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AENC |
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As reported in earlier press releases, USR, ODE and AENC are
each sharing 1/3rd of the drilling expenses in this well. This agreement shall be considered effective
as of December 1, 2004, at which time USR began earning 4% of net
revenue from the field subject to the terms of the agreement, without
any expenditure commitment on current re-completions or new drilling
prospects until AENC has expended USD $2,000,000 on the property, which
is scheduled to be completed in June 2005, but may occur sooner. This sales transaction can be considered a related party
transaction since a majority of the directors of AENC are also
directors of USR. |
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