American Natural Energy Corporation - Form 10-Q

0001204459-12-001130.txt : 20120515 0001204459-12-001130.hdr.sgml : 20120515 20120515125527 ACCESSION NUMBER: 0001204459-12-001130 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 11 CONFORMED PERIOD OF REPORT: 20120331 FILED AS OF DATE: 20120515 DATE AS OF CHANGE: 20120515 FILER: COMPANY DATA: COMPANY CONFORMED NAME: American Natural Energy Corp CENTRAL INDEX KEY: 0000870732 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 731605215 STATE OF INCORPORATION: OK FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-18956 FILM NUMBER: 12842715 BUSINESS ADDRESS: STREET 1: 6100 SOUTH YALE STREET 2: SUITE 300 CITY: TULSA STATE: OK ZIP: 74136 BUSINESS PHONE: 9184811440 MAIL ADDRESS: STREET 1: 6100 SOUTH YALE STREET 2: SUITE 300 CITY: TULSA STATE: OK ZIP: 74136 FORMER COMPANY: FORMER CONFORMED NAME: AMERICAN NATURAL ENERGY CORP DATE OF NAME CHANGE: 19930328 FORMER COMPANY: FORMER CONFORMED NAME: ALN RESOURCES CORPORATION DATE OF NAME CHANGE: 19600201 10-Q 1 form10q.htm FORM 10-Q American Natural Energy Corporation - Form 10-Q - Filed by newsfilecorp.com

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

[X] Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the quarterly period ended March 31, 2012;

[ ] Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

for the transition period from ___________________________ to ___________________________

Commission File Number 0-18596

AMERICAN NATURAL ENERGY CORPORATION
(Exact name of small business issuer as specified in its charter)

Oklahoma	73-1605215
(State or other jurisdiction of	(I.R.S employer
incorporation of organization)	identification no.)

One Warren Place, 6100 South Yale, Suite 2010, Tulsa, Oklahoma	74136
(Address of principal executive offices)	(zip code)

(918) 481-1440
(Registrant’s Telephone Number, Including Area Code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the past 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes [X] No [ ]

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
Yes [ ] No [X]

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer [ ]	Accelerated filer [ ]
Non-accelerated filer [ ]	Smaller Reporting Company [X]

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
Yes [ ] No [X]

APPLICABLE ONLY TO CORPORATE ISSUERS:

As of May 15, 2012, 18,928,895 shares of the Registrant's Common Stock, $0.001 par value, were outstanding.

AMERICAN NATURAL ENERGY CORPORATION

QUARTERLY REPORT ON FORM 10-Q

INDEX

		Page

PART I – FINANCIAL INFORMATION

Item 1.	Financial Statements (unaudited)

	Condensed Consolidated Balance Sheets – March 31, 2012 and December 31, 2011	3

	Condensed Consolidated Statements of Operations Three Months Ended March 31, 2012 and March 31, 2011	4

	Condensed Consolidated Statements of Cash Flows Three Months Ended March 31, 2012 and March 31, 2011	5

	Notes to Condensed Consolidated Financial Statements	7

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	14

Item 4.	Controls and Procedures	19

PART II – OTHER INFORMATION

Item 6.	Exhibits	20

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

AMERICAN NATURAL ENERGY CORPORATION
Condensed Consolidated Balance Sheets (Unaudited)

	March 31, 2012		December 31, 2011
	$		$

ASSETS
Current assets:
Cash and cash equivalents	59,382		-
Accounts receivable – joint interest billing	37,315		22,104
Accounts receivable – oil and gas sales	257,509		31,963
Prepaid expenses and other	118,417		84,141
Oil inventory	18,041		26,484
Deferred financing costs	194,314		-
Total current assets	684,978		164,692
Proved oil and natural gas properties, full cost method of accounting, net of accumulated depletion, depreciation, amortization and impairment of $21,603,848 and $21,542,440	15,842,522		15,932,509
Unproved oil and natural gas properties	587,396		571,796
Equipment and other fixed assets, net of accumulated depreciation of $1,137,949 and $1,131,053	40,282		47,178
Other deferred costs	-		105,000
Total assets	17,155,178		16,821,175

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities	2,223,280		2,276,534
Revenue payable	3,499,729		3,460,249
Accounts payable – related parties	-		49,936
Accrued interest	16,844		58,510
Insurance note payable	24,361		48,163
Notes payable – related parties net of discounts of $36,894 and $0 respectively	899,017		685,911
Note payable, net of discounts of $137,089 and $0 respectively (Note 4)	1,518,894		952,527
Taxes due on dissolution of subsidiary	40,252		45,252
Total current liabilities	8,222,377		7,577,082

Asset retirement obligation	2,253,072		2,208,867
Total liabilities	10,475,449		9,785,949

Commitments and contingencies

Stockholders' equity :
Common stock (Note 6) Authorized – 250,000,000 shares with par value of $0.001 – 18,928,895 and 13,431,954 shares issued and outstanding respectively	18,929		13,432
Additional paid-in capital	24,011,914		23,451,773
Accumulated deficit, since January 1, 2002 (in conjunction with the quasi- Reorganization stated capital was reduced by an accumulated deficit of $2,015,495)	(21,428,989	)	(20,228,381	)
Accumulated other comprehensive income	4,077,875		3,798,402
Total stockholders' equity	6,679,729		7,035,226
Total liabilities and stockholders' equity	17,155,178		16,821,175

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

AMERICAN NATURAL ENERGY CORPORATION
Condensed Consolidated Statements of Operations (Unaudited)
For the three-month periods ended March 31, 2012 and 2011

	Three months ended March 31,
	2012		2011
	$		$
Revenues:
Oil and gas sales	449,967		649,552
Operations income	14,276		14,119
	464,243		663,671

Expenses:
Lease operating expense	321,936		208,141
Production taxes	28,393		12,593
General and administrative	702,946		475,949
Foreign exchange loss	279,473		357,425
Interest and financing costs	205,802		49,425
Related party interest	13,791		9,669
Depletion, depreciation and amortization – oil and gas properties	61,408		107,300
Accretion of asset retirement obligation	44,205		56,918
Depreciation and amortization – other assets	6,897		6,900

Total expenses	1,664,851		1,284,320

Net loss	(1,200,608	)	(620,649	)

Other comprehensive income:
Foreign exchange translation	279,473		357,425

Other comprehensive income	279,473		357,425

Comprehensive loss	(921,135	)	(263,224	)

Basic and diluted loss per share	(0.07	)	(0.05	)

Weighted average number of shares outstanding
Basic	16,339,688		13,431,954
Diluted	16,339,688		13,431,954

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

AMERICAN NATURAL ENERGY CORPORATION
Condensed Consolidated Statements of Cash Flows (Unaudited)
For the three-month periods ended March 31, 2012 and 2011

	Three months ended March 31,
	2012		2011
	$		$

Cash flows from operating activities:
Net loss	(1,200,608	)	(620,649	)
Non cash items:
Depreciation, depletion and amortization	68,305		114,200
Accretion of asset retirement obligation	44,205		56,918
Foreign exchange loss (gain)	279,473		357,425
Noncash compensation expense	325,065		111,284
Amortization of deferred financing costs	79,520		-
Amortization of debt discount	61,076		-
Changes in working capital items:
Accounts receivable	(240,757	)	(107,979	)
Oil inventory	8,443		(2,609	)
Prepaid expenses and other current assets	(34,276	)	30,242
Accounts payable, accrued liabilities and interest	(110,383	)	16,103

Net cash used in operating activities	(719,937	)	(45,065	)

Cash flows from investing activities:
Purchase and development of oil and gas properties	(26,636	)	(40,160	)

Net cash used in investing activities	(26,636	)	(40,160	)

Cash flows from financing activities:
Payment of notes payable	(320,345	)	(304,082	)
Payment of notes payable-related party	-		(88,447	)
Proceeds from issuance of notes payable	941,300		51,745
Proceeds from issuance of notes payable- related party	250,000		500,000
Payment of deferred financing costs	(65,000	)	(15,000	)

Net cash provided by financing activities	805,955		144,216

Increase (decrease) in cash and cash equivalents	59,382		58,991

Cash beginning of period	-		8,658

Cash end of period	59,382		67,649

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

AMERICAN NATURAL ENERGY CORPORATION
Condensed Consolidated Statements of Cash Flows (Unaudited) (continued)
For the three-month periods ended March 31, 2012 and 2011

	Three months ended March 31,
	2012	2011
	$	$

Supplemental disclosures:
Interest paid, net of capitalized interest	116,204	41,036
Taxes paid	5,000	10,000

Non cash investing and financing activities:
Purchase of working interest through issuance of a note payable (Note 4)	-	226,847
Deferred financing cost due to warrants issued	50,557	-
Debt discount due to liquidation rights transferred	39,619	-
Deferred financing cost due to common shares issued	60,776	-
Debt discount due to common shares issued	129,240	-

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

American Natural Energy Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2012 and 2011

1	Significant accounting policies

	The accounting policies and methods followed in preparing these unaudited condensed consolidated financial statements are those used by American Natural Energy Corporation (the “Company”) as described in Note 1 of the notes to consolidated financial statements included in the Annual Report on Form 10-K. The unaudited condensed consolidated financial statements for the three-month periods ended March 31, 2012 and 2011 have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and do not conform in all respects to the disclosure and information that is required for annual consolidated financial statements. The year-end condensed consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These interim condensed consolidated financial statements should be read in conjunction with the most recent annual consolidated financial statements of the Company.

	In the opinion of management, all adjustments, all of which are of a normal recurring nature, considered necessary for fair statement have been included in these interim condensed consolidated financial statements. Operating results for the three-month period ended March 31, 2012 are not indicative of the results that may be expected for the full year ending December 31, 2012.

	Reclassification of Prior Period Statements

	Certain reclassifications of prior period consolidated financial statements balances have been made to conform to current reporting practices.

	Stock-based compensation

	As discussed below in Note 7, the Company has a stock-based compensation plan, and effective January 1, 2006, accounts for stock options granted to employees under this plan in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718, Share-Based Payment ("ASC 718"). Under the provisions of ASC 718, share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the grantee’s requisite service period (generally the vesting period of the equity grant).

2	Earnings (loss) per share

	Basic earnings (loss) per share is computed by dividing net income or loss (the numerator) by the weighted average number of shares outstanding during the period (the denominator). The diluted earnings (loss) per share is determined using the treasury method of shares outstanding as of March 31, 2012. This includes the net of new shares potentially created by unexercised in-the-money options. The method assumes that the proceeds that a company receives from in-the-money options exercised are used to repurchase common shares in the market. The Company had 2,258,750 vested and unexercised employee stock options and 596,000 vested and unexercised warrants outstanding as of March 31, 2012, with the outstanding employee stock options and warrants excluded from the calculation of diluted earnings per share as they were anti-dilutive.

American Natural Energy Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2012 and 2011

3	Going Concern, Liquidity and Capital Resources

	The Company currently has a severe shortage of working capital and funds to pay its liabilities. The Company has no current borrowing capacity with any lender. The Company incurred a net loss of $1,200,608 for the three months ended March 31, 2012. The Company has a working capital deficit of $7,537,399 and an accumulated deficit of $21,428,989 at March 31, 2012 which leads to substantial doubt concerning the ability of the Company to meet its obligations as they come due. The Company also has a need for substantial funds to develop its oil and gas properties and repay borrowings as well as to meet its other current liabilities.

	The accompanying consolidated financial statements have been prepared on a going concern basis which contemplates continuity of operations, realization of assets and liquidation of liabilities in the ordinary course of business. As a result of the losses incurred and current negative working capital, there is no assurance that the carrying amounts of assets will be realized or that liabilities will be liquidated or settled for the amounts recorded. The ability of the Company to continue as a going concern is dependent upon adequate sources of capital and the Company’s ability to sustain positive results of operations and cash flows sufficient to continue to explore for and develop its oil and gas reserves and pay its obligations.

	Management’s strategy has been to obtain additional financing or industry partners. It is management’s intention to raise additional debt or equity financing to fund its operations and capital expenditures or to enter into another transaction in order to maximize shareholder value. Failure to obtain additional financing can be expected to adversely affect the Company’s ability to pay its obligations, further the development of its properties, grow revenues, oil and gas reserves and achieve and maintain a significant level of revenues, cash flows, and profitability. There can be no assurance that the Company will obtain this additional financing at the time required, at rates that are favorable to the Company, or at all. Further, any additional equity financing that is obtained may result in material dilution to the current holders of common stock.

4	Notes Payable

	Notes payable and long-term debt as of March 31, 2012 and December 31, 2011 consisted of the following:

American Natural Energy Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2012 and 2011

	March 31, 2012		December 31, 2011

	$		$
Note payable – Citizens Bank of Oklahoma	375,921		422,465
Note payable – TCA Global Credit Master Fund	750,000		-
Discount on TCA Global Credit Master Fund note	(137,089	)	-
Note payable – Dune Energy (Note 5)	157,017		157,017
Note payable – Leede Financial	373,045		373,045
Total third-party notes payable and long-term debt	1,518,894		952,527

Note payable – TPC Energy	414,183		164,183
Discount on TPC Energy Note	(36,894	)	-
Note payable – Mike Paulk	500,000		500,000
Note payable - Other	21,728		21,728
Total related party notes payable and long-term debt	899,017		685,911

Total notes payable and long-term debt	2,417,911		1,638,438
Less: Current portion	(2,417,911	)	(1,638,438	)

Total notes payable and long-term debt, net of current portion	-		-

On September 10, 2009, the Company entered into a $500,000 unsecured short-term note with interest at the rate of 6% per annum with Citizens Bank of Oklahoma. The loan was modified with a new interest rate of 12% and a maturity date of July 31, 2012. All accrued interest is payable monthly. Proceeds of $475,500 from the note were paid to the Company and the remaining proceeds of $24,500 were used to pay off a prior note with Citizens Bank of Oklahoma. Net payments of $46,543 were made during the quarter ended March 31, 2012. The Company evaluated the application of ASC 470-50 and ASC 470-60 and concluded that the revised terms constituted a debt modification, rather than a debt extinguishment or a troubled debt restructuring.

In 2009 and 2010, the Company and TPC Energy entered into financing agreements whereas TPC Energy advanced funds required for the recompletion of behind pipe zones in several existing wells. The terms of the financing required the Company to repay the funds advanced out of specified cash flow from the subject wells. Principal and interest at 10% per annum and is payable monthly. Upon payout of the cost of recompleting the wells, the Company assigned a pro-rata 25% working interest in the wells to TPC Energy. Based on the relative fair value of the wells, a discount on the note was recorded with the discount being amortized over the life of the loan using the effective interest rate method. These discounts were fully amortized as of December 31, 2010. During the six months ended June 30, 2011, cash payments totaling $133,535 were also applied to the note which paid the note in full. In June 2010, the Company borrowed $100,000 from TPC Energy with an interest rate of 10% per annum. The principal and interest was repaid during the first quarter of 2011. On March 31, 2011, with an effective date of January 1, 2011, the Company purchased the working interests from TPC Energy for $300,000 through the issuance of a note payable in the same amount. Principal payments of $12,500 and interest at the rate of 10% per annum are due monthly. During the effective date through the closing date of March 31, 2011, revenues of $95,662 were recorded as a purchase price adjustment that lowered the note payable balance to $204,338 and during the year ended December 31, 2011, cash payments totaling $40,155 were also applied to the note which left a remaining balance due of $164,183. During the first quarter of 2012 TPC Energy advanced an additional $250,000 to the Company with repayment of the loan due one year from the date of advancement and with interest payable monthly. In addition to the additional $250,000, the Company assigned 50% of its interest in its share of the Liquidation Agents account distributions to TPC Energy for the life of the note. The rights were valued at $39,619 and were recorded as a discount on the note, which is being amortized over the life of the note using the effective interest method. The TPC note is included in Notes Payable – Related Parties on the balance sheet as of March 31, 2012.

American Natural Energy Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2012 and 2011

	On February 17, 2011, the Company entered into a $500,000 note payable with Mike Paulk, a director of the Company, with an annual interest rate of 10%. Monthly payments may be made; however, all unpaid principal and interest is due and payable on February 15, 2012. As of May 15, 2012 this note has not been paid.

	The Company entered into a financing agreement with TCA Global Credit Master Fund, LP during the first quarter of 2012. Proceeds of the financing are to be used for the drilling and completion of wells included in the Company’s inventory of Proved Undeveloped reserves (“PUD”). The Company has a commitment for a total amount of $3 million, before fees and expenses through the issuance of a series of $1 million debentures, of which $1 million was issued in January 2012. The debenture is secured by a first priority, perfected security interest and mortgage in oil and gas leases and properties. At no time shall the investor funds exceed 65% of the drilling and completion cost of the PUD’s with the balance provided by the Company’s generated funds. The outstanding debenture is due on December 29, 2012 and is payable monthly with a mandatory redemption fee equal to 10% and interest of 5%. Fees paid in cash and common stock to TCA Global Credit Master Fund, LP of $195,440 were recorded as a debt discount and as of March 31, 2012 $58,351 of the debt discount has been amortized.

	In connection with the financing agreement with TCA Global Credit Master Fund, LP, the Company paid cash fees and issued shares and warrants to other third parties valued at $273,833, which were recorded as deferred financing costs and as of March 31, 2012 $79,520 of the deferred financing costs have been amortized.

5	Convertible Debentures

	On August 4, 2009 the Company re-purchased and retired $7.895 million, plus $2.1 million accrued and unpaid interest, of its 8% Secured Debentures held by Dune Energy, Inc. (including release of collateral rights), acquired Dune’s interest in producing wells and certain leasehold rights in the Bayou Couba field, resumed operations of the Bayou Couba field, and settled outstanding issues between the companies, which net to $2.1 million payable to Dune. In exchange, the Company assigned a portion of certain deep rights held by the Company valued at $93,000 and paid Dune $1 million at the closing and issued a note payable of $300,000 payable in six consecutive quarterly payments of $50,000 each, with the first installment due and payable 90 days after resuming operations of the field. The first installment has been paid at the time of the Form 10-Q filing. The second installment has not been paid yet at the time of this Form 10-Q filing. As of March 31, 2012 the balance of the note payable to Dune was approximately $157,000.

American Natural Energy Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2012 and 2011

6	Common Stock

	In connection with the financing agreement entered into with TCA Global Credit Master Fund, LP during the first quarter of 2012 the Company paid an Equity Incentive Fee of $150,000 worth of Restricted Shares of ANEC stock. The shares carry a nine (9) month ratchet whereby either party is obligated to refund (by the Investor) or issue (by the Company) shares to equal the initial value. The relative fair value of the shares of $129,240, in addition to cash fees paid to TCA of $66,200, was recorded as a discount on the note and is being amortized over the life of the note using the effective interest method.

	In connection with the closing of the $1 million first tranche in February 2012, the Company issued finder’s fees consisting of the following: 732,235 shares of common stock of the Corporation, 500,000 warrants to purchase the common stock of the Corporation at an exercise price of $0.10 per share with a contractual term of five years and 96,000 warrants to purchase the common stock of the Corporation at an exercise price of $0.25 per share with a contractual term of five years. The fair values of the shares of $60,776 and the warrants of $50,557 were recorded as deferred financing costs and are being amortized over the life of the note using the effective interest method.

	On February 17, 2012, the Company issued 1.5 million Restricted Shares each to Mike Paulk and Steven Ensz as compensation for personal guarantees provided in connection with various outstanding financings. The fair value of these shares of $249,000 was recorded as stock based compensation expense in the first quarter of 2012.

7	Stock-based compensation

	On January 1, 2006, the Company adopted ASC 718 which requires companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The Company has elected to use the modified prospective application method such that ASC 718 applies to new awards, the unvested portion of existing awards and to awards modified, repurchased or canceled after the effective date. The Company has equity incentive plans that provide for the issuance of stock options. These plans are discussed more fully in the Company’s Form 10-K for the year ended December 31, 2011. All options expire five years from the date of grant. Generally, stock options granted to employees and directors vest 25% upon approval of the grant by the TSX Venture Exchange and 12.5% per quarter thereafter. The Company recognizes stock-based compensation expense over the vesting period of the individual grants.

	For the three months ended March 31, 2012, the Company recognized compensation costs of approximately $76,000 related to stock options issued September 8, 2009 and November 30, 2010.

American Natural Energy Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2012 and 2011

At March 31, 2012, there was $73,000 of total unrecognized compensation costs related to non-vested stock options granted on September 8, 2009 and November 30, 2010.

The fair value of stock options granted was estimated on the date of the grant using a Black-Scholes valuation model that uses the following weighted average assumptions:

Options Granted in 2010
Expected term, in years	2.83
Risk-Free interest rate	.72%
Expected volatility	217.25%
Expected Dividend Rate	None

The Company utilizes authorized but unissued shares when a stock option is exercised.

At March 31, 2012 there were 2,515,000 options outstanding and 2,258,750 options were exercisable with a weighted average exercise price of $0.41 and $0.42, respectively. The weighted average remaining contractual term for these outstanding and exercisable options at March 31, 2012 was 3.49 years and 3.46 years, respectively. The exercisable options had no intrinsic value at March 31, 2012. As discussed in Note 7 above, the Company issued 596,000 warrants in February 2012 in connection with the financing agreement entered into with TCA Global Credit Master Fund, LP during the first quarter of 2012. The fair value of these warrants was estimated on the date of the grant using a Black-Scholes valuation model that uses the following weighted average assumptions:

Warrants Granted in 2012
Expected term, in years	5.00
Risk-Free interest rate	0.88%
Expected volatility	279.87%
Expected Dividend Rate	None

	The fair value of these warrants of $50,557 was recorded as a deferred financing cost and is being amortized over the life of the note using the effective interest method.

	At March 31, 2012, there were 596,000 warrants outstanding and exercisable with a weighted average exercise price of $0.12. The weighted average remaining contractual term for these warrants at March 31, 2012 was 4.96 years. The warrants had no intrinsic value at March 31, 2012.

8	Asset Retirement Obligation

	The Company’s asset retirement obligations relate to plugging and abandonment of oil and gas properties. The components of the change in the Company’s asset retirement obligations for the three months ended March 31, 2012 is shown below:

American Natural Energy Corporation
Notes to Condensed Consolidated Financial Statements (Unaudited)
March 31, 2012 and 2011

		For the three months
		ended March 31, 2012
Asset retirement obligations, January 1, 2012		2,208,867
Additions and revisions		-
Settlement and disposals		-
Accretion expense		44,205
Asset retirement obligation, March 31, 2012		2,253,072

9	Subsequent Events

	In April 2012, the Company made a principal payment on the $1 million TCA Global Credit Master Fund, LP of approximately $83,000.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

General

We currently are experiencing a severe shortage of working capital and funds to pay our liabilities. We have no current borrowing capacity with any lender. We incurred a net loss of $1,201,000 for the three months ended March 31, 2012 and a net loss of $906,000 and $2,062,000 for the years ended December 31, 2011 and 2010. We have a working capital deficiency and an accumulated deficit at March 31, 2012 which leads to substantial doubt concerning our ability to meet our obligations as they come due. We also have a need for substantial funds to develop our oil and gas properties and repay borrowings as well as to meet our other current liabilities.

The accompanying consolidated financial statements in this Report have been prepared on a going concern basis which contemplates continuity of operations, realization of assets and liquidation of liabilities in the ordinary course of business. The independent registered public accounting firm’s report on our consolidated financial statements as of and for the year ended December 31, 2011 includes an explanatory paragraph which states that we have sustained a substantial loss in 2011 and have a working capital deficiency and an accumulated deficit at December 31, 2011 that raise substantial doubt about our ability to continue as a going concern. These matters raise substantial doubt about our ability to continue as a going concern. As a result of our losses incurred and current negative working capital, there is no assurance that the carrying amounts of assets will be realized or that liabilities will be liquidated or settled for the amounts recorded. Our ability to continue as a going concern is dependent upon adequate sources of capital and our ability to sustain positive results of operations and cash flows sufficient to continue to explore for and develop our oil and gas reserves and pay our obligations.

A Comparison of Operating Results For The Three Months Ended March 31, 2012 and March 31, 2011

We recorded a net loss of $1,201,000 during the three months ended March 31, 2012 compared to a net loss of $621,000 for the three months ended March 31, 2011. During the three months ended March 31, 2012, our revenues were comprised of oil and gas sales totaling $450,000 compared with oil and gas sales of $650,000 during the same period of 2011. Oil and gas prices were higher but production decreased for the first quarter of 2012 as compared to the same period of 2011. Our net average daily production for the three month period ended March 31, 2012 decreased by 37% over the same period of the prior year, from 73 net barrels of oil equivalent per day to 46 net barrels of oil equivalent per day. Oil and gas prices increased by 8% for the three month period ended March 31, 2012 over the same period of the prior year. The weighted average price increased from $98.57 per barrel of oil equivalent to $106.59 per barrel of oil equivalent. Production from our existing wells is subject to fluctuation based upon which zones of wells are in production.

We had expenses of $1,665,000 for the three months ended March 31, 2012 compared to expenses of $1,284,000 for the three months ended March 31, 2011. Our general and administrative expenses were $703,000 for the three months ended March 31, 2012 compared to $476,000 for the three months ended March 31, 2011. The increase is primarily the result of increased compensation expense related to the issuance of stock.

Interest and financing costs increased for the three months ended March 31, 2012 compared to the same period in 2011 at $220,000 and $59,000 respectively. Interest and financing costs were higher in the first quarter of 2012 due to higher debt and the amortization of note discounts and deferred financing costs.

Lease operating expenses of $322,000, production taxes of $28,000 and depletion, depreciation and amortization of $113,000 during the three months ended March 31, 2012 changed from $208,000, $13,000, and $171,000, respectively, during the three months ended March 31, 2011. Lease operating expenses were higher for the three months ended March 31, 2012 due to repairs and maintenance on the field. Production taxes were higher for the three months ended March 31, 2012 compared to the same period in 2011 as a result of changes in tax classifications on some producing wells. The decrease in depletion, depreciation and amortization charges were due to decreased production for the three months ended March 31, 2012.

During the three months ended March 31, 2012, we had a foreign exchange loss of $279,000, compared to a $357,000 foreign exchange loss for the three months ended March 31, 2011. Our foreign exchange gains and losses arise out of an inter-company indebtedness we owe to our wholly-owned subsidiary, Gothic, which is payable in Canadian dollars. The foreign exchange loss for the three months ended March 31, 2012 was caused by the weakening of the US dollar against the Canadian dollar.

Liquidity and Capital Resources

General

To date, our production has not been sufficient to fund our operations and drilling program. At March 31, 2012, we do not have any available borrowing capacity and have negative working capital of approximately $7.5 million.

We have substantial need for capital to develop our oil and gas prospects. Since 2001, we have funded our capital expenditures and operating activities through a series of debt and equity capital-raising transactions, drilling participations and through an increase in vendor payables and notes payable. We expect any future capital expenditures for drilling and development to be funded from the sale of drilling participations and equity capital. It is management's plan to raise additional capital through the sale of interests in our drilling activities or other strategic transaction; however, we currently have no firm commitment from any potential investors and such additional capital may not be available to us in the future.

A Comparison of Cash Flow For The Three Months Ended March 31, 2012 and March 31, 2011

Our net cash used in operating activities was $720,000 for the three months ended March 31, 2012 as compared to net cash used in operating activities of $45,000 for the three months ended March 31, 2011, an increase of $675,000. The increase in net cash used in operating activities for the three months ended March 31, 2012 was primarily due to an increase in accounts receivable and other current assets and a decrease in accounts payable. Changes in working capital items had the effect of decreasing cash flows from operating activities by $377,000 during the three months ended March 31, 2012 mainly due to an increase in accounts receivable and prepaid expenses of $275,000 and a decrease in accounts payable and accrued liabilities of $110,000. Changes in working capital items had the effect of decreasing cash flows from operating activities by $62,000 during the three months ended March 31, 2011 due to an increase in accounts receivable of $108,000, partially offset by a decrease in prepaid expenses of $30,000 and an increase in accounts payable and accrued liabilities of $16,000.

We used $27,000 of net cash in investing activities during the three months ended March 31, 2012 compared to net cash used of $40,000 in 2011. The cash used in investing in 2012 and 2011 was for the purchase and development of oil and gas properties.

Our net cash provided by financing activities was $806,000 for the three months ended March 31, 2012 compared to $144,000 for the same period in 2011. For the three months ended March 31, 2012, net cash outflows from financing activities were a result of the issuance of notes, net of fees, of $1,191,000, of which $250,000 was to related parties, offset by payments against outstanding notes of $320,000, and payments of deferred financing costs of $65,000. For the three months ended March 31, 2011, net cash inflows from financing activities were a result of the issuance of notes of $552,000 of which $500,000 was to related parties offset by payments against outstanding notes of $393,000 of which $88,000 was to related parties and we incurred financing costs of $15,000.

We have no other commitments to expend additional funds for drilling activities for the rest of 2012.

How We Have Financed Our Activities

On July 29, 2009 we closed the final tranche of a Private Placement of 6.67 million shares of our common stock at $0.30 per share for total proceeds of $2.0 million. In conjunction with this placement, finders’ fees were paid to two firms in Vancouver, BC in the amount of $96,840 and finders’ warrants were issued for the purchase of 538,000 shares of common stock exercisable through July 29, 2010 at $0.50 per share. The net proceeds of the private placement were used to close the Dune Transaction and for working capital purposes.

On August 4, 2009 we re-purchased and retired $7.8 million, plus accrued and unpaid interest, of its 8% Secured Debentures held by Dune (including release of collateral rights), acquired Dune’s interest in producing wells and certain leasehold rights in the Bayou Couba field, resumed operations of the Bayou Couba field and settled outstanding issues between the companies. In exchange, we agreed to assign a portion of certain deep rights held by us and pay Dune a total of $1.3 million dollars with $1 million due at closing and an additional $300,000 due in quarterly payments commencing 90 days after resuming operations of the field. As of March 31, 2010 additional deep rights were assigned to Dune valued at $93,000 and were recorded as a reduction to the note payable. As of March 31, 2012 the balance of the note payable to Dune was approximately $157,000.

We re-purchased our remaining outstanding 8% Secured Debenture debt totaling $2.0 million and an additional $821,000 of accrued interest from various holders with the payment of $256,000 and the issuance of 1.17 million shares of our common stock at a deemed price of $0.30 per share. The issuance of the shares occurred during the third quarter of 2009.

Future Capital Requirements and Resources

At March 31, 2012, we do not have any available borrowing capacity under existing credit facilities and our current assets are $685,000 compared with current liabilities of $8.2 million. Our current liabilities include accounts payable, revenues payable, notes payable (a portion of which is past due), and other current obligations. We have substantial needs for funds to pay our outstanding payables and debt due during 2012. In addition, we have substantial need for capital to develop our oil and gas prospects. At March 31, 2012, we have no commitments for additional capital to fund drilling activities in 2012.

Since 2001, we have funded our capital expenditures and operating activities through a series of debt and equity capital-raising transactions, drilling participations and, during the last two quarters of 2004 and all of 2005 and 2006, through an increase in vendor payables and notes payable. It is our intention to raise additional capital through the sale of interests in our drilling activities or other strategic transaction; however, we currently have no firm commitment from any potential investors and such additional capital may not be available to us in the future. We expect that any capital expenditures for drilling purposes during 2012 will be funded from the sale of drilling participations and equity capital.

Our business strategy requires us to obtain additional financing and our failure to do so can be expected to adversely affect our ability to grow our revenues, oil and gas reserves and achieve and maintain a significant level of revenues and profitability. There can be no assurance we will obtain this additional funding. Such funding may be obtained through the sale of drilling participations, joint ventures, equity securities or by incurring additional indebtedness. Without such funding, our revenues will continue to be limited and it can be expected that our operations will not be profitable. In addition, any additional equity funding that we obtain may result in material dilution to the current holders of our common stock.

Cautionary Statement for Purposes of the “Safe Harbor” Provisions of the Private Securities Litigation Reform Act of 1995

With the exception of historical matters, the matters we discussed below and elsewhere in this Report are “forward-looking statements” as defined under the Securities Exchange Act of 1934, as amended that involve risks and uncertainties. The forward-looking statements appear in various places including under the headings Item 1. Financial Statements and Item 2. Management’s Discussion and Analysis or Plan of Operation. These risks and uncertainties relate to
• our ability to raise capital and fund our oil and gas well drilling and development plans,

• our ability to fund the repayment of our current liabilities, and

• our ability to negotiate and enter into any agreement relating to a merger or sale of all or substantially all our assets.

These risks and uncertainties also relate to our ability to attain and maintain profitability and cash flow and continue as a going concern, our ability to increase our reserves of oil and gas through successful drilling activities and acquisitions, our ability to enhance and maintain production from existing wells and successfully develop additional producing wells, our access to debt and equity capital and the availability of joint venture development arrangements, our ability to remain in compliance with the terms of any agreements pursuant to which we borrow money and to repay the principal and interest when due, our estimates as to our needs for additional capital and the times at which additional capital will be required, our expectations as to our sources for this capital and funds, our ability to successfully implement our business strategy, our ability to maintain compliance with covenants of our loan documents and other agreements pursuant to which we issue securities or borrow funds and to obtain waivers and amendments when and as required, our ability to borrow funds or maintain levels of borrowing availability under our borrowing arrangements, our ability to meet our intended capital expenditures, our statements and estimates about quantities of production of oil and gas as it implies continuing production rates at those levels, proved reserves or borrowing availability based on proved reserves and our future net cash flows and their present value.

Readers are cautioned that the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2011 and other reports filed with the Commission, as well as those described elsewhere in this Report, in some cases have affected, and in the future could affect, our business plans and actual results of operations and could cause our actual consolidated results during 2012 and beyond, to differ materially from those expressed in any forward-looking statements made by or on our behalf.

Our common shares have no trading market in the United States, and there can be no assurance as to the liquidity of any markets that may develop for our common shares, the ability of the holders of common shares to sell their common shares in the United States or the price at which holders would be able to sell their common shares. Any future trading prices of the common shares will depend on many factors, including, among others, our operating results and the market for similar securities.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

As of the end of the period covered by this report on Form 10-Q, our Chief Executive Officer and our Chief Financial Officer performed an evaluation of the effectiveness of our disclosure controls and procedures as defined in Rule 13a-15(e) or Rule 15d-15(e) under the Exchange Act. In designing and evaluating the disclosure controls and procedures, we recognize that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives.

Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer concluded that as of the end of the period covered by this report on Form 10-Q that our disclosure controls and procedures are not effective to provide reasonable assurance that: (i) information required to be disclosed by us in reports that it files or submits under the Securities Exchange Act of 1934 is accumulated and communicated to our management, including the CEO and CFO, as appropriate to allow timely decisions regarding required disclosure by us; and (ii) information required to be disclosed by us in reports that it files or submits under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in Securities and Exchange Commission rules and forms. In our evaluation of disclosure controls and procedures as of December 31, 2011, we concluded there were material weaknesses in our internal controls over financial reporting which we viewed as an integral part of our disclosure controls and procedures. The material weaknesses as noted below have not been remediated as of May 15, 2012.

Changes in Internal Control Over Financial Reporting

As of December 31, 2011 we identified material weaknesses in our internal controls over financial reporting. The material weaknesses relate to:

1.	Deficiencies in segregation of duties due to:

	a.	the CEO and CFO’s active involvement in the preparation of the financial statements resulting in an inability to provide an independent review and quality assurance function; and

	b.	a limited number of qualified accounting personnel resulting in management and accounting personnel having wide-spread access to create and post accounting entries into the accounting system and an inability to independently review and approve accounting entries.

2.	The failure to identify during the year-end financial statement closing process all the journal entries required for certain complex and non-routine transactions. These entries were identified by our independent registered public accounting firm.

In order to mitigate these material weaknesses to the fullest extent possible, all financial reports are reviewed by the CEO and CFO. All unexpected results are investigated. At any time, if it appears that any control can be implemented to continue to mitigate such weaknesses, it is immediately implemented. As soon as our finances allow, we will hire sufficient staff and implement appropriate procedures to address the segregation of duties and improve the closing process.

There were no significant changes in our internal control over financial reporting identified in connection with the evaluation that occurred during the last fiscal quarter that have materially affected or that are reasonably likely to materially affect our internal control over financial reporting.

PART II – OTHER INFORMATION

Item 6. Exhibits

	31.1	Certification of President and Chief Executive Officer Pursuant to Rule 13a-14(a)⁽¹⁾

	31.2	Certification of Chief Financial Officer Pursuant to Rule 13a- 14(a)⁽¹⁾

	32.1	Certification of President and Chief Executive Officer Pursuant to Section 1350 (furnished, not filed)⁽¹⁾

	32.2	Certification of Chief Financial Officer Pursuant to Section 1350 (furnished, not filed)⁽¹⁾

^{___________________________________________________

(1)}Filed or furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

AMERICAN NATURAL ENERGY CORPORATION
(Registrant)

Date: May 15, 2012	/S/ Michael K. Paulk
	Michael K. Paulk
	President and Chief Executive Officer


	/S/ Steven P. Ensz
	Steven P. Ensz
	Principal Financial and Accounting Officer

EX-31.1 2 exhibit31-1.htm EXHIBIT 31.1 American Natural Energy Corporation - Exhibit 31.1 - Filed by newsfilecorp.com

Exhibit 31.1

Chief Executive Officer’s Certification Pursuant to Rule 13a-14(a)

I, Michael K. Paulk, certify that:

1. I have reviewed this quarterly report on Form 10-Q of American Natural Energy Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the small business issuer as of, and for, the periods presented in this report;

4. The small business issuer’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the small business issuer and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the small business issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the small business issuer’s internal control over financial reporting that occurred during the small business issuer’s most recent fiscal quarter (the small business issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer’s internal control over financial reporting; and

5. The small business issuer’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the small business issuer’s auditors and the audit committee of the small business issuer’s board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.

Date: May 15, 2012	/s/ Michael K. Paulk
	Michael K. Paulk
	President

EX-31.2 3 exhibit31-2.htm EXHIBIT 31.2 American Natural Energy Corporation - Exhibit 31.2 - Filed by newsfilecorp.com

Exhibit 31.2

Chief Financial Officer’s Certification Pursuant to Rule 13a-14(a)

I, Steven P. Ensz, certify that:

1. I have reviewed this quarterly report on Form 10-Q of American Natural Energy Corporation;

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the small business issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

	c)	Evaluated the effectiveness of the small business issuer’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	d)	Disclosed in this report any change in the small business issuer’s internal control over financial reporting that occurred during the small business issuer’s most recent fiscal quarter (the small business issuer’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the small business issuer’s internal control over financial reporting; and

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the small business issuer's ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the small business issuer's internal control over financial reporting.

Date: May 15, 2012	/s/Steven P. Ensz
	Steven P. Ensz
	Vice President, Finance

EX-32.1 4 exhibit32-1.htm EXHIBIT 32.1 American Natural Energy Corporation - Exhibit 32.1 - Filed by newsfilecorp.com

Exhibit 32.1

Principal Executive Officer’s Certification Pursuant To
Section 1350
(furnished, but not filed)

In connection with the Quarterly Report of American Natural Energy Corporation (the Company) on Form 10-Q for the period ending March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Michael K. Paulk, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Michael K. Paulk
Michael K. Paulk
Chief Executive Officer
May 15, 2012

A signed original of this written statement required by Section 906 has been provided to American Natural Energy Corporation and will be retained by American Natural Energy Corporation and furnished to the Securities and Exchange Commission or its staff upon request.

EX-32.2 5 exhibit32-2.htm EXHIBIT 32.2 American Natural Energy Corporation - Exhibit 32.2 - Filed by newsfilecorp.com

Exhibit 32.2

Principal Financial Officer’s Certification Pursuant To
Section 1350
(furnished, but not filed)

In connection with the Quarterly Report of American Natural Energy Corporation (the Company) on Form 10-Q for the period ending March 31, 2012 as filed with the Securities and Exchange Commission on the date hereof (the Report), I, Steven P. Ensz, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to §906 of the Sarbanes-Oxley Act of 2002, that:

1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2) The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

/s/ Steven P. Ensz
Steven P. Ensz
Chief Financial Officer
May 15, 2012

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<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%"> <tr> <td valign="top" width="5%"> <b> 4 </b> </td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt; margin: inherit;"> <b>Notes Payable</b> </p> </td> </tr> <tr> <td width="5%"> </td> <td> </td> </tr> <tr> <td width="5%"> </td> <td> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt; margin: inherit;">Notes payable and long-term debt as of March 31, 2012 and December 31, 2011 consisted of the following:</p> </td> </tr> </table> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td width="5%"> </td> <td align="left"> </td> <td align="left" width="1%"> </td> <td align="center" width="12%">March 31, 2012</td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="12%">December 31, 2011</td> <td align="left" width="2%"> </td> </tr> <tr> <td width="5%"> </td> <td> </td> <td width="1%"> </td> <td align="center" width="12%"> </td> <td align="center" width="2%"> </td> <td align="center" width="1%"> </td> <td align="center" width="12%"> </td> <td width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">$</td> <td align="center" width="2%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="center" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%">$</td> <td align="center" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff">Note payable – Citizens Bank of Oklahoma</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 375,921 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> 422,465 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left">Note payable – TCA Global Credit Master Fund</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 750,000 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> - </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff">Discount on TCA Global Credit Master Fund note</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> (137,089 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left">Note payable – Dune Energy (Note 5)</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 157,017 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 157,017 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff">Note payable – Leede Financial</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 373,045 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 373,045 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left">Total third-party notes payable and long-term debt</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 1,518,894 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 952,527 </td> <td align="left" width="2%"> </td> </tr> <tr> <td width="5%"> </td> <td bgcolor="#e6efff"> </td> <td align="right" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> </td> <td align="right" bgcolor="#e6efff" width="2%"> </td> <td align="right" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> </td> <td align="right" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left">Note payable – TPC Energy</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 414,183 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 164,183 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff">Discount on TPC Energy Note</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> (36,894 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left">Note payable – Mike Paulk</td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 500,000 </td> <td align="left" width="2%"> </td> <td align="left" width="1%"> </td> <td align="right" width="12%"> 500,000 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff">Note payable - Other</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 21,728 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 21,728 </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left">Total related party notes payable and long-term debt</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 899,017 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 685,911 </td> <td align="left" width="2%"> </td> </tr> <tr> <td width="5%"> </td> <td bgcolor="#e6efff"> </td> <td align="right" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> </td> <td align="right" bgcolor="#e6efff" width="2%"> </td> <td align="right" bgcolor="#e6efff" width="1%"> </td> <td align="right" bgcolor="#e6efff" width="12%"> </td> <td align="right" bgcolor="#e6efff" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left">Total notes payable and long-term debt</td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 2,417,911 </td> <td align="left" width="2%"> </td> <td align="left" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> 1,638,438 </td> <td align="left" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff">Less: Current portion</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (2,417,911 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 1px solid rgb(0, 0, 0);" width="12%"> (1,638,438 </td> <td align="left" bgcolor="#e6efff" width="2%">)</td> </tr> <tr> <td width="5%"> </td> <td> </td> <td align="right" width="1%"> </td> <td align="right" width="12%"> </td> <td align="right" width="2%"> </td> <td align="right" width="1%"> </td> <td align="right" width="12%"> </td> <td align="right" width="2%"> </td> </tr> <tr valign="top"> <td width="5%"> </td> <td align="left" bgcolor="#e6efff">Total notes payable and long-term debt, net of current portion</td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> <td align="left" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="1%"> </td> <td align="right" bgcolor="#e6efff" style="border-bottom: 3px double rgb(0, 0, 0);" width="12%"> - </td> <td align="left" bgcolor="#e6efff" width="2%"> </td> </tr> </table> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> On September 10, 2009, the Company entered into a $500,000 unsecured short-term note with interest at the rate of 6% per annum with Citizens Bank of Oklahoma. The loan was modified with a new interest rate of 12% and a maturity date of July 31, 2012. All accrued interest is payable monthly. Proceeds of $475,500 from the note were paid to the Company and the remaining proceeds of $24,500 were used to pay off a prior note with Citizens Bank of Oklahoma. Net payments of $46,543 were made during the quarter ended March 31, 2012. The Company evaluated the application of ASC 470-50 and ASC 470-60 and concluded that the revised terms constituted a debt modification, rather than a debt extinguishment or a troubled debt restructuring. </p> <p align="justify" style="margin-left: 5%; font-family: times new roman,times,serif; font-size: 10pt;"> In 2009 and 2010, the Company and TPC Energy entered into financing agreements whereas TPC Energy advanced funds required for the recompletion of behind pipe zones in several existing wells. The terms of the financing required the Company to repay the funds advanced out of specified cash flow from the subject wells. Principal and interest at 10% per annum and is payable monthly. Upon payout of the cost of recompleting the wells, the Company assigned a pro-rata 25% working interest in the wells to TPC Energy. Based on the relative fair value of the wells, a discount on the note was recorded with the discount being amortized over the life of the loan using the effective interest rate method. These discounts were fully amortized as of December 31, 2010. During the six months ended June 30, 2011, cash payments totaling $133,535 were also applied to the note which paid the note in full. In June 2010, the Company borrowed $100,000 from TPC Energy with an interest rate of 10% per annum. The principal and interest was repaid during the first quarter of 2011. On March 31, 2011, with an effective date of January 1, 2011, the Company purchased the working interests from TPC Energy for $300,000 through the issuance of a note payable in the same amount. Principal payments of $12,500 and interest at the rate of 10% per annum are due monthly. During the effective date through the closing date of March 31, 2011, revenues of $95,662 were recorded as a purchase price adjustment that lowered the note payable balance to $204,338 and during the year ended December 31, 2011, cash payments totaling $40,155 were also applied to the note which left a remaining balance due of $164,183. During the first quarter of 2012 TPC Energy advanced an additional $250,000 to the Company with repayment of the loan due one year from the date of advancement and with interest payable monthly. In addition to the additional $250,000, the Company assigned 50% of its interest in its share of the Liquidation Agents account distributions to TPC Energy for the life of the note. The rights were valued at $39,619 and were recorded as a discount on the note, which is being amortized over the life of the note using the effective interest method. The TPC note is included in Notes Payable – Related Parties on the balance sheet as of March 31, 2012. </p> <table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> </td> <td align="left" width="95%"> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt; margin: inherit;"> On February 17, 2011, the Company entered into a $500,000 note payable with Mike Paulk, a director of the Company, with an annual interest rate of 10%. Monthly payments may be made; however, all unpaid principal and interest is due and payable on February 15, 2012. As of May 15, 2012 this note has not been paid. </p> </td> </tr> <tr> <td> </td> <td width="95%"> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt; margin: inherit;"> </p> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="95%"> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt; margin: inherit;"> The Company entered into a financing agreement with TCA Global Credit Master Fund, LP during the first quarter of 2012. Proceeds of the financing are to be used for the drilling and completion of wells included in the Company’s inventory of Proved Undeveloped reserves (“PUD”). The Company has a commitment for a total amount of $3 million, before fees and expenses through the issuance of a series of $1 million debentures, of which $1 million was issued in January 2012. The debenture is secured by a first priority, perfected security interest and mortgage in oil and gas leases and properties. At no time shall the investor funds exceed 65% of the drilling and completion cost of the PUD’s with the balance provided by the Company’s generated funds. The outstanding debenture is due on December 29, 2012 and is payable monthly with a mandatory redemption fee equal to 10% and interest of 5%. Fees paid in cash and common stock to TCA Global Credit Master Fund, LP of $195,440 were recorded as a debt discount and as of March 31, 2012 $58,351 of the debt discount has been amortized. </p> </td> </tr> <tr> <td> </td> <td width="95%"> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt; margin: inherit;"> </p> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="95%"> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt; margin: inherit;"> In connection with the financing agreement with TCA Global Credit Master Fund, LP, the Company paid cash fees and issued shares and warrants to other third parties valued at $273,833, which were recorded as deferred financing costs and as of March 31, 2012 $79,520 of the deferred financing costs have been amortized. </p> </td> </tr> </table>

<table border="0" cellpadding="0" cellspacing="0" style="border-color: black; border-collapse: collapse; font-size: 10pt; font-family: times new roman,times,serif;" width="100%"> <tr valign="top"> <td align="left"> <b> 5 </b> </td> <td align="left" width="95%"> <b>Convertible Debentures</b> </td> </tr> <tr> <td> </td> <td width="95%"> </td> </tr> <tr valign="top"> <td align="left"> </td> <td align="left" width="95%"> <p align="justify" style="font-family: times new roman,times,serif; font-size: 10pt; margin: inherit;"> On August 4, 2009 the Company re-purchased and retired $7.895 million, plus $2.1 million accrued and unpaid interest, of its 8% Secured Debentures held by Dune Energy, Inc. (including release of collateral rights), acquired Dune’s interest in producing wells and certain leasehold rights in the Bayou Couba field, resumed operations of the Bayou Couba field, and settled outstanding issues between the companies, which net to $2.1 million payable to Dune. In exchange, the Company assigned a portion of certain deep rights held by the Company valued at $93,000 and paid Dune $1 million at the closing and issued a note payable of $300,000 payable in six consecutive quarterly payments of $50,000 each, with the first installment due and payable 90 days after resuming operations of the field. The first installment has been paid at the time of the Form 10-Q filing. The second installment has not been paid yet at the time of this Form 10-Q filing. As of March 31, 2012 the balance of the note payable to Dune was approximately $157,000. </p> </td> </tr> </table>

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(CashAndCashEquivalentsPeriodIncreaseDecrease) Cash beginning of period Cash end of period Supplemental disclosures: Interest paid, net of capitalized interest Taxes paid Non cash investing and financing activities: Purchase of working interest through issuance of a note payable Purchase of working interest through issuance of a note payable Deferred financing cost due to warrants issued Deferred financing cost due to warrants issued Debt discount due to liquidation rights transferred Debt discount due to liquidation rights transferred Deferred financing cost due to common shares issued Deferred financing cost due to common shares issued Debt discount due to common shares issued Debt discount due to common shares issued Statement of Stockholders Equity Equity Components [Axis] Equity Components [Domain] Common Stock [Member] Additional Paid-In Capital [Member] Accumulated deficit [Member] Accumulated Other Comprehensive Income [Member] Beginning Balance (Shares) Beginning Balance 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Notes Payable

3 Months Ended

Mar. 31, 2012

Notes Payable [Text Block]

4	Notes Payable

	Notes payable and long-term debt as of March 31, 2012 and December 31, 2011 consisted of the following:

	March 31, 2012		December 31, 2011

	$		$
Note payable – Citizens Bank of Oklahoma	375,921		422,465
Note payable – TCA Global Credit Master Fund	750,000		-
Discount on TCA Global Credit Master Fund note	(137,089	)	-
Note payable – Dune Energy (Note 5)	157,017		157,017
Note payable – Leede Financial	373,045		373,045
Total third-party notes payable and long-term debt	1,518,894		952,527

Note payable – TPC Energy	414,183		164,183
Discount on TPC Energy Note	(36,894	)	-
Note payable – Mike Paulk	500,000		500,000
Note payable - Other	21,728		21,728
Total related party notes payable and long-term debt	899,017		685,911

Total notes payable and long-term debt	2,417,911		1,638,438
Less: Current portion	(2,417,911	)	(1,638,438	)

Total notes payable and long-term debt, net of current portion	-		-

	On February 17, 2011, the Company entered into a $500,000 note payable with Mike Paulk, a director of the Company, with an annual interest rate of 10%. Monthly payments may be made; however, all unpaid principal and interest is due and payable on February 15, 2012. As of May 15, 2012 this note has not been paid.

	The Company entered into a financing agreement with TCA Global Credit Master Fund, LP during the first quarter of 2012. Proceeds of the financing are to be used for the drilling and completion of wells included in the Company’s inventory of Proved Undeveloped reserves (“PUD”). The Company has a commitment for a total amount of $3 million, before fees and expenses through the issuance of a series of $1 million debentures, of which $1 million was issued in January 2012. The debenture is secured by a first priority, perfected security interest and mortgage in oil and gas leases and properties. At no time shall the investor funds exceed 65% of the drilling and completion cost of the PUD’s with the balance provided by the Company’s generated funds. The outstanding debenture is due on December 29, 2012 and is payable monthly with a mandatory redemption fee equal to 10% and interest of 5%. Fees paid in cash and common stock to TCA Global Credit Master Fund, LP of $195,440 were recorded as a debt discount and as of March 31, 2012 $58,351 of the debt discount has been amortized.

	In connection with the financing agreement with TCA Global Credit Master Fund, LP, the Company paid cash fees and issued shares and warrants to other third parties valued at $273,833, which were recorded as deferred financing costs and as of March 31, 2012 $79,520 of the deferred financing costs have been amortized.

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Going Concern, Liquidity and Capital Resources

3 Months Ended

Mar. 31, 2012

Going Concern, Liquidity and Capital Resources [Text Block]

3	Going Concern, Liquidity and Capital Resources

	The Company currently has a severe shortage of working capital and funds to pay its liabilities. The Company has no current borrowing capacity with any lender. The Company incurred a net loss of $1,200,608 for the three months ended March 31, 2012. The Company has a working capital deficit of $7,537,399 and an accumulated deficit of $21,428,989 at March 31, 2012 which leads to substantial doubt concerning the ability of the Company to meet its obligations as they come due. The Company also has a need for substantial funds to develop its oil and gas properties and repay borrowings as well as to meet its other current liabilities.

	The accompanying consolidated financial statements have been prepared on a going concern basis which contemplates continuity of operations, realization of assets and liquidation of liabilities in the ordinary course of business. As a result of the losses incurred and current negative working capital, there is no assurance that the carrying amounts of assets will be realized or that liabilities will be liquidated or settled for the amounts recorded. The ability of the Company to continue as a going concern is dependent upon adequate sources of capital and the Company’s ability to sustain positive results of operations and cash flows sufficient to continue to explore for and develop its oil and gas reserves and pay its obligations.

	Management’s strategy has been to obtain additional financing or industry partners. It is management’s intention to raise additional debt or equity financing to fund its operations and capital expenditures or to enter into another transaction in order to maximize shareholder value. Failure to obtain additional financing can be expected to adversely affect the Company’s ability to pay its obligations, further the development of its properties, grow revenues, oil and gas reserves and achieve and maintain a significant level of revenues, cash flows, and profitability. There can be no assurance that the Company will obtain this additional financing at the time required, at rates that are favorable to the Company, or at all. Further, any additional equity financing that is obtained may result in material dilution to the current holders of common stock.

- Definition

Disclosure of accounting policy for reporting when there is a substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time (generally a year from the balance sheet date). Disclose: (a) pertinent conditions and events giving rise to the assessment of substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time, (b) the possible effects of such conditions and events, (c) management's evaluation of the significance of those conditions and events and any mitigating factors, (d) possible discontinuance of operations, (e) management's plans (including relevant prospective financial information), and (f) information about the recoverability or classification of recorded asset amounts or the amounts or classification of liabilities. If management's plans alleviate the substantial doubt about the entity's ability to continue as a going concern, disclosure of the principal conditions and events that initially raised the substantial doubt about the entity's ability to continue as a going concern would be expected to be considered. Disclose whether operations for the current or prior years generated sufficient cash to cover current obligations, whether waivers were obtained from creditors relating to the company's default under the provisions of debt agreements and possible effects of such conditions and events, such as: whether there is a possible need to obtain additional financing (debt or equity) or to liquidate certain holdings to offset future cash flow deficiencies. Disclose appropriate parent company information when parent is dependent upon remittances from subsidiaries to satisfy its obligations.

+ References+ Details

XML 16 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Current assets:
Cash and cash equivalents	$ 59,382	$ 0
Accounts receivable - joint interest billing	37,315	22,104
Accounts receivable - oil and gas sales	257,509	31,963
Prepaid expenses and other	118,417	84,141
Oil inventory	18,041	26,484
Deferred financing costs	194,314	0
Total current assets	684,978	164,692
Proved oil and natural gas properties, full cost method of accounting, net of accumulated depletion, depreciation, amortization and impairment of $21,603,848 and $21,542,440	15,842,522	15,932,509
Unproved oil and natural gas properties	587,396	571,796
Equipment and other fixed assets, net of accumulated depreciation of $1,137,949 and $1,131,053	40,282	47,178
Other deferred costs	0	105,000
Total assets	17,155,178	16,821,175
Current liabilities:
Accounts payable and accrued liabilities	2,223,280	2,276,534
Revenue payable	3,499,729	3,460,249
Accounts payable - related parties	0	49,936
Accrued interest	16,844	58,510
Insurance note payable	24,361	48,163
Notes payable - related parties net of discounts of $36,894 and $0 respectively	899,017	685,911
Note payable, net of discounts of $137,089 and $0 respectively	1,518,894	952,527
Taxes due on dissolution of subsidiary	40,252	45,252
Total current liabilities	8,222,377	7,577,082
Asset retirement obligation	2,253,072	2,208,867
Total liabilities	10,475,449	9,785,949
Commitments and contingencies	0	0
Stockholders' equity :
Common stock Authorized - 250,000,000 shares with par value of $0.001 - 18,928,895 and 13,431,954 shares issued and outstanding respectively	18,929	13,432
Additional paid-in capital	24,011,914	23,451,773
Accumulated deficit, since January 1, 2002 (in conjunction with the quasi- Reorganization stated capital was reduced by an accumulated deficit of $2,015,495)	(21,428,989)	(20,228,381)
Accumulated other comprehensive income	4,077,875	3,798,402
Total stockholders' equity	6,679,729	7,035,226
Total liabilities and stockholders' equity	$ 17,155,178	$ 16,821,175

XML 17 R6.htm IDEA: XBRL DOCUMENT

Significant accounting policies

3 Months Ended

Mar. 31, 2012

Significant accounting policies [Text Block]

1	Significant accounting policies

	The accounting policies and methods followed in preparing these unaudited condensed consolidated financial statements are those used by American Natural Energy Corporation (the “Company”) as described in Note 1 of the notes to consolidated financial statements included in the Annual Report on Form 10-K. The unaudited condensed consolidated financial statements for the three-month periods ended March 31, 2012 and 2011 have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the Securities and Exchange Commission and do not conform in all respects to the disclosure and information that is required for annual consolidated financial statements. The year-end condensed consolidated balance sheet data was derived from audited consolidated financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America. These interim condensed consolidated financial statements should be read in conjunction with the most recent annual consolidated financial statements of the Company.

	In the opinion of management, all adjustments, all of which are of a normal recurring nature, considered necessary for fair statement have been included in these interim condensed consolidated financial statements. Operating results for the three-month period ended March 31, 2012 are not indicative of the results that may be expected for the full year ending December 31, 2012.

	Reclassification of Prior Period Statements

	Certain reclassifications of prior period consolidated financial statements balances have been made to conform to current reporting practices.

	Stock-based compensation

	As discussed below in Note 7, the Company has a stock-based compensation plan, and effective January 1, 2006, accounts for stock options granted to employees under this plan in accordance with the provisions of Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 718, Share-Based Payment ("ASC 718") . Under the provisions of ASC 718, share-based compensation cost is measured at the grant date, based on the calculated fair value of the award, and is recognized as an expense over the grantee’s requisite service period (generally the vesting period of the equity grant).

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Earnings (loss) per share

3 Months Ended

Mar. 31, 2012

Earnings (loss) per share [Text Block]

2	Earnings (loss) per share

	Basic earnings (loss) per share is computed by dividing net income or loss (the numerator) by the weighted average number of shares outstanding during the period (the denominator). The diluted earnings (loss) per share is determined using the treasury method of shares outstanding as of March 31, 2012. This includes the net of new shares potentially created by unexercised in-the-money options. The method assumes that the proceeds that a company receives from in-the-money options exercised are used to repurchase common shares in the market. The Company had 2,258,750 vested and unexercised employee stock options and 596,000 vested and unexercised warrants outstanding as of March 31, 2012, with the outstanding employee stock options and warrants excluded from the calculation of diluted earnings per share as they were anti-dilutive.

- Definition

The entire disclosure for earnings per share.

+ References+ Details

XML 20 R3.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2012	Dec. 31, 2011
Accumulated Depreciation, Depletion and Amortization, Proved Oil and Gas Properties	$ 21,603,848	$ 21,542,440
Equipment and other fixed assets, net of accumulated depreciation	1,137,949	1,131,053
Notes payable related parties net of discounts	36,894	0
Note payable, net of discounts	137,089	0
Common Stock, Shares Authorized	250,000,000	250,000,000
Common Stock, Par Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares, Issued	18,928,895	13,431,954
Common Stock, Shares, Outstanding	18,928,895	13,431,954
quasi-reorganization stated capital reduced by an accumulated deficit	$ 2,015,495	$ 0

- Definition

The cumulative amount of depreciation, depletion and amortization (related to property, plant and equipment, but not including land) that has been recognized in the income statement.

+ References+ Details

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References+ Details

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Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2012	May 15, 2012
Document and Entity Information
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2012
Trading Symbol	anr
Entity Registrant Name	American Natural Energy Corp
Entity Central Index Key	0000870732
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		18,928,895
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q1

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Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Revenues:
Oil and gas sales	$ 449,967	$ 649,552
Operations income	14,276	14,119
Total Revenue	464,243	663,671
Expenses:
Lease operating expense	321,936	208,141
Production taxes	28,393	12,593
General and administrative	702,946	475,949
Foreign exchange loss (gain)	279,473	357,425
Interest and financing costs	205,802	49,425
Related party interest	13,791	9,669
Depletion, depreciation and amortization - oil and gas properties	61,408	107,300
Accretion of asset retirement obligation	44,205	56,918
Depreciation and amortization - other assets	6,897	6,900
Total expenses	1,664,851	1,284,320
Net loss	(1,200,608)	(620,649)
Other comprehensive income:
Foreign exchange translation	279,473	357,425
Other comprehensive income	279,473	357,425
Comprehensive loss	$ (921,135)	$ (263,224)
Basic and diluted loss per share	$ (0.07)	$ (0.05)
Weighted average number of shares outstanding
Basic	16,339,688	13,431,954
Diluted	16,339,688	13,431,954

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Stock-based compensation

3 Months Ended

Mar. 31, 2012

Stock-based compensation [Text Block]

7	Stock-based compensation

	On January 1, 2006, the Company adopted ASC 718 which requires companies to measure the cost of employee services received in exchange for an award of equity instruments based on the grant date fair value of the award. The Company has elected to use the modified prospective application method such that ASC 718 applies to new awards, the unvested portion of existing awards and to awards modified, repurchased or canceled after the effective date. The Company has equity incentive plans that provide for the issuance of stock options. These plans are discussed more fully in the Company’s Form 10-K for the year ended December 31, 2011. All options expire five years from the date of grant. Generally, stock options granted to employees and directors vest 25% upon approval of the grant by the TSX Venture Exchange and 12.5% per quarter thereafter. The Company recognizes stock-based compensation expense over the vesting period of the individual grants.

	For the three months ended March 31, 2012, the Company recognized compensation costs of approximately $76,000 related to stock options issued September 8, 2009 and November 30, 2010.

At March 31, 2012, there was $73,000 of total unrecognized compensation costs related to non-vested stock options granted on September 8, 2009 and November 30, 2010.

The fair value of stock options granted was estimated on the date of the grant using a Black-Scholes valuation model that uses the following weighted average assumptions:

Options Granted in 2010
Expected term, in years	2.83
Risk-Free interest rate	. 72%
Expected volatility	217.25%
Expected Dividend Rate	None

The Company utilizes authorized but unissued shares when a stock option is exercised.

Warrants Granted in 2012
Expected term, in years	5.00
Risk-Free interest rate	0.88%
Expected volatility	279.87%
Expected Dividend Rate	None

	The fair value of these warrants of $50,557 was recorded as a deferred financing cost and is being amortized over the life of the note using the effective interest method.

	At March 31, 2012, there were 596,000 warrants outstanding and exercisable with a weighted average exercise price of $0.12. The weighted average remaining contractual term for these warrants at March 31, 2012 was 4.96 years. The warrants had no intrinsic value at March 31, 2012.

XML 24 R11.htm IDEA: XBRL DOCUMENT

Common stock

3 Months Ended

Mar. 31, 2012

Common stock [Text Block]

6	Common Stock

	In connection with the financing agreement entered into with TCA Global Credit Master Fund, LP during the first quarter of 2012 the Company paid an Equity Incentive Fee of $150,000 worth of Restricted Shares of ANEC stock. The shares carry a nine (9) month ratchet whereby either party is obligated to refund (by the Investor) or issue (by the Company) shares to equal the initial value. The relative fair value of the shares of $129,240, in addition to cash fees paid to TCA of $66,200, was recorded as a discount on the note and is being amortized over the life of the note using the effective interest method.

	In connection with the closing of the $1 million first tranche in February 2012, the Company issued finder’s fees consisting of the following: 732,235 shares of common stock of the Corporation, 500,000 warrants to purchase the common stock of the Corporation at an exercise price of $0.10 per share with a contractual term of five years and 96,000 warrants to purchase the common stock of the Corporation at an exercise price of $0.25 per share with a contractual term of five years. The fair values of the shares of $60,776 and the warrants of $50,557 were recorded as deferred financing costs and are being amortized over the life of the note using the effective interest method.

	On February 17, 2012, the Company issued 1.5 million Restricted Shares each to Mike Paulk and Steven Ensz as compensation for personal guarantees provided in connection with various outstanding financings. The fair value of these shares of $249,000 was recorded as stock based compensation expense in the first quarter of 2012.

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

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Asset retirement obligations

3 Months Ended

Mar. 31, 2012

Asset retirement obligations [Text Block]

8	Asset Retirement Obligation

	The Company’s asset retirement obligations relate to plugging and abandonment of oil and gas properties. The components of the change in the Company’s asset retirement obligations for the three months ended March 31, 2012 is shown below:

		For the three months
		ended March 31, 2012
Asset retirement obligations, January 1, 2012		2,208,867
Additions and revisions		-
Settlement and disposals		-
Accretion expense		44,205
Asset retirement obligation, March 31, 2012		2,253,072

- Definition

The entire disclosure for an asset retirement obligation and the associated long-lived asset. An asset retirement obligation is a legal obligation associated with the disposal or retirement from service of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.

+ References+ Details

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Subsequent Events

3 Months Ended

Mar. 31, 2012

Subsequent Events [Text Block]

9	Subsequent Events

	In April 2012, the Company made a principal payment on the $1 million TCA Global Credit Master Fund, LP of approximately $83,000.

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
3 Months Ended

Mar. 31, 2012

Mar. 31, 2011

Cash flows from operating activities:

Net loss $ (1,200,608) $ (620,649)

Non cash items:

Depreciation, depletion and amortization 68,305 114,200

Accretion of asset retirement obligation 44,205 56,918

Foreign exchange loss (gain) 279,473 357,425

Noncash compensation expense 325,065 111,284

Amortization of deferred financing costs 79,520 0

Amortization of debt discount 61,076 0

Changes in working capital items:

Accounts receivable (240,757) (107,979)

Oil inventory 8,443 (2,609)

Prepaid expenses and other current assets (34,276) 30,242

Accounts payable, accrued liabilities and interest (110,383) 16,103

Net cash used in operating activities (719,937) (45,065)

Cash flows from investing activities:

Purchase and development of oil and gas properties (26,636) (40,160)

Net cash used in investing activities (26,636) (40,160)

Cash flows from financing activities:

Payment of notes payable (320,345) (304,082)

Payment of notes payable-related party 0 (88,447)

Proceeds from issuance of notes payable 941,300 51,745

Proceeds from issuance of notes payable- related party 250,000 500,000

Payment of deferred financing costs (65,000) (15,000)

Net cash provided by financing activities 805,955 144,216

Increase (decrease) in cash and cash equivalents 59,382 58,991

Cash beginning of period 0 8,658

Cash end of period 59,382 67,649

Supplemental disclosures:

Interest paid, net of capitalized interest 116,204 41,036

Taxes paid 5,000 10,000

Non cash investing and financing activities:

Purchase of working interest through issuance of a note payable 0 226,847

Deferred financing cost due to warrants issued 50,557 0

Debt discount due to liquidation rights transferred 39,619 0

Deferred financing cost due to common shares issued 60,776 0

Debt discount due to common shares issued $ 129,240 $ 0

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On August 4, 2009 the Company re-purchased and retired $7.895 million, plus $2.1 million accrued and unpaid interest, of its 8% Secured Debentures held by Dune Energy, Inc. (including release of collateral rights), acquired Dune’s interest in producing wells and certain leasehold rights in the Bayou Couba field, resumed operations of the Bayou Couba field, and settled outstanding issues between the companies, which net to $2.1 million payable to Dune. In exchange, the Company assigned a portion of certain deep rights held by the Company valued at $93,000 and paid Dune $1 million at the closing and issued a note payable of $300,000 payable in six consecutive quarterly payments of $50,000 each, with the first installment due and payable 90 days after resuming operations of the field. The first installment has been paid at the time of the Form 10-Q filing. The second installment has not been paid yet at the time of this Form 10-Q filing. As of March 31, 2012 the balance of the note payable to Dune was approximately $157,000.

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Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2012	Mar. 31, 2011
Cash flows from operating activities:
Net loss	$ (1,200,608)	$ (620,649)
Non cash items:
Depreciation, depletion and amortization	68,305	114,200
Accretion of asset retirement obligation	44,205	56,918
Foreign exchange loss (gain)	279,473	357,425
Noncash compensation expense	325,065	111,284
Amortization of deferred financing costs	79,520	0
Amortization of debt discount	61,076	0
Changes in working capital items:
Accounts receivable	(240,757)	(107,979)
Oil inventory	8,443	(2,609)
Prepaid expenses and other current assets	(34,276)	30,242
Accounts payable, accrued liabilities and interest	(110,383)	16,103
Net cash used in operating activities	(719,937)	(45,065)
Cash flows from investing activities:
Purchase and development of oil and gas properties	(26,636)	(40,160)
Net cash used in investing activities	(26,636)	(40,160)
Cash flows from financing activities:
Payment of notes payable	(320,345)	(304,082)
Payment of notes payable-related party	0	(88,447)
Proceeds from issuance of notes payable	941,300	51,745
Proceeds from issuance of notes payable- related party	250,000	500,000
Payment of deferred financing costs	(65,000)	(15,000)
Net cash provided by financing activities	805,955	144,216
Increase (decrease) in cash and cash equivalents	59,382	58,991
Cash beginning of period	0	8,658
Cash end of period	59,382	67,649
Supplemental disclosures:
Interest paid, net of capitalized interest	116,204	41,036
Taxes paid	5,000	10,000
Non cash investing and financing activities:
Purchase of working interest through issuance of a note payable	0	226,847
Deferred financing cost due to warrants issued	50,557	0
Debt discount due to liquidation rights transferred	39,619	0
Deferred financing cost due to common shares issued	60,776	0
Debt discount due to common shares issued	$ 129,240	$ 0