The complaint seeks a declaratory judgment to interpret the terms of an agreement between ANEC and Wiser. In its complaint, Wiser alleges that it has a contractual right to participate in oil and gas interests which ANEC may acquire pursuant to its Joint Development Agreement with ExxonMobil Corporation in acreage which surrounds ANEC's Bayou-Couba lease in Saint Charles Parish, Louisiana.
ANEC believes that it has valid defenses to all the allegations made in the complaint and will vigorously defend the case. In the event Wiser were to prevail in the litigation, Wiser would have the right to participate to the extent of 25% of the interests acquired by ANEC under the Joint Development Agreement by paying its 25% of costs relating thereto.
ANEC is a Tulsa, Oklahoma based independent exploration and production company with operations in St. Charles Parish, Louisiana.
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