American Natural Energy Corporation Announces Closing of Agreement With Dune Energy, Inc.



    



    
    TULSA, Okla., Aug. 4 /CNW/ -- American Natural Energy Corporation
("ANEC") (TSX Venture: ANR.U) announced it has completed the transaction with
Dune Energy, Inc. previously announced on May 12, 2009. ANEC has re-purchased
and retired $7.895 million principal amount, plus accrued and unpaid interest,
of its 8% Secured Debentures held by Dune (including release of related
collateral rights), acquired Dune's interest in producing wells and certain
leasehold rights in the Bayou Couba field, assumed operations of the Bayou
Couba field and settled outstanding issues between the companies.  In
exchange, ANEC assigned to Dune a portion of certain deep leasehold rights
held by ANEC and paid Dune $1.3 million with $1 million paid at closing and an
additional $300,000 to be paid in quarterly installments commencing 90 days
after resuming operations of the field.

    Mike Paulk, CEO of ANEC said "The closing of this agreement, together
with the previously announced re-purchase of $2.9 million of its outstanding
8% Secured Debenture and an additional $780,000 of accrued interest from
various holders, clears from ANEC's balance sheet approximately $13.7 million
of debenture liability, plus other accrued  liabilities of approximately $2.2
million. The Dune transaction additionally increases our working interest
position in our existing properties and provides us with an approximate 90%
working interest position in all infield oil and gas well opportunities to the
top of the Cib-Op formation on the Bayou Couba lease. We intend to commence
workover, re-completion and drilling activities prior to the end of the
calendar year. We have also preserved our opportunities in the potential
deeper sub-salt play which we are continuing to evaluate."

    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  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.
    




    




For further information:

For further information: 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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American Natural Energy Corporation

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