FIRST AMENDMENT TO ACQUISITION AND CONSULTING AGREEMENT BETWEEN MAB RESOURCES LLC AND PETROHUNTER ENERGY CORPORATION

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MAB RESOURCES LLC | PETROHUNTER ENERGY CORPORATION

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Title: FIRST AMENDMENT TO ACQUISITION AND CONSULTING AGREEMENT BETWEEN MAB RESOURCES LLC AND PETROHUNTER ENERGY CORPORATION
Date: 10/23/2007
Industry: Oil and Gas Operations Sector: Energy

EXHIBIT 10.1

FIRST AMENDMENT TO ACQUISITION AND CONSULTING AGREEMENT

BETWEEN MAB RESOURCES LLC AND PETROHUNTER ENERGY CORPORATION

DATED OCTOBER 18, 2007

FIRST AMENDMENT TO

ACQUISITION AND CONSULTING AGREEMENT

THIS FIRST AMENDMENT (“First Amendment”) is made this 18th day of October, 2007, by and between MAB Resources LLC (“MAB”) and PetroHunter Energy Corporation (“PetroHunter”), and is an amendment to that certain Acquisition and Consulting Agreement between MAB and PetroHunter, dated effective January 1, 2007 (the “Original Agreement”).

The Parties agree as follows:

1. Section 3.2(a) of the Original Agreement is hereby amended to provide that the Reserved ORRI: “(a) will not apply to or burden the any lease within the states of Montana or Utah, and will not apply to burden any lease within the area known as the Piceance II properties (as defined in the applicable Underlying Agreement) in any respect, effective October 1, 2007”.

2. Section 3.3 of the Original Agreement is hereby deleted in its entirety, effective January 1, 2007, and replaced with the following:

“3.3 P

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