IPAA OGIS Small Cap 2005 Palm Beach, FL February 8, 2005

2 Forward-looking statements This presentation includes certain statements that may be deemed to be "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of All statements in this presentation, other than statements of historical facts, that address the future direction, management and control of the Company, capital expenditures, and events or developments that the Company expects or believes are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include oil and gas prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. These risks are presented in detail in our filings with the Securities and Exchange Commission. The Company has no obligation to update the statements contained in this presentation or to take action that is described herein or otherwise presently planned.

3 Petrohawk Energy Corporation NASDAQ: HAWK Floyd C. Wilson – Chairman, President and CEO ▬Former Chairman, CEO and founder of 3TEC Energy ▬Proven track record of building companies and shareholder value Shane M. Bayless – VP, CFO and Treasurer ▬Former VP – Controller and Treasurer of 3TEC Energy ▬Controller with Encore Acquisition Co. and Hugoton Energy Experienced management team with meaningful investment in the Company Seasoned technical staff with extensive experience working together Significant experience in the public company environment Houston, Texas

4 Building Value Acquiring quality properties in privately negotiated transactions ▬Acquire properties with upside ▬Divest non-strategic properties Accelerating property development Raising appropriate capital to support strategy ▬Access to equity markets and low-cost debt ▬Have taken advantage of hedging opportunities Managing for shareholder returns Recent transactions: ▬May 2004: Recapitalization of Beta Oil & Gas - $60 million ▬November 2004: Acquisition of Wynn-Crosby Energy - $423 million ▬January 2005: Pending Divestment of royalty interests - $80 million ▬February 2005: Pending acquisition - $53 million

5 Building Value Recapitalization of Beta Oil & Gas, Inc. $60 million investment closed May, 2004 Moved company to Houston ▬Core staff on board Implemented 1-for-2 reverse stock split and name change Initiated significant drilling program ▬Increased daily production by 50% Closed $8.5 million acquisition in August, 2004 Continue search for opportunities

6 Acquisition of Wynn-Crosby Energy $425 million transaction closed November 2004 ▬$250 million from commercial banking group led by BNP Paribas ▬$200 million raised in equity markets Privately negotiated ▬Deal struck when commodity prices were 30% lower – Seized hedging opportunity Transforming Event ▬200 Bcfe proved reserves, 46 Mmcfe/day production ▬74% natural gas, 75% proved developed ▬Stable production and cash flow ▬Multiple core operating areas Significant development program ▬Properties previously managed for cash distributions ▬Over 100 Bcfe in probable and possible reserves plus 80,000 net undeveloped acres ▬Opportunity to divest non-core properties and improve cost structure Building Value 2004 Deal of the Year

7 Building Value: Petrohawk + Wynn-Crosby Overview Permian South Texas Anadarko Arkoma East Texas Gulf Coast At July 1, 2004 pro forma for Wynn-Crosby acquisition 67 Bcfe 53 Bcfe 57 Bcfe 14 Bcfe 22 Bcfe 20 Bcfe 233 Bcfe Total Proved Reserves 57 MMcfe / day production

8 Building Value Divestment of Royalty Properties $80 million cash sale, effective January 1, 2005 ▬Closing scheduled for February 15, Bcfe, 5.1 Mmcfe/day Buy right – Sell right Passive interests not in line with Petrohawk strategic focus

9 1.1 Bcfe Building Value: Royalty Property Divestment At July 1, 2004 Anadarko Arkoma East Texas Gulf Coast South Texas Permian Other Basins 1.2 Bcfe 2.5 Bcfe 18.5 Bcfe 0.6 Bcfe 1.7 Bcfe 0.4 Bcfe S. Alabama 1.1 Bcfe 26 Bcfe Total Proved Reserves 5.1 MMcfe / day production

10 Building Value $53 Million Acquisition – announced February 7, 2005 Private company, privately negotiated ▬Financed on bank line at attractive rates 28 Bcfe, 5.0 Mmcfe/day ▬97% operated Significant development opportunity ▬9 PUDs in Gulf Coast region, 15 PUDs in South Texas region ▬20 Bcfe probable and 150 Bcfe possible Accretive transaction with properties in core area ▬17 Bcfe in South Texas ▬11 Bcfe in South Louisiana Expected to close February 28, 2005

11 $53 Million Acquisition in Core Areas South Texas Gulf Coast At January 1, Bcfe 17 Bcfe 28 Bcfe Total Proved Reserves 5.0 MMcfe / day production

12 Acquisition / Divestment Comparison AcquisitionDivestment Price ($MM)5380 Proved Reserves (Bcfe) Current Est. Production (Mmcfe/d) Well Count641,500+ Upside (Bcfe)Over 100-

13 Increased 2005 Capital Expenditure Forecast Meaningful exposure to exploration ▬HAWK has identified over 250 Bcfe probable and possible reserves Multi-year drilling program

14 Historical Acquisition Pricing vs. Blended Strip Acquisitions trade at a significant discount to strip price Forward markets provide opportunities to secure high operating margins Favorable environment for asset sales 1 70% gas / 30% oil 2 Acquisition pricing as of September 22, strip as of October 22, Blended Strip (70%/30%) 1 Acquisition Pricing $1.72 $4.17 Source: Petrie Parkman database; Bloomberg 2

15 Hedging Program Overview The Company will continue to evaluate opportunities to hedge production. Market conditions and financial objectives are major components of this evaluation. Generally, the Company expects to maintain commodity price protection on approximately 50% of expected future production.

Mmcfe/d production South Texas 25.4 Bcfe PDP, 22.4 Bcfe PUD ▬27 % daily production ▬80% operated 26 Bcfe upside reserves 21 PUD locations Upside potential: ▬La Reforma, Los Indios, Nabors, McAllen Ranch, Dry Hollow, Provident City ▬Multiple 3-D surveys in need of development and expansion Pending acquisition: ▬Heard Ranch, Four Sevens and Laredo fields ▬11 BCFE Proved reserves ▬1.5 MMCFE/D ▬15 additional PUD locations At July 1, 2004 pro forma for Wynn-Crosby acquisition

17 South Texas – La Reforma Field Successfully drilled two Probable and one PUD location since July 2004

18 South Texas – La Reforma Field Guerra C-3: Example of directional drilling in Vicksburg sands, La Reforma Field Current Production 11 Mmcfe/day

19 South Texas – Dry Hollow Field PUD Probable Possible

20 South Texas – Heard Ranch Field Amplitude Extraction: 4,000 ft. Sand Probable PUD

Bcfe PDP; 2.9 Bcfe PUD 9% daily production 10 PUD locations Pending acquisition: ▬Gueydan Field ▬11 BCFE Proved reserves ▬3.0 MMCFE/D ▬9 additional PUD locations ▬Upside potential: ●Numerous untested structures in the 2500’ and 2700’ on crest of salt dome ●Additional attic fault blocks in the Alliance and Mulvey sands ●Het, Camerina and Miogyp sands (11,000’-14,000’) are untested on the flank of the dome ●Total Probable/Possible >120 BCFE Gulf Coast 5.0 Mmcfe/d production At July 1, 2004 pro forma for Wynn-Crosby acquisition

22 Gulf Coast – Gueydan Field Seismic Structure: 2700 ft. Sand

23 Gulf Coast – Gueydan Field Seismic Structure: Alliance Sand

Mmcfe/d production Anadarko Basin 55.4 Bcfe PDP; 10.3 Bcfe PUD ▬61% operated ▬30% daily production 18 PUD locations Upside potential: ▬Infill drilling in WEHLU, Oklahoma Co., OK ▬Shale gas play in Texas Panhandle ▬CBM play in Oklahoma ▬Extensive interests owned in Deep Anadarko gas trend ▬Cleveland sand horizontal development opportunities in Texas Panhandle At July 1, 2004 pro forma for Wynn-Crosby acquisition

Mmcfe/d production East Texas / North Louisiana Basin 8.9 Bcfe PDP, 11.1 Bcfe PUD ▬83% operated ▬6% daily production 20 PUD locations Upside potential: ▬Over 5,500 net acres in Cotton Valley play ▬Three new wells drilled in Q (two Probable and one PUD) ▬Will maintain operated drilling throughout 2005 At July 1, 2004 pro forma for Wynn-Crosby acquisition

Mmcfe/d production Arkoma Basin 16.8 Bcfe PDP, 3.3 Bcfe PUD ▬49% operated ▬10% daily production 11 PUD locations Woodford and Caney Shale gas play in Pittsburg and McIntosh Counties, Oklahoma 80,000 net acres covering large four way flower structure in Scott County, Oklahoma At July 1, 2004 pro forma for Wynn-Crosby acquisition

27 Arkoma Basin – Multiple Fields and Prospects

28 Permian Basin 43.2 Bcfe PDP, 5.9 Bcfe PUD ▬32% operated ▬19% of daily production 22 PUD locations Pending divestment of royalty property: ▬78% of Proved Reserves located in Permian Basin 10.7 Mmcfe/d production At July 1, 2004 pro forma for Wynn-Crosby acquisition

29 Investment Considerations Company Building Track Record ▬Significant management investment Attractive Acquisitions ▬Substantially hedged ▬Significant drilling program underway Divestment Strategy Capacity to Pursue Additional Opportunities Proven Business Plan ▬Create value ▬Build to sell

30 Share Update

31 Ownership Update

32 Corporate Information Independent Reserve Engineers Netherland, Sewell & Associates Corporate CounselHinkle Elkouri Law Firm LLC Securities CounselThompson & Knight LLP Auditor Deloitte Stock Transfer Agent OTR, Inc. State of Incorporation Delaware Website ListingNASDAQ: HAWK Equity ResearchPetrie Parkman, Next Generation, FBR, Johnson Rice