IPAA OGIS Small Cap 2005Palm Beach, FL

February 8, 2005

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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 1995. 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.

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Petrohawk Energy Corporation

NASDAQ: HAWK

Stock Price $8.90at 2/4/05

Equity Value $353,314,318

Debt $235,000,000

Enterprise Value $553,314,318

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

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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

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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

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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

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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

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Building Value

Divestment of Royalty Properties

$80 million cash sale, effective January 1, 2005▬ Closing scheduled for February 15, 2005

26 Bcfe, 5.1 Mmcfe/day

Buy right – Sell right

Passive interests not in line with Petrohawk strategic focus

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1.1 Bcfe

Building Value: Royalty Property Divestment

At July 1, 2004

Anadarko

Arkoma

East Texas

Gulf Coast

South Texas

Permian

Other Basins1.2 Bcfe

2.5 Bcfe

18.5 Bcfe

0.6 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

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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

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$53 Million Acquisition in Core Areas

South Texas

Gulf Coast

At January 1, 2005

11 Bcfe

17 Bcfe

28 Bcfe Total Proved Reserves

5.0 MMcfe / day production

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Acquisition / Divestment Comparison

Acquisition Divestment

Price ($MM) 53 80

Proved Reserves (Bcfe)

Current Est. Production (Mmcfe/d)

28

5.0

26

5.1

Well Count 64 1,500+

Upside (Bcfe) Over 100 -

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Increased 2005 Capital Expenditure Forecast

Land & Seismic 3,000,000$ 4%

Development 51,000,000$ 73%

Exploration 16,000,000$ 23%

Total 70,000,000$ 100%

Meaningful exposure to exploration ▬ HAWK has identified over 250 Bcfe probable and possible reserves

Multi-year drilling program

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0

1

2

3

4

5

6

7

8

1998 1999 2000 2001 2002 2003 2004YTD

2005

$/M

cfe

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% oil2 Acquisition pricing as of September 22, 2004. 2005 strip as of October 22, 2004.

Blended Strip (70%/30%)(70%/30%)11

Acquisition Pricing$1.72

$4.17

Source: Petrie Parkman database; Bloomberg

2

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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.

Natural Gas (Mmbtu) 2005 2006 2007 2008

Production Hedged (Collars) 21,534 18,082 7,890 9,863 Production Hedged (Swaps) 2,433 - 3,288 - Average Daily Production Hedged 23,967 18,082 11,178 9,863

Average Floor Price $6.13 $5.64 $5.30 $5.05Average Ceiling Price $9.18 $9.19 $7.12 $6.53Average Swap Price $4.08 - $6.06 -

Oil (Bbls) 2005 2006 2007 2008

Production Hedged (Collars) 1,348 1,118 658 164 Production Hedged (Swaps) 41 - - 395 Average Daily Production Hedged 1,389 1,118 658 559

Average Floor Price $42.39 $40.00 $35.30 $34.00Average Ceiling Price $55.29 $48.89 $43.97 $45.30Average Swap Price $32.31 - - $38.10

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15.3 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

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South Texas – La Reforma Field

Successfully drilled two Probable and one PUD location since July 2004

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South Texas – La Reforma Field

Guerra C-3: Example of directional drilling in Vicksburg sands, La Reforma Field

Current Production 11 Mmcfe/day

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South Texas – Dry Hollow Field

PUD

PUD

Probable

Possible

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South Texas – Heard Ranch Field

Amplitude Extraction: 4,000 ft. Sand

Probable

PUD

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9.3 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

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Gulf Coast – Gueydan Field

Seismic Structure: 2700 ft. Sand

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Gulf Coast – Gueydan Field

Seismic Structure: Alliance Sand

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16.8 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

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3.5 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 Q4 2004 (two Probable and one PUD)

▬ Will maintain operated drilling throughout 2005

At July 1, 2004 pro forma for Wynn-Crosby acquisition

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5.4 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

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Arkoma Basin – Multiple Fields and Prospects

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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

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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

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Share Update

Diluted Share Calculation (post $200MM equity offering)(assumes $8.56 share price at 12/31/04)

Basic Shares

5,075,757 Management and Private Equity Common Shares8,816,031 Other Common Shares

25,806,450 Equity Offering

39,698,238 Total Basic Shares

Fully Diluted Shares1

39,698,238 Total Basic Shares3,072,430 Management and Private Equity Warrants8,750,000 Management and Private Equity Convertible Note

444,493 Other Options and Warrants299,136 Preferred Shares

52,264,296 Total Fully Diluted Shares

1 Treasury method applied

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Ownership Update

Ownership Profile (post $200MM equity offering)(assumes $8.56 share price at 12/31/04)

at 12/31/04 % OwnedBasic:

Management and Private Equity 5,075,757 12.8%Public Shareholders 34,622,481 87.2%

Total Basic 39,698,238 100.0%

Fully Diluted:Management and Private Equity 16,898,187 32.3%Public Shareholders 35,366,110 67.7%

Total Diluted 52,264,297 100.0%

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Corporate Information

Independent Reserve Engineers Netherland, Sewell & Associates Corporate Counsel Hinkle Elkouri Law Firm LLC Securities Counsel Thompson & Knight LLP Auditor Deloitte Stock Transfer Agent OTR, Inc. State of Incorporation Delaware Website www.petrohawk.com Listing NASDAQ: HAWK Equity Research Petrie Parkman, Next Generation,

FBR, Johnson Rice