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

    TULSA, Okla., May 12 /CNW/ -- 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,

    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

    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


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

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American Natural Energy Corporation

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