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

1. 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 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. 2

3. Petrohawk Energy Corporation NASDAQ: HAWK Houston, Texas • 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 3

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 4

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 5

6. Building Value 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 2004Deal of the Year 6

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

8. 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 8

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

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 10

11. $53 Million Acquisition in Core Areas At January 1, 2005 17 Bcfe Gulf Coast 11 Bcfe 28 Bcfe Total Proved Reserves 5.0 MMcfe / day production South Texas 11

12. Acquisition / Divestment Comparison 12

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

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 Blended Strip (70%/30%)1 $4.17 Acquisition Pricing $1.72 2 Source: Petrie Parkman database; Bloomberg 1 70% gas / 30% oil 2 Acquisition pricing as of September 22, 2004. 2005 strip as of October 22, 2004. 14

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. 15

16. South Texas At July 1, 2004 pro forma for Wynn-Crosby acquisition • 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 15.3 Mmcfe/d production 16

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

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

19. South Texas – Dry Hollow Field PUD PUD Possible Probable 19

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

21. Gulf Coast At July 1, 2004 pro forma for Wynn-Crosby acquisition • 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 5.0 Mmcfe/d production 21

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

23. Gulf Coast – Gueydan Field • Seismic Structure: Alliance Sand 23

24. Anadarko Basin At July 1, 2004 pro forma for Wynn-Crosby acquisition • 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 16.8 Mmcfe/d production 24

25. East Texas / North Louisiana Basin At July 1, 2004 pro forma for Wynn-Crosby acquisition • 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 3.5 Mmcfe/d production 25

26. Arkoma Basin At July 1, 2004 pro forma for Wynn-Crosby acquisition • 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 5.4 Mmcfe/d production 26

27. Arkoma Basin – Multiple Fields and Prospects 27

28. Permian Basin At July 1, 2004 pro forma for Wynn-Crosby acquisition • 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 28

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 29

30. Share Update 30

31. Ownership Update 31

32. 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 32