UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
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CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
SEPTEMBER 14, 2009
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Date of Report (Date of earliest event reported)
AMERICAN EXPLORATION CORPORATION
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(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.)
407 2ND ST SW
SUITE 700
CALGARY, ALBERTA, CANADA T2P 2Y3
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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
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(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))
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SECTION 1. REGISTRANT'S BUSINESS AND OPERATIONS
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Effective on September 14, 2009, the Board of Directors of American Exploration
Corporation, a Nevada corporation (the "Company"), authorized the execution of a
letter agreement (the "Letter Agreement") with Mainland Resources Inc., a Nevada
corporation ("Mainland Resources") to jointly develop contiguous acreage located
in Mississippi (the "Joint Development Project"). In accordance with the terms
and provisions of the Letter Agreement: (i) the Company has agreed to commit
approximately 5,000 net acres and Mainland Resources has agreed to commit
approximately 8,200 net acres to the Joint Development Project; (ii) Mainland
Resources shall be the operator of the Joint Development Project; (iii) Mainland
Resources has agreed to pay 80% of the initial well drilling and completion
costs to earn a 51% working interest in the well and the total Joint Development
Project; and (iv)the Company has agreed to to pay 20% of the initital well
drilling and completetion costs to earn a 49% working interest in the well and
the total Joint Development Project. In further accordance with the terms and
provisions of the Joint Development Project, future costs, including drilling
and completions, for oil and gas activities of the net acreage in the Joint
Development Project will be split of a 51%/49% basis between Mainland Resources
and the Company, respectively.
Mainland Resources must acquire the acreage committed to the Joint Development
Project from an unrelated third party on or before October 15, 2009 or the
Letter Agreement terminates and is no longer in force and effect.
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.
99.1 Press Release of American Exploration Corporation dated September 17,
2009.
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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: September 21, 2009.
/s/ STEVEN HARDING
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Name: Steven Harding
Title: President/Chief Executive Officer
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