January 19, 2006

Company-Building: Our WayIPAA Private Capital Conference

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Forward-Looking Statements

This communication contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, including statements regarding planned capital expenditures (including the amount and nature thereof) including in connection with proposed or pending acquisitions, estimates of future production including in connection with proposed or pending acquisitions, the number of wells we anticipate drilling in 2006, availability and costs of drilling rigs and other oil field services, the number and nature of potential drilling locations, our growth strategies, anticipated trends in our business, our future results of operations, estimates regarding future net revenues from oil and natural gas reserves and the present value thereof, our ability to make and integrate acquisitions and timing, cost and procedure for proposed acquisitions, estimates, plans and projections relating to acquired properties, quality and nature of our asset base, our ability to successfully and economically explore for and develop oil and gas resources, market conditions in the oil and gas industry, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, models, strategies, assumptions or statements about future events or performance often, but not always, using such words as “expects,” “anticipates,” “plans,” “estimates,” “seeks,” “believes,” “hopes,” “predicts,” “envisions,” “intends,” “potential,” “possible,” “probable,” “opportunities,” “confident,” or stating that certain actions “may,” “will,” “should,” or “could,” be taken, occur or be achieved ("forward looking qualifiers"). 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 and other assumptions. In addition, estimates of proved reserves as of December 31, 2005 set forth in this presentation have not been evaluated or reported on by independent petroleum engineers. These estimates were prepared by our own engineers using criteria in accordance with the Securities and Exchange Commission (SEC) guidelines. In addition, our internal reserve estimates for any completed, pending or proposed acquisitions in 2005 or 2006 relating to December 31, 2005 reserve data are based upon data available to us that may not be as complete as data available on our other properties.

All forward-looking statements contained in this communication (whether or not accompanied by a forward looking qualifier) are based on current expectations, plans, estimates and projections that involve a number of risks and certainties, 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, development projects or capital expenditures; and health, safety and environmental risks); uncertainties as to the availability and cost of financing; fluctuations in oil and gas prices; inability to realize expected value from acquisitions; inability of our management team to execute its plans to meet its goals; loss of services of our management team; inability to replace oil and gas reserves; shortage of drilling equipment, oil field personnel and services; and unavailability of gathering systems, pipelines and processing facilities. All forward-looking statements contained in this communication (whether or not accompanied by a forward looking qualifier) are based on the estimates, opinions and beliefs of our management at the time the statements are made and should be considered approximations unless specifically indicated otherwise. We assume no obligation to update forward-looking statements should circumstances or our management’s estimates or opinions change. Unless the context otherwise indicates, when we refer to “Petrohawk,” the “Company,” “us,” “we,” “our,” or “ours” in this presentation, we are describing Petrohawk Energy Corporation, together with its subsidiaries.

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Petrohawk Energy Corporation

NASDAQ: HAWK

Stock Price $14.50 at 1/17/06

Equity Value ($MM) $1,066

Debt ($MM) $485

Enterprise Value ($MM) $1,551

Experienced management team with meaningful investment Seasoned technical staff with extensive experience working together Significant experience in the public company environment

Houston, Texas

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Management Can Go All the Way

Steve W. Herod

EVP - Corporate Development

Floyd C. WilsonChairman, President and CEO

Shane M. Bayless

EVP - CFO and Treasurer

Larry L. Helm

EVP - Chief Administrative OfficerRichard K. Stoneburner

EVP - Exploration

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HAWK Then and Now

NOWJanuary 17, 2006

(pro forma N. Louisiana acquisition)

THENOctober 2004

Share Price $14.50

87% Increase

$7.75

Avg. Daily Trading Vol. 639,000

4,132% Increase

15,099

Reserves (Bcfe) 551

1,570% Increase

Daily Production (Mmcfe) 1461

1,725% Increase

Enterprise Value ($MM) 1,8131,195% Increase

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140

1 As of 12/31/05 pro forma N. Louisiana acquisition.

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High Quality Assets in Strategic BasinsPro Forma Year End 2005 Estimates

Other Basins7 Bcfe, 1%

3 MMcfe/d, 2%

S. Texas72 Bcfe, 13%

30 MMcfe/d, 22%

Permian158 Bcfe, 29%25 MMcfe/d, 18%

Arkoma18 Bcfe, 3%5 MMcfe/d, 3%

Anadarko59 Bcfe, 11%

14 MMcfe/d, 10%

Gulf Coast 84 Bcfe / 15%32 MMcfe/d, 23%

Reserves and production based on internal estimates as of December 31, 2005 pro forma for the North Louisiana Acquisition. Production represents average for December 2005. Based on spot market prices of $60.84 per Bbl of oil and $10.075 per MMbtu of natural gas as of December 31, 2005, adjusted for estimated basis and quality differentials.

E. Texas / N. Louisiana127 Bcfe, 23%21 MMcfe/d, 15%

551 Bcfe of Proved

Reserves

▬ 76% gas

▬ 68% proved developed

▬ ~60% operated

12/31/05 exit production

of 146 MMcfe/d 11 year R/P

Over 2,000 drilling

locations

Substantial exploration

upside

Gulf of Mexico 26 Bcfe / 5%

11 MMcfe/d, 7%

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Our Way

Establish a well-capitalized platform▬ Oil and gas business is capital intensive▬ Start out with adequate funding

Grow reserves and production▬ Additional corporate or asset acquisitions▬ Primarily operated properties with upside in core areas▬ Significant drilling program – development and exploration

Divest high-cost or non-core properties▬ Ongoing process of upgrading the property base▬ Sell to someone who wants them more

Build to sell▬ Provide superior returns to shareholders▬ FOCUS ON THE EXIT!!

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Private Equity: Good Partners are Key to Success

EnCap Investments, L.P.▬ Equity partner at 3TEC – Great full cycle results▬ Largest initial partner in Petrohawk - $38 MM▬ Experienced E&P investor, leading private equity provider

Liberty Energy▬ Drilling partner at 3TEC▬ Invested $12 MM in Petrohawk▬ Significant E&P sector investor

● Private equity and drilling

Winning Combination▬ Common goals with management▬ Equity partners provide resources▬ Teamwork wins championships

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Why We Went the Public Route

Recap of Existing Public Company Faster than IPO▬ Finished in four months vs. six months or longer for IPO (see W&T, Bill

Barrett, etc.)▬ Same approach that worked for us at 3TEC▬ Beta Oil & Gas provided opportunity to acquire undervalued assets

Being Public Provides Access to Lowest Cost Equity▬ Institutional market receptive to E&P stocks▬ Provides liquidity for private equity shareholders

Better Valuation in Public Market vs. Private▬ Wall Street values reserves differently than industry▬ Improve alternatives for exit

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When Is It Time to Sell?

Have built company with efficient cost structure and production profile that will be accretive to buyers

Have divested property base of non-core properties resulting in a quality portfolio that could fit well with a subset of buyers

Have tested upside potential enough to realize value at the negotiating table

Growth of equity value starts to slow down

Start having too many meetings!!

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Operated properties in core areas with upside potential Natural gas bias Maintain 10 year R/P average Privately negotiated transactions

Over $1.2 billion in acquisitions since November 2004

Acquisition Strategy

$60 million investment

─ Beta Oil & Gas (Recapitalization)

─ 30 Bcfe; 7 MMcfe/d $425 million

acquisition

─ Wynn Crosby Energy

─ 200 Bcfe; 74% gas; 75% PD; 46 MMcfe/d

February 2005 July 2005May / Nov 2004

$53 million acquisition

─ Proton Energy

─ 28 Bcfe

─ 46% gas

─ 47% PD

─ 5 MMcfe/d

$508 million acquisition

─ Mission Resources

─ 226 Bcfe

─ 60% gas

─ 78% PD

─ 68 MMcfe/d

$262 million acquisition

─ North Louisiana properties

─ 106 Bcfe

─ 98% gas

─ 29% PD

─ 16 MMcfe/d

─ Close Jan. 2006

December 2005

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2006 Drilling Program

$210 million drilling budget – 70% operated Funded from discretionary cash flow – significant production growth Attractive risk profile – 80% PUD/Probable

Total 2006 Drilling Budget

by Category ($MM / % of Total)

Total 2006 Drilling Budget

by Region ($MM / % of Total)

Probable$48 / 23%

Possible$36 / 17%

PUD$113 / 54%

PDNP$13 / 6%

Permian$18 / 9%

Gulf Coast$43 / 20%

S. TX$67 / 32% E. TX /

N. LA$51 / 24%

Arkoma /Anadarko$31 / 15%

Note: Provides for 9% contingencies; no amounts included for land or seismic; pro forma for the pending North Louisiana Acquisition.

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Keep Financing Simple

Always maintain capacity to pursue additional opportunities▬ Be ready for another deal▬ Have excess capacity at exit point

Use bank debt as much as possible ▬ Interest rates are good▬ Strong market for second lien debt▬ No issues at time of sale – buyer can pay off or refinance outstanding debt

Avoid high yield, converts, preferred▬ Good financing tools but not for our style of company▬ Change of control restrictions can impact sale

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Boone Donates $165 MM to Oklahoma State Sports

Watch Out Big 12

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Be pretty▬ Low lifting costs, low well count, property concentration and upside▬ Simple capital structure is attractive at sale

Operate company at reasonable debt levels

▬ Never “have” to sell▬ Hedging program to protect downside

Manage for shareholder returns▬ Company with less than a Tcfe reserves has ability to grow value at faster rate▬ Establish / maintain market liquidity

BUILD TO SELL REMAINS OUR OBJECTIVE

▬ $3.30 to $14.50 per share in less than two years▬ Capacity to pursue additional opportunities▬ 2006 looks like another great year

The Bottom Line

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It’s a Great Time to Be a HAWK