American Natural Energy Corporation Announces Results of 2009 Operations


    


    
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<p><span class="xn-location">TULSA</span>, Okla., <span class="xn-chron">April 6</span> /CNW/ -- American Natural Energy Corporation ("ANEC") (TSX Venture:ANR.U) announced today its results of operations for 2009.  All currency amounts reflected are in US dollars.   ANEC recorded net income of <span class="xn-money">$23,953,000</span> (<span class="xn-money">$0.27</span> per share) for 2009 compared to net losses of <span class="xn-money">$61,000</span> (<span class="xn-money">$0.00</span> per share) for 2008.  The recorded net income results from a gain of <span class="xn-money">$27,994,000</span> realized on extinguishment of debt resulting from the re-purchase of outstanding debentures and transfers of property interests.</p>
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<p>For 2009, oil and gas sales and related operating revenues were <span class="xn-money">$1,054,000</span> compared to <span class="xn-money">$2,198,000</span> for 2008, a decrease of 52%. The decreased sales are the result of a decrease in realized average prices from <span class="xn-money">$107.92</span> per boe in 2008 to <span class="xn-money">$66.04</span> per boe in 2009 and a decrease in overall production from 20,363 boe in 2008 to 15,965 boe in 2009.  For 2009, lease operating expenses (including production taxes) were <span class="xn-money">$785,000</span> (<span class="xn-money">$49.17</span> per boe) compared to <span class="xn-money">$1,854,000</span> (<span class="xn-money">$91.05</span> per boe) for 2008, a decrease of 58%.</p>
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<p>During 2008 and until <span class="xn-chron">August 2009</span> ANEC was a non-operating working interest owner in its Bayou Couba Field project.  The prior operator of the field during that time had not drilled or reworked any wells in the field, and as a result, gross field production decreased from an average of approximately 500 bopd to 100 bopd at <span class="xn-chron">August 4, 2009</span> when ANEC assumed operations of the field. Since <span class="xn-chron">August 2009</span>, ANEC has recompleted 3 wells along with addressing several mechanical production requirements in the field and has seen gross field production increase to approximately 250 bopd currently. Total proved reserves at the end of 2009 were approximately 1,375,000 boe compared to 404,880 boe at the end of 2008.  Increases were due to revisions to previous estimates of 450,370 boe and additions resulting from purchases of additional interests in the field in the amount of 536,250 boe. Total SEC PV10% at 2009 year end were <span class="xn-money">$24.83 million</span> with pricing of <span class="xn-money">$58.83</span> per barrel of oil and <span class="xn-money">$3.55</span> per mcf of natural gas held constant through the production life of the properties.  Additionally, the Company has approximately 700,000 barrels of oil in the Probable Reserves category.</p>
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<p>In addition to the ongoing effort to maximize the potential of existing reserves ANEC is also completing Pre-stack Depth Migration processing of its 60 square mile licensed data within the regional 3D seismic survey in which it participated in 2007.  The final processed data, which ANEC believes will significantly enhance the sub-salt potential of the Bayou Couba Field, is expected to be completed during the 2nd quarter of 2010.  Company personnel have identified and estimated approximately 21 bcf of net gas reserves in the Possible Reserves category.</p>
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<p>ANEC is a <span class="xn-location">Tulsa</span>, Oklahoma based independent exploration and production company with operations in St. <span class="xn-person">Charles Parish</span>, Louisiana.  For further information please contact <span class="xn-person">Michael Paulk</span>, CEO at 918-481-1440 or Steven P. Ensz, CFO at 281-367-5588.</p>
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<p>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.</p>
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<p>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 <a href="http://www.sec.gov">http://www.sec.gov</a>.</p>
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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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