American Natural Energy Corporation Announces Agreement With Dune Energy, Inc.
13 5월 2009 - 7:00AM
PR Newswire (US)
TULSA, Okla., May 12 /PRNewswire/ -- American Natural Energy
Corporation ("ANEC") (TSX Venture:ANR.U) announced it and Dune
Energy, Inc. ("Dune") (NYSE Amex: DNE) have arrived at agreed terms
whereby ANEC will re-purchase and retire $7.8 million, plus accrued
and unpaid interest, of its 8% Secured Debentures held by Dune
(including release of collateral rights), acquire Dune's interest
in producing wells and certain leasehold rights in the Bayou Couba
field, resume operations of the Bayou Couba field and settle
outstanding issues between the companies. In exchange, ANEC will
assign a portion of certain deep rights held by ANEC and pay Dune a
total of $1.3 million with $1 million due at closing and an
additional $300,000 due in quarterly payments commencing 90 days
after resuming operations of the field. Closing of the transactions
contemplated, which will require the execution of definitive
agreements, is to occur as soon as practicable but not later than
July 31, 2009. Mike Paulk, CEO of ANEC said, "The agreement clears
a significant amount of liabilities from our balance sheet and
provides us with a platform to continue development of our assets
identified above the Bayou Couba salt dome while preserving our
opportunities in the potential deeper sub-salt play. We have a
number of shallow oil prospects identified which we intend to drill
as soon as practicable following the closing. We anticipate
financing the transaction through either industry participation or
private placement financing." ANEC is a Tulsa, Oklahoma based
independent exploration and production company with operations in
St. Charles Parish, Louisiana. For further information please
contact Michael Paulk, CEO at 918-481-1440 or Steven P. Ensz, CFO
at 281-367-5588. Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. This Press Release may
contain statements which constitute forward-looking statements
within the meaning of the US Private Securities Litigation Reform
Act of 1995, including statements regarding the plans, intentions,
beliefs and current expectations of ANEC, its directors, or its
officers with respect to the future business, well drilling and
operating activities and performance of ANEC, including completion
of this transactions with Dune. Investors are cautioned that any
such forward-looking statements are not guarantees of future
performance and involve risks and uncertainties. The actual results
and outcome of events may differ materially from those in the
forward-looking statements as a result of various factors. The
levels of and fluctuations in the prices for natural gas and oil
and the demand for those commodities, the outcome of ANEC's
development and exploration activities, including the success of
its current and proposed well drilling activities and the
availability of capital to pursue those activities could affect
ANEC and its future prospects. Important additional factors that
could cause such differences are described in ANEC's periodic
reports and other filings made with the Securities and Exchange
Commission and may be viewed at the Commission's Website at
http://www.sec.gov/. DATASOURCE: American Natural Energy
Corporation CONTACT: Michael Paulk, CEO, +1-918-481-1440, or Steven
P. Ensz, CFO, +1-281-367-5588, both of American Natural Energy
Corporation Web Site: http://www.annrg.com/
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