AENCAssociation Executives of North Carolina
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This year AENC will present, for the first time, the Canine Breeder Excellence Seminar powered by AKC, the EUKANUBA(TM) brand, and the Theriogenology Foundation where attendees will receive cutting edge information straight from the experts.
This sales transaction can be considered a related party transaction since a majority of the directors of AENC are also directors of USR.
The farm-out gives USR the right to reinstate production in six additional wells situated on 320 acres in Section 18, a portion of the field that AENC and ONPC have yet to develop.
Amerac's Common Stock is trade on the Nasdaq Bulletin Board under the symbol AENC.
Amerac Energy's Common Stock is traded on the Nasdaq Bulletin Board under the symbol AENC and is also traded on the Boston Stock Exchange under the symbol AMC.
AENC, USR and ODE each have agreed to share one-third of the drilling cost, estimated to be $1,300,000.
AENC and USR have together entered into a joint venture with ODE whereby all three companies will develop the Iowa Field, located in Jefferson County, LA.
Drilling experts have been consulted and procedures designed to allow USR and AENC to drill and complete the new well in the high pressure zone where geological evidence, including seismic, indicates that the company could encounter up to 200 feet of productive formation with a potential for up to 15 billion cubic feet of gas reserves.