American Natural Energy misses principal, further coupon payments

New York, Oct. 4 - American Natural Energy Corp. said it failed to repay its $10.825 million of 8% convertible secured debentures at their maturity on Sept. 30.

The Tulsa, Okla., exploration and production company also missed the coupon due the same day.

It had previously failed to make the interest payment due on June 30, resulting in a total of $437,000 of interest being outstanding.

American Natural said it is continuing its efforts to raise additional equity to pay the current interest obligation, fund its Louisiana drilling operation and refinance other outstanding obligations or to seek to enter into another transaction in order to seek to maximize shareholder value.

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