EXHIBIT 99.1
NEWS RELEASE
AMERICAN EXPLORATION CORP.
AMERICAN EXPLORATION CORP. AND MAINLAND RESOURCES, INC. ENTER
INTO LETTER AGREEMENT TO JOINTLY DEVELOP MISSISSIPPI ACREAGE
Calgary, Alberta - Sept. 17, 2009 - PR NEWSWIRE/FIRSTCALL - American Exploration
Corp., a Nevada company ("the Company"), (AEXP:OTC BB EQO:Frankfurt) and
Mainland Resources, Inc. (OTCBB:MNLU 5MN:Frankfurt) have entered into a Letter
Agreement to jointly develop their contiguous acreage in Mississippi.
American Exploration will commit approximately 5000 net acres to the project and
Mainland Resources will commit approximately 8500 net acres. This represents a
total of 13,500 net acres to the composite project area.
Mainland Resources will act as the Operator of the project area and has agreed
to pay 80% of the initial well (drilling and completion costs) for a 51% working
interest in the well and total project area. American Exploration will pay 20%
of the initial well (drilling and completion costs) to earn a 49% working
interest in the well and total project area. The additional costs (ie. drilling,
completions etc.) for oil and gas activities on the 13,500 net acre project area
will be split on a 49% / 51% basis between American and Mainland respectively.
Mainland has a proven track record in the Haynesville shale having participated
in the drilling and completion of two producing wells and a third well that is
slated for completion on its lands in DeSoto Parish in Northwest Louisiana.
Company President Steve Harding states, "Working with Mainland Resources, Inc.
is an ideal situation for American Exploration. They have had great success in
the Haynesville shale in Louisiana and with our combined land position, we have
secured enormous upside for our company on this exceptional prospect. We welcome
the opportunity and look forward to moving into the drilling stage."
ABOUT AMERICAN EXPLORATION CORP.
American Exploration Corp. is engaged in the exploration and development of oil
and gas prospects with the potential for discovery of new or unconventional
hydrocarbon resources in the continental United States.
See www.americanexplorationcorp.com for more information.
Contact: Mr. Steve Harding
Tel. 403-233-8484
American Exploration Corp.
Suite 110, 1915 - 27 Avenue NE,
AMERICAN EXPLORATION CORP.
NEWS RELEASE - Cont'd
Calgary, Alberta T2E 7E4
Canada
SAFE HARBOR STATEMENT -THIS NEWS RELEASE CONTAINS OFORWARD-LOOKING STATEMENTSO,
AS THAT TERM IS DEFINED IN SECTION 27A OF THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED, AND SECTION 21E OF THE UNITED STATES SECURITIES EXCHANGE ACT
OF 1934, AS AMENDED. STATEMENTS IN THIS NEWS RELEASE, WHICH ARE NOT PURELY
HISTORICAL, ARE FORWARD-LOOKING STATEMENTS AND INCLUDE ANY STATEMENTS REGARDING
BELIEFS, PLANS, EXPECTATIONS OR INTENTIONS REGARDING THE FUTURE.
EXCEPT FOR THE HISTORICAL INFORMATION PRESENTED HEREIN, MATTERS DISCUSSED IN
THIS NEWS RELEASE CONTAIN FORWARD-LOOKING STATEMENTS THAT ARE SUBJECT TO CERTAIN
RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY
FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY
SUCH STATEMENTS. STATEMENTS THAT ARE NOT HISTORICAL FACTS, INCLUDING STATEMENTS
THAT ARE PRECEDED BY, FOLLOWED BY, OR THAT INCLUDE SUCH WORDS AS OESTIMATEO,
OANTICIPATEO, OBELIEVEO, OPLANO OR OEXPECTO OR SIMILAR STATEMENTS ARE
FORWARD-LOOKING STATEMENTS. RISKS AND UNCERTAINTIES FOR THE COMPANY INCLUDE, BUT
ARE NOT LIMITED TO, THE RISKS ASSOCIATED WITH PROPERTY DEVELOPMENT AND FUNDING
AS WELL AS THE RISKS SHOWN IN THE COMPANY'S MOST RECENT ANNUAL REPORT ON FORM
10-KSB AND ON FORM 10-QSB AND FROM TIME-TO-TIME IN OTHER PUBLICLY AVAILABLE
INFORMATION REGARDING THE COMPANY. OTHER RISKS INCLUDE RISKS ASSOCIATED WITH THE
REGULATORY APPROVAL PROCESS, COMPETITIVE COMPANIES, FUTURE CAPITAL REQUIREMENTS
AND THE COMPANY'S ABILITY AND LEVEL OF SUPPORT FOR ITS EXPLORATION AND
DEVELOPMENT ACTIVITIES. THERE CAN BE NO ASSURANCE THAT THE COMPANY'S DEVELOPMENT
EFFORTS WILL SUCCEED AND THE COMPANY WILL ULTIMATELY ACHIEVE COMMERCIAL SUCCESS.
THESE FORWARD-LOOKING STATEMENTS ARE MADE AS OF THE DATE OF THIS NEWS RELEASE,
AND THE COMPANY ASSUMES NO OBLIGATION TO UPDATE THE FORWARD-LOOKING STATEMENTS,
OR TO UPDATE THE REASONS WHY ACTUAL RESULTS COULD DIFFER FROM THOSE PROJECTED IN
THE FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY BELIEVES THAT THE BELIEFS,
PLANS, EXPECTATIONS AND INTENTIONS CONTAINED IN THIS NEWS RELEASE ARE
REASONABLE, THERE CAN BE NO ASSURANCE THOSE BELIEFS, PLANS, EXPECTATIONS OR
INTENTIONS WILL PROVE TO BE ACCURATE. INVESTORS SHOULD CONSIDER ALL OF THE
INFORMATION SET FORTH HEREIN AND SHOULD ALSO REFER TO THE RISK FACTORS DISCLOSED
IN THE COMPANY'S PERIODIC REPORTS FILED FROM TIME-TO-TIME WITH THE UNITED STATES
SECURITIES AND EXCHANGE COMMISSION.
THIS NEWS RELEASE HAS BEEN PREPARED BY MANAGEMENT OF THE COMPANY WHO TAKES FULL
RESPONSIBILITY FOR ITS CONTENTS. EACH OF THE NASD, THE SEC AND THE OTCBB NEITHER
APPROVES NOR DISAPPROVES OF THE CONTENTS OF THIS NEWS RELEASE. THIS NEWS RELEASE
SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR
SHALL THERE BE ANY SALE OF THESE SECURITIES IN ANY JURISDICTION IN WHICH SUCH
OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR
QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION.