870732--4/28/2009--American_Natural_Energy

related topics

{gas, price, oil}

{debt, indebtedness, cash}

{stock, price, share}

{cost, contract, operation}

{personnel, key, retain}

{tax, income, asset}

{interest, director, officer}

Risks Relating to Us and the Oil and Gas Industry Our Ability to Continue as a Going Concern is Uncertain We Defaulted in the Repayment of 10.825 Million of Secured Indebtedness on September 30, 2006. There Are Risks That the Holders of This Indebtedness May Seek to Assert Their Rights as Secured Creditors and Foreclose On Our Assets. Our Current Liabilities as of December 31, 2007 Exceed Our Current Assets by 20.3 Million Without Substantial Additional Capital We Will Be Unable To Fund The Exploration and Development Activities To Further Develop Our Area Of Mutual Interest With ExxonMobil Oil and Gas Prices Fluctuate Widely and Low Oil and Gas Prices Could Adversely Affect Our Financial Results. Lower Oil and Gas Prices May Adversely Affect Our Level of Capital Expenditures, Reserve Estimates, Borrowing Capacity and Ability to Repay Notes Payable . Our Future Borrowings and Other Oil and Gas Development Activities May Be Restricted Because Of The Restrictive Covenants In Our Existing Secured Indebtedness Which, Among Other Things, Restricts Our Ability To Incur Indebtedness In Excess Of 2.0 Million Additional Secured Indebtedness We May Incur In the Future May Increase Our Exposure to Risks Associated With Higher Debt Levels and Possible Defaults. Our Existing Reserves of Oil and Natural Gas Will Be Depleted Over Time by Production and Therefore Our Future Ability to Earn Revenues and Meet Our Expenses And Repay Our Indebtedness Depends Upon Our Ability to Find or Acquire Additional Oil and Natural Gas Reserves That Are Economically Recoverable and Result in Revenues to Us. If We Should Make Future Acquisitions of Oil and Gas Properties Where We Believe Commercially Recoverable Quantities of Oil and Natural Gas Exist, These Acquisitions Carry Unknown Risks Including Potential Unsuccessful Drilling Activities or Environmental Problems. Estimating Reserves and Future Net Revenues Involves Uncertainties and Oil and Gas Price Declines May Lead to Impairment of Oil and Gas Assets. Our Reliance On a Limited Number of Key Management Personnel Imposes Risks On Us That We Will Have Insufficient Management Personnel Available If Their Services Are Unavailable. Drilling For Oil and Natural Gas and Operating Oil and Natural Gas Fields Involves Material Risks Including the Risk That No Commercially Productive Reservoirs Will Be Encountered; We Have Uninsured Risks. Shortages of Oil Field Equipment, Services and Qualified Personnel Could Adversely Affect Our Results Of Operations. Risks Relating to the Market for Our Securities Absence of a Public Market for Our Common Shares.

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870732--4/28/2009--American_Natural_Energy_Corp