American Exploration Corp. (OTC Bulletin Board: EQO) and Avere Energy Inc. have entered a letter of agreement. The agreement allows Avere to farm-in to the company's Haynesville acreage in Mississippi. Avere will pay 20% of the costs related to the initial deep gas well to earn a 20% working interest in the play. Payment totaling $850,00 must also be made to American Exploration Corp.
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American Exploration Corp. is engaged in the exploration and development of oil and gas prospects with the potential for discovery of new or unconventional hydrocarbon resources in the continental United States.
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