American Noble Gas (AMNI) 10-Q 2005 Q3 Quarterly report

EXHIBIT 99.1

CALCULATION OF THE MAXIMUM NOTES BALANCE AT SEPTEMBER 30, 2005
UNDER THE SENIOR SECURED NOTES FACILITY DATED JANUARY 13, 2005
(dollars in thousands)

I. Lesser of:
A. the product of:
1. the Free Cash Flow Multiple		8.5	x
Multiplied by
2. Services Business Free Cash Flow	$	7,303
	$	62,076
Or
B. the product of:
x. 2.0 times		2.0	x
multiplied by
y. Services Business Revenue	$	19,755
	$	39,510
				$	39,510
II. Lesser of
1. 50% of the results of the immediately preceding clause (I)	$	19,755
Or
2. 30% of the Company’s After-tax PV10	$	16,640
				$	16,640
III. 10% of the Company’s After-tax PV10				$	5,547
Maximum Notes Balance = (I) + (II) + (III)				$	61,697
Aggregate Notes Outstanding at Determination Date				$	39,500
Company’s After-tax PV10 as of September 30, 2005				$	55,466
Services Business Revenue {Section 2(a)(xxxx)}				$	19,755
Services Business Free Cash Flow {Section 2(a)(xxxix)}
Services Business operating income	$	5,942
Services Business depreciation and amortization expense		1,361
Less: Any net operating income from affiliates		—
(A) Services Business net operating income before interest, taxes, depreciation and amortization				$	7,303
(B) Aggregate interest paid on permitted indebtedness					141
Services Business capital expenditures	$	3,482
Less: Service Business equipment sales procces		(381	)
Less: Issuances of stock by Infinity, less costs		(9,978	)
		—
Less: Aggregate interest expense		(141	)
Services Business capital expenditures, not funded		(141	)		(141	)
				$	7,303