American Natural Energy Corporation (ANEC) has agreed to participate in a
3D Seismic survey being conducted by New Orleans-based Seismic Exchange, Inc.(SEI). The 3D survey will cover the 23.5-square-mile area over
which ANEC and its exploration and development partner, Dune Energy, Inc.
presently have 3D coverage as well as approximately 36.5
additional square miles.
The one-year exclusive license over the entire 60 square-mile area is part of a larger regional survey being conducted by SEI that includes
all of ANEC's Bayou Couba project area subject to its ExxonMobil Joint
Development Agreement. The new survey is intended to more effectively image
formations deeper than those that are imaged by ANEC's existing 3D seismic
survey. Dune is providing interim financing for ANEC's share of
the 3D Seismic survey costs. Upon the completion of the survey and seismic
interpretation, ExxonMobil and Tulsa-based ANEC have agreed to extend their Joint
Development Agreement by two years to November 2009.