Exhibit 99.1

Petrohawk Energy Corporation Announces

Fourth Quarter and Full Year 2010 Financial Results

Debt to Proved Reserves Decreases to $0.78/Mcfe

Company Employs Breakthrough Schlumberger Frac Technology

Successfully in the Eagle Ford Shale

HOUSTON—Feb 22, 2011— Petrohawk Energy Corporation (“Petrohawk” or the “Company”) (NYSE: HK) today announced its fourth quarter and full year 2010 financial results and provided guidance on its production and unit cost outlook for 2011. Additionally, the Company provided details on well results using the Hiway Frac solution from Schlumberger.

“Petrohawk is positioned well for outstanding performance in 2011 and 2012,” said Floyd C. Wilson, the Company’s Chairman and CEO. “Our year-end results reflect a cleaner, more concentrated and higher-performing company than any other time in our history. We generated strong cash flows in 2010, and looking ahead, we expect our premium assets will offer years of economic project inventory to fuel future growth.  We are in the early innings of the efficiencies and performance enhancements that we expect will accelerate returns in the Haynesville/Bossier and Eagle Ford Shales, where Petrohawk continues to innovate. Our financial health, liquidity, and divestiture opportunities support our ability to execute our business plan and deliver this value to shareholders.”

Fourth Quarter and Full Year 2010 Financial Results

Petrohawk generated revenues of $402.0 million for the quarter ended December 31, 2010 and revenues of approximately $1.6 billion for the full year 2010. Cash flows from operations before changes in working capital (cash flow from operations, a non-GAAP measure) were $211.3 million, or $0.70 per fully diluted common share for the quarter, and $745.9 million, or $2.47 per fully diluted common share, for the full year.

Petrohawk reported a net loss for the quarter of $0.26 per fully diluted common share, or $79.6 million. After adjusting for selected items, the Company’s quarterly net income was $31.4 million, or $0.11 per fully diluted common share (see Selected Item Review and Reconciliation table for additional information). The fourth quarter net loss was primarily affected by 1) an

unrealized loss relating to future derivative contracts, primarily natural gas; 2) a loss from discontinued operations resulting from the writedown of the Fayetteville Shale midstream assets; 3) non-cash charges related to the write-off of debt issuance costs associated with Petrohawk’s senior revolving credit facility; and, 4) Non-cash deferred income tax adjustments.

As stated in its press release dated February 1, 2011, the Company produced an average of 562 million cubic feet natural gas equivalent per day (Mmcfe/d) during 2010, pro forma for approximately 113 Mmcfe/d that was divested during the year. Total reported production for the fourth quarter was 70.1 billion cubic feet of natural gas equivalent (Bcfe), which includes 65.1 billion cubic feet (Bcf) of natural gas and 820 thousand barrels (MBbls) of oil and natural gas liquids. Production of oil and natural gas liquids increased 136% over fourth quarter 2009, when Petrohawk produced 348 MBbls.

Before the effect of derivatives, the Company realized an average price of $3.54 per Mcf of natural gas and $81.13 per barrel of oil during fourth quarter 2010. For the full year 2010, Petrohawk realized an average price of $4.18 per Mcf of natural gas, or 95% of NYMEX, and $76.98 per barrel of oil, or 97% of NYMEX. Realized prices for natural gas liquids were $40.91 per barrel for fourth quarter 2010 and $38.03 per barrel for the full year. Taking into account the effect of hedges, the Company realized $5.22 per Mcf of natural gas and $76.90 per barrel of oil for the full year. Petrohawk collected $243 million in realized hedges during 2010.

During the fourth quarter, per unit lease operating expense was $0.22 per thousand cubic feet of natural gas equivalent (Mcfe), or $15.2 million, a decrease of 34% compared to the fourth quarter 2009. Lease operating expense for the year was $64.7 million, or $0.26 per Mcfe, compared to $0.43 per Mcfe for 2009. Total per unit cash operating expenses (including lease operating, workover, taxes other than income, gathering and transportation, and general and administrative) were $1.49 per Mcfe for the fourth quarter of 2010, compared to $1.90 per Mcfe for the fourth quarter of 2009. Total per unit cash operating expense was $1.56 per Mcfe for 2010, compared to $1.73 per Mcfe for 2009.

Liquidity and Capitalization

As of December 31, 2010, Petrohawk had $146 million drawn on its revolving credit facility. Total available liquidity at the end of the year was approximately $1.4 billion on its oil and gas borrowing base of $1.55 billion with an additional $38 million of borrowing capacity based on

the Company’s midstream businesses. Liquidity was enhanced during 2010 by $2.1 billion of proceeds from a series of divestitures of non-core assets, including half of Petrohawk’s midstream business in the Haynesville Shale and Petrohawk’s oil and natural gas interests in the Fayetteville Shale, Terryille field, WEHLU field, and other miscellaneous properties in the Mid-Continent region. At year-end 2010, the Company’s net debt-to-total book capitalization was approximately 43%, down from 44% at year-end 2009. Based on the Company’s estimated proved reserves of 3.4 Tcfe at year end 2010, debt / proved reserves was $0.78/Mcfe, the lowest in Petrohawk’s history.

In 2010 and earlier this year, Petrohawk refinanced its senior notes due in 2012 and 2013 with new senior notes due 2018 at lower interest rates, making 2014 its earliest maturity of long-term debt.

2011 Guidance

The midpoint of full year 2011 production guidance is 885 Mmcfe/d (781 Mmcf/d + 11.6 Mbo/d + 5.7 Mbngl/d), representing an estimated 31% year over year increase and a 57% year over year increase pro forma for 2010 divestitures. The midpoint of first quarter 2011 production guidance is 770 Mmcfe/d (703 Mmcf/d + 6.6 Mbo/d + 4.3 Mbngl/d), representing an estimated 15% pro forma growth over fourth quarter 2010.

Petrohawk has substantially hedged its expected future oil production with 2011 hedged volumes of 2,008 MBbls with an average floor of $78.00/Bbl and an average ceiling of $98.88/Bbl. Oil volumes hedged for 2012 were 82% higher than 2011, reflecting the Company’s expected increase in production primarily from the Eagle Ford Shale. These 2012 volumes are hedged at an average floor of $77.00/Bbl and an average ceiling of $100.00/Bbl. A summary of Petrohawk’s derivative positions for 2011 and 2012 can be found on the Company’s website, http://www.petrohawk.com.

Additional guidance items for the full year 2011 are as follows:

Income Taxes - Effective rate of 39 – 41%

Realized prices are estimated as a percentage of NYMEX.

(1) Excludes non-cash stock based compensation charges of $0.06 - $0.12 per Mcfe.

Company Employs Breakthrough Schlumberger Frac Technology Successfully in the Eagle Ford Shale

Petrohawk implemented Schlumberger’s MP7 (HiWAY) flow-channel fracturing technique since October 2010 on a select number of wells as a trial to determine the impact of this novel methodology on horizontal multistage production in the Eagle Ford Shale. The initial tests were located in various areas of Hawkville Field.  The HiWAY fracturing technique combines fit-for-purpose fracture modeling, fracturing fluids and high-frequency proppant pulsations.  The HiWAY method effectively creates flow channels within the fracture network and increases the overall stimulated reservoir volume and permeability.

Initial production results from this limited set of wells reflect average production increases of approximately 37% in the areas with gas and natural gas liquids and an average of approximately 32% in the high condensate yield areas. Additionally, EUR increases from the limited trial, based on internal estimates, ranged from 25% to 90% higher as compared to offsetting wells completed with conventional fracturing techniques.  Petrohawk has converted

100% of frac services provided by Schlumberger in the Eagle Ford to HiWAY. Currently, Petrohawk is utilizing all available capacity of this technology.

Any changes to expectations for the Company’s Eagle Ford Shale productivity and EURs as a result of the use of HiWAY will be made after additional data is gathered. The Company has released additional data on its results using HiWAY on its website, www.petrohawk.com.

Petrohawk Fourth Quarter and Full Year 2010 Earnings Conference Call

Petrohawk Energy Corporation (NYSE: HK) has scheduled a conference call for Tuesday, February 22, 2011 at 10:30 a.m. EST (9:30 a.m. CST) to discuss fourth quarter and full year 2010 financial and operating results. To access, dial 888-791-4321 five to ten minutes before the call begins. Please reference Petrohawk Energy Conference ID 6175430. International callers may also participate by dialing 913-312-0644. A replay of the call will be available approximately two hours after the live broadcast ends and will be accessible until March 1, 2011. To access the replay, please dial 888-203-1112 and reference conference ID 6175430. International callers may listen to a playback by dialing 719-457-0820. In addition, the call will be webcast live on Petrohawk’s website at http://www.petrohawk.com. A replay of the call will be available at that site through March 8, 2011.

Petrohawk Energy Corporation is an independent energy company engaged in the acquisition, production, exploration and development of oil and natural gas with properties concentrated in North Louisiana, in the Haynesville Shale, and South Texas, in the Eagle Ford Shale.

For more information contact Joan Dunlap, Vice President - Investor Relations, at 832-204-2737 or jdunlap@petrohawk.com. For additional information about Petrohawk, please visit our website at www.petrohawk.com.

Additional Information for Investors

This press release contains forward-looking information regarding Petrohawk that is intended to be covered by the safe harbor “forward-looking statements” provided by of the Private Securities Litigation Reform Act of 1995, based on Petrohawk’s current expectations and includes statements regarding acquisitions and divestitures, estimates of future production, future results of operations, quality and nature of the asset base, the assumptions upon which estimates are based and other expectations, beliefs, plans, objectives, assumptions,

strategies or statements about future events or performance (often, but not always, using words such as “expects”, “anticipates”, “plans”, “estimates”, “potential”, “possible”, “probable”, or “intends”, or stating that certain actions, events or results “may”, “will”, “should”, or “could” be taken, occur or be achieved). Statements concerning oil and gas reserves also may be deemed to be forward-looking statements in that they reflect estimates based on certain assumptions including that the resources involved can be economically exploited. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, 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; risks associated with the timing of and potential proceeds from divestitures; 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 or development projects or capital expenditures; health, safety and environmental risks and risks related to weather such as hurricanes and other natural disasters); uncertainties as to the availability and cost of financing; fluctuations in oil and gas prices; risks associated with derivative positions; inability to realize expected value from acquisitions, inability of our management team to execute its plans to meet its goals, shortages of drilling equipment, oil field personnel and services, unavailability of gathering systems, pipelines and storage and processing facilities and the possibility that government policies may change or governmental approvals may be delayed or withheld. Additional information on these and other factors which could affect Petrohawk’s operations or financial results are included in Petrohawk’s reports on file with the SEC. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from the projections in the forward-looking statements. Forward-looking statements are based on the estimates and opinions of management at the time the statements are made. Petrohawk does not assume any obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.

PETROHAWK ENERGY CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(In thousands, except per share amounts)

PETROHAWK ENERGY CORPORATION

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(In thousands)

PETROHAWK ENERGY CORPORATION

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(In thousands)

PETROHAWK ENERGY CORPORATION

SELECTED OPERATING DATA (Unaudited)

(In thousands, except per unit, per share and per mcfe amounts)

(1)         Represents cash flow from operations before changes in working capital.  See the Consolidated Statements of Cash Flows for a reconciliation from this non-GAAP financial measure to the most comparable GAAP financial measure.

PETROHAWK ENERGY CORPORATION

SELECTED ITEM REVIEW AND RECONCILIATION (Unaudited)

(In thousands, except per share amounts)

(1)         Represents the non-cash unrealized loss (gain) associated with the mark-to-market valuation of outstanding derivative contracts.

(2)         Amount is presented net of income taxes in “Loss from discontinued operations, net of income taxes” as it relates to the Fayetteville Shale sale assets that have been classified as discontinued operations.

(3)         Represents non-cash charges related to the write-off of debt issuance costs associated with the senior revolving credit facility.

(4)         Represents charges related to the write-off of debt issuance costs, discounts and premiums in conjunction with the redemption of the Company’s 9.125% Senior Notes due July 15, 2013.  Also represents the premiums paid to noteholders for early redemption of the 9.125% Senior Notes.

(5)         Includes $6.7 million and $70.7 million for non-cash deferred income tax adjustment for 2010 and 2009, respectively.