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AENC

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AcronymDefinition
AENCAssociation Executives of North Carolina


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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 agreement shall be considered effective as of December 1, 2004, at which time USR began earning 18% 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.
 
 
 
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