UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
NOVEMBER 3, 2008
________________
Date of Report (Date of earliest event reported)
AMERICAN EXPLORATION CORP.
__________________________
(Exact name of registrant as specified in its charter)
NEVADA 333-141060 98-0518266
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
1915 - 27TH AVENUE NE
SUITE 110
CALGARY, ALBERTA, CANADA T2E 7E4
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(Address of principal executive offices) (Zip Code)
(403) 735-5009
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Registrant's telephone number, including area code
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange
Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange
Act (17 CFR 240.13e-4(c))
SECTION 1. REGISTRANT'S BUSINESS AND OPERATIONS
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Effective on November 3, 2008, the Board of Directors (the "Board") of American
Exploration Corp., a Nevada corporation (the "Company"), authorized the
execution of an option agreement (the "Option Agreement") with Westrock Land
Corp, a private Texas corporation ("Westrock"). In accordance with the terms and
provisions of the Option Agreement: (i) Westrock owns all right, title and
interest in and to approximately 5,000 net acres in oil and gas leases (the
"Leases"), located in the offshore region of the Gulf Coast of the United
States; (ii) Westrock has disclosed to the Company that a well must be spudded
(commencement of drilling) no later than May 31, 2009; (iii) the Company desires
to acquire a 75% net revenue interest in the Leases at $625.00 per net acre for
a total purchase price of approximately $3,125,000; and (iv) the Company has
until November 17, 2008 to complete its due diligence (the "Option Period").
It is anticipated that in the event the due diligence is completed satisfactory
to the Company, the effective date of conveyance of the net revenue interest in
the Leases to the Company will occur on approximately November 17, 2008.
SECTION 9 - FINANCIAL STATEMENTS AND EXHIBITS
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(A) FINANCIAL STATEMENTS OF BUSINESS ACQUIRED.
Not applicable.
(B) PRO FORMA FINANCIAL INFORMATION.
Not applicable.
(C) SHELL COMPANY TRANSACTION.
Not applicable.
(D) EXHIBITS.
10.1 Option Agreement between American Exploration Corp. and Westrock Land Corp.
dated November 3, 2008.
99.1 News Release of American Exploration Corp. dated November 3, 2008.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
AMERICAN EXPLORATION CORP.
DATE: NOVEMBER 6, 2008. /s/ STEVEN HARDING
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NAME: STEVEN HARDING
TITLE: PRESIDENT/CHIEF EXECUTIVE OFFICER