling Performance

Petrohawk drilled 100 operated wells and 95 non-operated wells during the third quarter with a success rate of 97%. At the end of the third quarter, 32 operated rigs and approximately 15 non-operated rigs were in operation.

Haynesville Shale Activities Move Forward

Petrohawk's third operated well in the Haynesville Shale, the Hunt Plywood 36 #11H (100% WI), located in Section 36, Township 15 North, Range 13 West, was placed on production at a rate of approximately 17.0 Mmcfe/d, on a 22/64" choke with 7,225 pounds flowing casing pressure. The well has averaged 15.4 Mmfe/d over the first 30 days of production.

The Company's first operated Haynesville Shale well, the Elm Grove Plantation (EGP) #63H, has produced for approximately 100 days and has averaged 8.8 Mmcfe/d over this period. Petrohawk's second operated well, the Hutchinson 9 #5H, has been on production for approximately 67 days and has averaged 14.6 Mmcfe/d over that time period. Several additional Haynesville Shale wells are currently being completed.

The Company has instituted a "pre-drill", or spudder rig, program in the Haynesville Shale designed to accelerate the pace of drilling. Ten operated horizontal rigs are currently drilling in the play as well as five spudder rigs. Petrohawk expects to exit 2008 with twelve operated horizontal rigs drilling in the play. To date, the Company has drilled through the Haynesville Shale in a total of 16 wells. The added well control has shown the Shale to be consistently thick and with excellent reservoir quality in all of these wells. With the drilling program currently in place, Petrohawk estimates that approximately 18 wells will be on production prior to the end of the fourth quarter out of a total of 26 wells drilled through the Shale section by the end of the year.

In addition to Haynesville Shale activities in Northwest Louisiana, Petrohawk will begin testing Haynesville and Bossier Shale prospects in Shelby County, Texas, with initial results expected before year end. Two operated rigs will be dedicated to this program during the fourth quarter. Drilling activity will also initiate on acreage included in the previously announced Joint Venture with EOG Resources in Nacogdoches County during the fourth quarter. Three rigs are expected to be operating within this joint venture area, targeting the Haynesville Shale as well as James Lime and Travis Peak formations.

Fayetteville Shale: New Techniques Successful, New Pipeline Project Adds To Delivery Capacity

Petrohawk drilled 45 operated and 36 non-operated wells in the third quarter in the Fayetteville Shale. Of the 22 operated wells completed and been tested by the state, four wells tested in excess of 3.9 Mmcfe/d, with one of these wells testing in excess of 5.0 Mmcfe/d. The Company attributes these higher results to improved completion techniques including longer laterals and cemented liners with more perforations, which the Company has made standard on new well completions.

As examples of this refinement in completion technique, the Company recently completed one of its wells with a ten-stage cemented liner frac on a well with a lateral length in excess of 3,700 feet and is preparing to frac a well with approximately 15 stages covering a lateral length in excess of 5,500 feet. During the third quarter, gross operated production has exceeded 115 Mmcfe/d and net production reached approximately 65 Mmcfe/d.

Production from the Fayetteville Shale has been restricted due to a construction delay on the Boardwalk pipeline. The current estimate for the pipeline's "in service" date is mid-November.

Conventional North Louisiana and WEHLU Perform on Target

Petrohawk drilled 39 operated wells and 15 non-operated wells during the third quarter in Elm Grove and Terryville fields in Northwest Louisiana. Three operated rigs are currently running in Elm Grove, as well as two operated rigs in Terryville field. The Company's 2008 Cotton Valley horizontal program concluded during the third quarter, with an average initial production rate of 7.3 Mmcfe/d from three wells completed. In the Terryville Bossier/Lower Cotton Valley program, seven wells with an average initial production rate of 4.1 Mmcfe/d have been completed.

The second well in the new horizontal development program at the West Edmond Hunton Lime Unit (WEHLU) in Oklahoma County, Oklahoma, produced 1.5 Mmcfe/d (220 BO/d and 175 Mcf/d). A third well has completed drilling and is expected to be placed on production in mid-October. Petrohawk is currently operating two horizontal rigs in the field.

Conference Call Scheduled for 9:30 a.m. CDT

Petrohawk has scheduled a conference call for Tuesday, October 21, 2008 at 9:30 a.m. CDT (10:30 a.m. EDT) to discuss the Eagle Ford Shale discovery and today's operational update. To access, dial 800-644-8607 five to ten minutes before the call begins. Please reference Petrohawk Energy Conference ID 70181528. International callers may also participate by dialing 706-679-8184. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until November 4, 2008. To access the replay, please dial 800-642-1687 and reference conference ID 70181528. International callers may listen to a playback by dialing 706-645-9291.

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, Oklahoma and the Permian basin.

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 forward-looking information regarding Petrohawk that is intended to be covered by the safe harbor "forward-looking statements" provided by of the Private Securities Litigation Reform Act of 1995, based on Petrohawk's current expectations and includes statements regarding acquisitions and divestitures, estimates of future production, future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other 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). Statements concerning oil and gas reserves also may be deemed to be forward-looking statements in that they reflect estimates based on certain assumptions that the resources involved can be economically exploited. 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 the 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; risks associated with derivative positions; inability to realize expected value from acquisitions, 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 Petrohawk's reports 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 projections 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.

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