Partner for Bayou Couba fieldCan anyone shed any light on the potential for this field? I own some Dune.
TULSA, Okla., Sept. 14 /PRNewswire/ -- American Natural Energy Corporation (TSX Venture: ANR.U - News; "ANEC") announced that it has entered into a participation agreement ("Agreement") with Dune Energy, Inc. (Amex: DNE - News; "Dune"). Pursuant to the Agreement, which was subject to ExxonMobil Production Company consent finalized on September 12, 2005, Dune will acquire certain exploration and development rights in ANEC's ExxonMobil Joint Development Agreement covering the Bayou Couba field in St. Charles Parish, Louisiana.
The Agreement provides Dune with the right to participate in 50% of ANEC's development rights in the Bayou Couba lease in exchange for the payment of $1 million. Dune may also participate in the exploration rights in the ExxonMobil acreage in exchange for the payment of an additional $500,000. Each party will pay their respective share of drilling, completion and operations costs. The Agreement is subject to completion of a final definitive agreement.
Additionally, ANEC announced the completion of the drilling of the DSCI 92ST well in the Bayou Couba field. The well, drilled to a vertical depth of approximately 6,040 feet, is producing approximately 300 barrels of oil and 280 mcf of natural gas per day from a 12/64" choke. ANEC has a 15.625% working interest in the well. ANEC has commenced operations on the DSCI 51ST in which it will have a 20.625% working interest. The well is expected to be drilled to approximately 7,500 feet. ANEC's working interests reflect the interests earned by Dune pursuant to the Agreement.
ANEC also announced that damage from the recent Katrina hurricane was minimal and that production from the field, after being down for approximately 10 days, has resumed.
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.