One-Page Deal Sheet
American Exploration and Avere Energy Join in JV for Mississippi
American Exploration Corp Avere Energy Inc.
Announced Date
February 01,2013
Effective Date
January 15,2010
Close Date
January 28,2010
Transaction Type
Farm-In/Farm Out
Enterprise Value (EV)($MM)
3
Location
Calculated Metrics( EV/Category)
Country
United States
State
Mississippi
Calculated Metrics( EV/Category)
$/ Acre
Transaction Details: Subscribe to see
American Exploration Corp., and Avere Energy Inc. (AVO.H-V) have entered into a Letter Agreement enabling Avere to farm-in to the Company's Haynesville acreage in Mississippi.
Avere will pay 20% of the costs of the initial deep gas well (an estimated US$2 million net to Avere) to earn a 20% working interest in the play. It must also make payments aggregating US$850,000 to American Exploration Corp., including a non-refundable US$75,000 deposit.
American Exploration signed an agreement with Mainland Resources Inc. in October 2009, whereby the two companies pooled their Mississippi lands…
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