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