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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 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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