American Natural Still in Debt

American Natural Energy Corp. said it has failed to pay its debt due Sept. 30.

The Tulsa-based energy company owes nearly $10.83 million on its 8 percent convertible secured debentures, due last week. The company also has failed to pay interest due June 30, July 6 and Sept. 30, totaling $437,000.

Trustee Computershare Trust Co. of Canada can enforce its rights against the collateral for the debentures. American Natural said it is still trying to raise additional equity to pay the interest obligations, fund its Louisiana drilling operations and refinance other outstanding debt.

American Natural Energy Corporation was formed in January 2001 to focus on the acquisition, development and exploitation of oil and natural gas reserves, focusing its activities in south Louisiana.



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