SOURCE: American Exploration Corp.

November 17, 2009 07:01 ET

American Exploration Expands Haynesville Project Partnership With the Addition of Guggenheim Energy Opportunities LLC

CALGARY, AB--(Marketwire - November 17, 2009) - American Exploration Corp. (OTCBB: AEXP) is pleased to have Guggenheim Energy Opportunities LLC, an affiliate of Guggenheim Partners, LLC joining their Partnership to drill and develop the Haynesville acreage in Mississippi. As previously announced, American Exploration has aligned with Mainland Resources Inc. and pooled their mineral leases which collectively total 13,225 acres. Guggenheim joins Mainland with an 8 percent working interest in the drilling and development of the Mississippi Project.

Steve Harding, CEO and President of American Exploration Corp., stated, "Guggenheim brings a great deal of technical depth and experience into the project and we look forward to working closely with their experienced principals. They have been involved in several shale gas projects within the southern United States and have identified analogues for the Mississippi Project in some of the most highly productive pools in which they have participated."

Mainland Resources announced on October 21, 2009, that it had entered into a two year $40 million senior secured advancing line of credit agreement with Guggenheim Corporate Funding LLC. This senior advancing line of credit also provided that their affiliate Guggenheim Energy Opportunities, LLC earned the right to participate for 10 percent of Mainland's working interest (8 percent overall) in the drilling and development of the Mississippi project.

American Exploration Corp. is an independent oil and gas company formed in 2008. The Company was founded by a highly experienced management group who appreciates the urgent need for American energy independence. The team understands the new range of opportunities to secure previously unknown or inaccessible domestic energy resources, which are being driven by dramatic changes in recovery technology.

This press release may contain forward-looking statements. The actual results could differ materially from a conclusion, forecast or projection in the forward-looking information. Certain material factors or assumptions were applied in drawing a conclusion or making a forecast or projection as reflected in the forward-looking information.

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