2010-03-10-2010-01-27-2010-01-27

Bought 20% WI in MS Haynesville JV.

Avere Energy Inc., Calgary, (Toronto Venture: AVO) plans to acquire a 20% interest in Haynesville acreage in Mississippi from American Exploration Corp., Calgary, (OTCBB: AEXP) in exchange for US$2 million in drilling commitments and additional payments totaling US$850,000.

The acreage is part of a joint-venture agreement made between American Exploration and Mainland Resources Inc., Houston, (OTCBB: MNLU) in October 2009. In the farm-in agreement, Mainland was made operator and agreed to pay 80% of the initial well costs in exchange for a 51% working interest in the well and 13,225 net acre project. American agreed to pay the remaining well costs and owned a 49% working interests.

If the transaction with Avere is completed, American Exploration will have a 29% working interest in the acreage and will no longer be obligated to finance well costs.

American Exploration president Steve Harding says, "We are very pleased to bring Avere into the partnership. Should we consummate this agreement, American will be in the envious position of earning a 29% interest in what could be a giant multi-[trillion cubic feet] gas field, without bearing any financial exposure."

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 U.S.