Document:

American Natural Energy Corporation: Exhibit 10.2 - Filed by newsfilecorp.com

Exhibit 10.2

ASSIGNMENT, CONVEYANCE AND BILL OF SALE

STATE OF LOUISIANA:

     KNOW ALL MEN BY THESE PRESENTS:

PARISH OF ST CHARLES:

     THAT, subject to the terms,
reservations and conditions hereinafter set forth, DUNE ENERGY, INC., a
Delaware corporation, whose address is 777 Walker St. Suite 2300, Houston, TX
77002 (hereinafter referred to as "Assignor"), for and in consideration
of One Hundred and No/100 Dollars ($100.00) and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
does hereby GRANT, BARGAIN, SELL, CONVEY and ASSIGN unto AMERICAN NATURAL
ENERGY CORPORATION, an Oklahoma corporation, whose address is 6100 S. Yale
Ave., Suite 300, Tulsa, OK 74136 (hereinafter referred to as "Assignee"),
all of Assignor's right, title and interest in and to the following (hereinafter
referred to as the "Interests"), BUT INSOFAR AND ONLY INSOFAR AS
the Interests relate to and cover depths from the surface of the earth to
the top of the Cibicides opima sand as seen in the electric log of the Gulf
Refining Company Delta Securities well #88 at 9,875’ measured depth or its
strategraphic equivalent (the “Shallow Rights”):

          (a)
The entire estates created by the leases, licenses, permits and other agreements
described in Exhibit A (the "Leases") insofar as the Leases cover
and relate to the lands described in said Leases (the "Lands"), together
with (i) all rights, privileges, benefits and powers conferred upon the holder
of the Leases with respect to the use and occupation of the surface of the Lands
that may be necessary, convenient or incidental to the possession and enjoyment
of the Leases, (ii) all rights in respect of any pooled or unitized acreage
located in whole or in part within the Lands by virtue of the Leases, including
rights to production from the pool or unit allocated to any Lease being a part
thereof, regardless of whether such production is from the Lands, and (iii) all
tenements, hereditaments and appurtenances belonging to any of the
foregoing;

          (b)
All of the oil and gas wells, saltwater disposal wells and injection wells (the
"Wells") and all of the personal property, fixtures and improvements now
or as of the Effective Time (as defined below) on the Lands, appurtenant thereto
or used in connection therewith or with the production, treatment, sale or
disposal of hydrocarbons or water produced therefrom or attributable thereto and
all other appurtenances thereunto belonging (the “Equipment”); provided,
however, Assignor assigns to Assignee not less than the net revenue interests in
the Wells and not greater than the working interests in the Wells as set forth
in Exhibit A hereto;

          (c)
The contracts and contractual rights, obligations and interest, including all
farmout agreements, farmin agreements, drilling contracts, operating agreements,
sales contracts, saltwater disposal agreements, division orders and transfer
orders and other contracts or agreements covering or affecting any or all of the
Leases and/or Lands; and

          (d)
The easements, licenses, authorizations, permits and similar rights and
interests applicable to, or pertinent to, the ownership and operations of the
Wells, to the extent: (i) located in, on or under the Leases or Lands, (b) now
being used or held for use in connection with the exploration, development,
operation, or maintenance of the assets described in subsections (a) and (b)
above, or (c) now being used or held for use in connection with the producing,
treating, processing, storing, gathering, or marketing of oil, gas and natural
gas liquids and other minerals and products produced in association therewith,
produced from, or to the extent attributable to, the Leases.

     It is Assignor's intention to
convey, and, subject to the other terms and provisions hereof, Assignor does
hereby GRANT, BARGAIN, SELL, CONVEY AND ASSIGN unto Assignee all of Assignor's
right, title and interest in and to the Lands, the Leases, the Wells and the
Equipment, including, without limitation, all overriding royalty, surface fee,
mineral fee or royalty in the Lands or the Leases, together with all Wells,
Equipment and all other personal property and equipment located on or appurtenant to the
ownership or operation of the Leases, (other than vehicles or other personal
property or equipment temporarily located thereon), BUT INSOFAR AND ONLY
INSOFAR AS to the Shallow Rights. It is the intention of the parties that
the Interests be conveyed effective as of the Effective Time (as defined below);
and (i) any oil, gas or other minerals produced and saved, as well as any
proceeds, payments, credits, claims or benefits attributable to the Interests
and attributable to periods prior to the Effective Time shall continue to be,
and shall remain, the property of Assignor; and (ii) any oil, gas or other
minerals produced and saved, as well as any proceeds, payments, credits, claims
or benefits attributable to the Interests and attributable to periods on or
after the Effective Time shall be the property of Assignee.

     Assignee hereby assumes and
agrees to be bound by all Leases, contracts, agreements, easements, licenses,
permits and other commitments and obligations relating to the Interests.

     Notwithstanding the assignment as
of the Effective Time, Assignee shall assume all of Assignor's plugging,
replugging, abandonment, removal, disposal and restoration obligations
associated with the Interests acquired hereunder. Such obligations being assumed
shall include, but not be limited to, all necessary and proper plugging and
abandonment and/or removal and disposal of all of the wells, pipelines or other
facilities, whether pre-existing or drilled or installed by Assignor, Assignee
or any successors and assigns, and all structures and equipment located on or
associated with the Leases or the other Interests, the necessary and proper
capping and burying of all associated flow lines, and any necessary disposal of
naturally occurring radioactive material or asbestos, whether any of the above
may be required under applicable law or regulation or under applicable contracts
and agreements, and regardless of whether any of the same may arise, accrue or
be attributable to periods prior to, on or after the Effective Time and whether
known or unknown (collectively, the “P&A Liabilities”). All plugging,
replugging, abandonment, removal, disposal and restoration operations shall be
in compliance with applicable local, state or federal laws and regulations,
conducted in a good and workmanlike manner, and conducted in accordance with
generally accepted, good oilfield practices .

     Notwithstanding the assignment as
of the Effective Time, Assignee shall assume all Environmental Liabilities (as
defined below), regardless of whether the same arise, accrue or are otherwise
attributable to periods prior to, on or after the Effective Time, and whether
known or unknown. For purposes hereof, the following terms shall have the
following meanings attributed to them:

     (i)
“Environmental Laws” shall mean any and all local, state or federal laws,
rules, regulations, orders, or judgments relating to the prevention of
pollution, the preservation and restoration of environmental quality, or the
protection of human health, wildlife or environmentally sensitive areas, the
remediation of contamination or the handling, transportation, disposal or
release into the environment of Hazardous Materials (as hereinafter defined),
including, without limitation, those arising under or by virtue of any lease,
contract, agreement, document, permit, applicable statute or rule or regulation
or order of any governmental authority, specifically including, without
limitation, any governmental request or requirement to take any clean-up or
other action with respect to any of the Interests or premises, including
hazardous waste cleanup costs under the Solid Waste Disposal Act, 42 U.S.C.
6901, et seq., the Resource Conservation and Recovery Act of 1976 (RCRA), 42
U.S.C. 6901, et seq., the Comprehensive Environmental Response, Compensation and
Liability Act (CERCLA), 42 U.S.C. 9601, et seq., the Clean Air Act, the Federal
Water Pollution Control Act, the Toxic Substances Act, the Oil Pollution Act of
1990, and any and all provisions of Louisiana law, or similar laws, rules or
regulations. 

     (ii)
“Environmental Liabilities” shall mean and include any
liabilities or obligations of any kind relating to (a) the failure to comply
with all applicable Environmental Laws in connection with the ownership,
operation, use, handling or disposition of the Interests or any production
therefrom or attributable thereto, (b) any unfulfilled remedial obligation
imposed under applicable Environmental Laws or contracts (including, without
limitation, surface and subsurface restoration), or (c) alleged violation of or
potential liability under applicable Environmental Laws relating to the
Interests, or the operations thereon or related thereto that has not been fully
resolved to the satisfaction of the applicable governmental authority with
jurisdiction over such matter.

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       (iii) “Hazardous
    Materials” shall mean any substance or material that is designated,
    classified, characterized or regulated as a “hazardous substance”, “hazardous
    waste”, “hazardous material”, “toxic substance”, “pollutant” or “contaminant”
    under Environmental Laws.

ASSIGNOR AND ASSIGNEE SHALL INDEMNIFY EACH OTHER AS
FOLLOWS:

          (1)
ASSIGNEE SHALL DEFEND, INDEMNIFY AND SAVE AND HOLD HARMLESS ASSIGNOR AGAINST ANY
AND ALL COSTS, EXPENSES, CLAIMS, DEMANDS AND CAUSES OF ACTION OF WHATSOEVER KIND
OR CHARACTER, (INCLUDING, WITHOUT LIMITATION, COURT COSTS, ATTORNEYS' FEES AND
OTHER COSTS OF INVESTIGATION OR DEFENSE), ARISING FROM, RELATING TO OR
ATTRIBUTABLE TO: (i) THE OWNERSHIP, OPERATION, USE, HANDLING, MAINTENANCE OR
DISPOSITION OF THE INTERESTS PRIOR TO, DURING OR AFTER THE DUNE PERIOD (AS
DEFINED BELOW), INCLUDING, WITHOUT LIMITATION, ANY OPERATIONS CONDUCTED,
COMMITMENT MADE OR ANY ACTION TAKEN OR OMITTED WITH RESPECT TO THE INTERESTS,
AND ANY AD VALOREM, SEVERANCE, PRODUCTION, OR OTHER TAXES ATTRIBUTABLE TO THE
INTERESTS OR PRODUCTION PRODUCED AND SAVED THEREFROM WHETHER ACCRUED PRIOR TO,
DURING OR AFTER THE DUNE PERIOD, EXCLUDING ONLY THE CLAIMS AND LIABILITIES FOR
WHICH ASSIGNOR EXPRESSLY AGREES TO INDEMNIFY ASSIGNEE IN CLAUSE (2) BELOW, (ii)
THE P&A LIABILITIES, REGARDLESS OF WHETHER ARISING, ACCRUING OR ATTRIBUTABLE
TO PERIODS PRIOR TO, DURING OR AFTER THE DUNE PERIOD, AND WHETHER KNOWN OR
UNKNOWN, (iii) THE ENVIRONMENTAL LIABILITIES (AS DEFINED ABOVE), REGARDLESS OF
WHETHER ARISING, ACCRUING OR ATTRIBUTABLE TO PERIODS PRIOR TO, DURING OR AFTER
THE DUNE PERIOD, AND WHETHER KNOWN OR UNKNOWN, AND (iv) LIABILITY FOR THE PROPER
PAYMENT OF ANY AMOUNTS HELD IN SUSPENSE RELATIVE TO INTERESTS, AND CLAIMS OR
LIABILITIES REGARDING ANY PRODUCTION, DELIVERY, RECEIPT OR PIPELINE IMBALANCES
RELATING TO THE INTERESTS, REGARDLESS OF WHETHER ARISING, ACCRUING OR
ATTRIBUTABLE TO PERIODS PRIOR TO, DURING OR AFTER THE DUNE PERIOD, AND WHETHER
KNOWN OR UNKNOWN, AND IN ALL CASES, REGARDLESS OF WHETHER ATTRIBUTABLE TO, IN
WHOLE OR IN PART, TO THE SOLE, JOINT, CONCURRENT NEGLIGENCE, STRICT LIABILITY OR
OTHER FAULT OR RESPONSIBILITY OF ASSIGNOR, ASSIGNEE OR ANY OTHER PERSON.

          (2)
EXCEPT WITH REGARD TO ALL CLAIMS OR LIABILITIES TO BE ASSUMED OR INDEMNIFIED BY
ASSIGNEE HEREUNDER, INCLUDING WITHOUT LIMITATION, ENVIRONMENTAL LIABILITIES,
P&A LIABILITIES, AND IMBALANCE OR SUSPENSE LIABILITIES, ASSIGNOR SHALL
DEFEND, INDEMNIFY AND SAVE AND HOLD HARMLESS ASSIGNEE AGAINST ANY AND ALL COSTS,
EXPENSES, CLAIMS, DEMANDS AND CAUSES OF ACTION, INCLUDING COURT COSTS AND
ATTORNEYS' FEES, INSOFAR AND ONLY INSOFAR AS SUCH COSTS, EXPENSES, CLAIMS,
DEMANDS AND CAUSES OF ACTION AROSE, ACCRUED AND ARE ATTRIBUTABLE TO PERIODS
AFTER SEPTEMBER 1, 2007, AND PRIOR TO AUGUST 1, 2009 (THE “DUNE PERIOD”),
AND LIMITED SOLELY TO ASSIGNEE’S ALLOCABLE SHARE OF: (i) THE PROPER AND TIMELY
PAYMENT OF ALL ROYALTIES, AND SEVERANCE, AD VALOREM AND SIMILAR TAXES, RELATIVE
TO THE INTERESTS SOLD, (ii) PERSONAL INJURY, BODILY INJURY, ILLNESS OR DEATH
CLAIMS WHICH OCCURRED IN CONNECTION WITH OPERATIONS DURING THE DUNE PERIOD, AND
(iii) AMOUNTS ACTUALLY INCURRED BY ASSIGNOR AS OF AUGUST 1, 2009 (INSOFAR AS THE
SAME WERE INCURRED RELATIVE TO THE DUNE PERIOD) UNDER ASSIGNED CONTRACTS AND
LEASES RELATIVE TO THE OWNERSHIP AND OPERATION OF THE INTERESTS.

     (3) NOTWITHSTANDING ANY TERMS
CONTAINED IN (1) AND (2) ABOVE, BUT IN FURTHERANCE OF SAME, ASSIGNEE EXPRESSLY
AGREES TO FULLY AND PROMPTLY PAY, PERFORM AND DISCHARGE, DEFEND, INDEMNIFY AND
HOLD ASSIGNOR HARMLESS FROM AND AGAINST ANY AND ALL COSTS, EXPENSES, CLAIMS,
DEMANDS AND CAUSES OF ACTION OF WHATSOEVER KIND OR CHARACTER, INCLUDING COURT
COSTS AND ATTORNEYS' FEES, RESULTING FROM ANY "ENVIRONMENTAL CLAIM" AS HEREINAFTER DEFINED ARISING
OUT OF ANY OPERATIONS CONDUCTED, COMMITMENT MADE OR ANY ACTION TAKEN OR OMITTED
AT ANY TIME, WHETHER ACCRUING OR RELATING TO TIMES PRIOR TO OR AFTER THE
EFFECTIVE TIME, WITH RESPECT TO THE INTERESTS. "ENVIRONMENTAL CLAIM" SHALL MEAN
ANY CLAIM, DEMAND OR CAUSE OF ACTION ASSERTED BY ANY GOVERNMENTAL AGENCY OR ANY
PERSON, CORPORATION OR OTHER ENTITY FOR PERSONAL INJURY (INCLUDING SICKNESS,
DISEASE OR DEATH), PROPERTY DAMAGE OR DAMAGE TO THE ENVIRONMENT RESULTING FROM
THE DISCHARGE OR RELEASE OF ANY CHEMICAL, MATERIAL OR EMISSION INTO ONE OR MORE
OF THE ENVIRONMENTAL MEDIA AT OR IN THE VICINITY OF THE INTERESTS.

31 of 100

     The parties recognize that
post-closing accounting adjustments may be required in accordance with the terms
of this Assignment, Conveyance and Bill of Sale to properly allocate revenues,
expenses and ad valorem, severance or other taxes between Assignor and Assignee
based on their respective ownership of the Interests relative to the Effective
Time. Assignor and Assignee agree that the parties will periodically account to
each other for such revenues, expenses and taxes and shall in good faith attempt
to conclude such post-closing settlement no later than one hundred twenty (120)
days after the Effective Time; provided, however, such post-closing settlement
shall not affect the indemnity rights and obligations of the parties as set
forth in this instrument. 

     TO HAVE AND TO HOLD the interests
conveyed in and to the Interests, together with all and singular the rights and
appurtenances thereto in any wise belonging unto Assignee, its successors or
assigns forever, and Assignor hereby binds itself, and its successors and
assigns to WARRANT and FOREVER DEFEND the interests conveyed in and to the
Interests unto Assignee, its successors and assigns, against every person
whomsoever lawfully claiming or to claim the same, or any part thereof, by,
through, or under Assignor, but not otherwise, and subject to Permitted
Encumbrances For purposes hereof, the term “Permitted Encumbrances” shall
mean and include: (i) liens for current taxes or assessments not yet delinquent
or, if delinquent, being contested in good faith by appropriate actions; (ii)
materialman’s, mechanic’s, repairman’s, employee’s, contractor’s, operator’s and
other similar liens or charges arising in the ordinary course of business for
amounts not yet delinquent (including any amounts being withheld as provided by
law), or if delinquent, being contested in good faith by appropriate actions;
(iii) all rights to consent, by required notices to, filings with, or other
actions by governmental authorities in connection with the sale or conveyance of
oil and gas leases or interests therein if they are customarily obtained
subsequent to the sale or conveyance; rights of reassignment arising upon
intention to abandon or release any Leases, Lands or unit; (iv) easements,
rights-of-way, servitudes, permits, surface leases and other rights in respect
of surface operations; (v) all rights reserved to or vested in any governmental
authority to control or regulate the Leases, Lands or other interests in any
manner and all obligations and duties under all applicable laws or under any
franchise, grant, license, or permit issued by any such governmental authority;
and (vi) any other encumbrance which does not materially detract from the value
of or interfere with the use or ownership of the interests conveyed in and to
the Interests.

     This Assignment, Conveyance and
Bill of Sale is made expressly subject to that certain Master Agreement dated
effective as of August 1, 2009, between Assignor and Assignee, the terms of
which are expressly incorporated herein by reference, which shall be covenants
running with the land.

     ALL WELLS, EQUIPMENT AND OTHER
PERSONAL PROPERTY FORMING ANY PART OF THE INTERESTS ARE HEREBY TRANSFERRED
SUBJECT TO NORMAL WEAR AND TEAR AND WITHOUT WARRANTIES OF ANY KIND WHATSOEVER,
WHETHER EXPRESSED OR IMPLIED, AND ARE SOLD “AS IS AND WITH ALL FAULTS AND
DEFECTS” AND “WITH NO WARRANTY AS TO MERCHANTABILITY, FREEDOM FROM REHIBITORY
VICES OR DEFECTS OR FITNESS OR SUITABILITY FOR ANY PARTICULAR PURPOSE.” EXCEPT
FOR THE LIMITED WARRANTY OF TITLE SET FORTH ABOVE, THIS ASSIGNMENT, CONVEYANCE
AND BILL OF SALE IS MADE WITHOUT, AND ASSIGNOR HEREBY NEGATES (i) ANY WARRANTY
OR REPRESENTATION OF TITLE, EITHER EXPRESS, IMPLIED, STATUTORY, OR OTHERWISE,
(ii) ANY EXPRESS, IMPLIED, STATUTORY, OR OTHER WARRANTY OR REPRESENTATION AS TO THE CONDITION, QUANTITY, QUALITY, FITNESS
FOR A PARTICULAR PURPOSE, FREEDOM FROM REHIBITORY VICES OR DEFECTS, CONFORMITY
TO MODELS OR SAMPLES OF MATERIALS, OR MERCHANTABILITY OF ANY OF THE INTERESTS OR
THEIR FITNESS FOR ANY PURPOSE AND (iii) ANY OTHER EXPRESS, IMPLIED, STATUTORY,
OR OTHER WARRANTY OR REPRESENTATION WHATSOEVER.

32 of 100

     This instrument shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns, and all terms, provisions and reservations contained in
this Assignment shall be deemed as covenants running with the land.

     EXECUTED this _4___ day of
August, 2009, but EFFECTIVE as of August 1, 2009 (the "Effective
Time").

	WITNESSES: 	 	 	ASSIGNOR: 
	  	 	 	 
	  	 	 	 
	  	 	 	DUNE ENERGY, INC. 
	 	 	 	 
	Printed Name	 	 	 
	 	 	 	 
	  	 	 	By: 	/s/
      James A. Watt
	  	 	 	 	James A. Watt, President 
	 	 	 	 	 
	Printed Name 	 	 	 	 
	 	 	 	 	 

	WITNESSES: 	 	 	ASSIGNEE: 
	  	 	 	 
	 	 	 	 
	  	 	 	
      AMERICAN NATURAL CORPORATION
      ENERGY 

	  	 	 	 
	Printed Name	 	 	 	 
	  	 	 	 	 
	  	 	 	By: 	/s/
      Steven P. Ensz
	  	 	 	 	Steven P. Ensz, Vice President 
	 	 	 	 	 
	Printed Name	 	 	 	 

33 of 100

STATE OF TEXAS

COUNTY OF HARRIS

     On this ____ day of August, 2009,
before me the undersigned authority personally appeared James A. Watt, whose
genuine signature is affixed to the foregoing document as, President of Dune
Energy, Inc., a Delaware corporation, who signed said document before me in the
presence of two (2) witnesses, whose names are thereto subscribed as such, being
competent witnesses, and who acknowledged, in my presence and in the presence of
said witnesses, that he signed the above and foregoing document as his own free
act and deed on behalf of such corporation by authority of its directors and as
the free act and deed of such corporation and for the uses and purposes therein
set forth and apparent.

I have hereto set my hand and official seal this ______day of
August, 2009.
 

	 	Notary Public in and for 
	 	           the
      State of Texas 

STATE OF TEXAS

COUNTY OF HARRIS

     On this ____ day of August, 2009,
before me the undersigned authority personally appeared Steven P. Ensz, whose
genuine signature is affixed to the foregoing document as, Vice President of
American Natural Energy Corporation, an Oklahoma corporation, who signed said
document before me in the presence of two (2) witnesses, whose names are thereto
subscribed as such, being competent witnesses, and who acknowledged, in my
presence and in the presence of said witnesses, that he signed the above and
foregoing document as his own free act and deed on behalf of such limited
liability company by authority of its directors and as the free act and deed of
such company and for the uses and purposes therein set forth and apparent.

I have hereto set my hand and official seal this ______day of
August, 2009.

 

	 	Notary Public in and for 
	 	the State of Texas 

34 of 100

	EXHIBIT “A” 
	TO 
	ASSIGNMENT, CONVEYANCE AND BILL OF SALE 
	BY AND BETWEEN DUNE ENERGY, INC. AS ASSIGNOR, AND
    
	AMERICAN NATURAL ENERGY CORPORATION, AS ASSIGNEE
    

DSCI LEASE - BAYOU COUBA FIELD – ST CHARLES PARISH,
LOUISIANA:

Oil, Gas and Mineral Lease dated
November 14, 1941, executed by Delta Securities Company, Inc., as Lessor, in
favor of Gulf Refining Company, as Lessee, recorded November17, 1941, under
Entry No. 1458, COB SS, Page 382, St. Charles Parish, Louisiana, currently
covering and affecting 1,319.991 acres, more or less, more particularly
described as follows:

That certain tract of land situated in Sections 12, 13, and
14, Township 15 South, Range 21 East, and Sections 7 and 18, Township 15 South,
Range 22 East, St. Charles Parish, Louisiana, and more particularly described as
follows: Beginning at the Southwest corner of Section 12, Township 15 South,
Range 21 East; thence North 00 degrees 12 minutes East, 3446.52 feet along the
West line of Section 12 to a point for a corner; Thence South 89 degrees 48
minutes East, 3271.85 feet to the East line of Section 12, said line being
common between Ranges 21 and 22 East; thence continue South 89 degrees 48
minutes East, 2661.75 feet to a point for a corner; Thence South 00 degrees 12
minutes West, 2655.98 feet to the South line of Section 7; thence continue South
00 degrees 12 minutes West, 5311.96 feet to a point for a corner, said point
being on the South line of Section 18, Township 15 South, Range 22 East; Thence
North 89 degrees 48 minutes West, 2661.72 feet along the South line of Section
18, to the Southwest corner of said Section 18; Thence South 76 degrees 37
minutes West, 3366.00 feet along the South line of Section 13, Township 15
South, Range 21 East, to the Southwest corner of said Section 13; Thence North
89 degrees 43 minutes 44 seconds West, 1992.09 feet along the South line of
Section 14 to a point for a corner; Thence North 00 degrees 12 minutes East,
3403.61 feet to a point for a corner; Thence South 89 degrees 43 minutes 44
seconds East, 867.09 feet to a point for a corner; Thence North 00 degrees 12
minutes East, 1908.35 feet to a point for a corner, said point being on the
North line of Section 14; Thence South 89 degrees 43 minutes 44 seconds East,
1125.00 feet along the North line of said Section 14 to the place of beginning
of this description, said tract of land containing 1,319.991 acres;

35 of 100

WELLS:

	WELL NAME 	GROSS 	NET 
	 	WORKING 	REVENUE 
	 	INTEREST 	INTEREST 
	 	  	  
	DSCI #92 ST 	0.25681610 	0.15763835 
	DSCI #51 ST 	0.21184340 	0.13021602 
	DSCI #15 	0.70083340 	0.49061092 
	DSCI #118 	0.90363220 	0.63357988 
	DSCI #148 	0.20682940 	0.12703873 
	DSCI #112 	0.20000000 	0.14002126 
	DSCI #BC65 	0.10000000 	0.07000395 
	DSCI #111 	0.10000000 	0.06638180 
	DSCI #113 	1.00000000 	0.07000395 
	DSCI #143 	0.26863230 	0.15906986 
	DSCI #145 	0.10000000 	0.06138369 
	DSCI #109 	0.10000000 	0.06138180 
	DSCI #149 	0.10000000 	0.06138369 
	DSCI #134 	0.91370220 	0.63966639 
	DSCI #39 	0.10000000 	0.07000395 
	DSCI A #129 	0.10000000 	0.07000395 
	DSCI #151 	1.00000000 	  
	DSCI #110 	0.10000000 	0.07000395 
	DSCI #3 	0.10000000 	0.07000395 
	DSCI #125 	0.10000000 	0.07000395 
	DSCI A #128 	0.10000000 	0.07000395 
	DSCI #60 	0.10000000 	  
	DSCI SWD #85 	0.10000000 	  
	DSCI T/A WELLS 	1.00000000 	  

36 of 100American Natural Energy Corporation: Exhibit 10.3 - Filed by newsfilecorp.com

Exhibit 10.3

ASSIGNMENT, CONVEYANCE AND BILL OF SALE

STATE OF LOUISIANA:

     KNOW ALL MEN BY THESE PRESENTS:

PARISH OF ST CHARLES:

     THAT, subject to the terms,
reservations and conditions hereinafter set forth, AMERICAN NATURAL ENERGY
CORPORATION, an Oklahoma corporation, whose address is 6100 S. Yale Ave.,
Suite 300, Tulsa, OK 74136 (hereinafter referred to as "Assignor"), for
and in consideration of One Hundred and No/100 Dollars ($100.00) and other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, does hereby GRANT, BARGAIN, SELL, CONVEY and ASSIGN unto DUNE
PROPERTIES, INC., a Texas corporation, whose address is 777 Walker St. Suite
2300, Houston, TX 77002 (hereinafter referred to as "Assignee"),
SIXTY-FIVE PERCENT (65% percent) of Assignor's right, title and interest in and
to the following (hereinafter referred to as the "Interests"), BUT
INSOFAR AND ONLY INSOFAR AS the Interests relate to and cover depths below
the top of the Cibicides opima sand as seen in the electric log of the Gulf
Refining Company Delta Securities well #88 at 9,875’ measured depth or its
strategraphic equivalent (the “Deep Rights”):

          (a)
The entire estates created by the leases, licenses, permits and other agreements
described in Exhibit A (the "Leases") insofar as the Leases cover
and relate to the lands described in said Leases (the "Lands"), together
with (i) all rights, privileges, benefits and powers conferred upon the holder
of the Leases with respect to the use and occupation of the surface of the Lands
that may be necessary, convenient or incidental to the possession and enjoyment
of the Leases, (ii) all rights in respect of any pooled or unitized acreage
located in whole or in part within the Lands by virtue of the Leases, including
rights to production from the pool or unit allocated to any Lease being a part
thereof, regardless of whether such production is from the Lands, and (iii) all
tenements, hereditaments and appurtenances belonging to any of the foregoing;
provided, however, Assignor assigns to Assignee not less than the net revenue
interests, nor greater than the working interests, in the Leases as set forth in
Exhibit A hereto; and

          (b)
The easements, licenses, authorizations, permits and similar rights and
interests applicable to, or pertinent to, the ownership and operations of the
Leases, to the extent located in, on or under the Leases or Lands.

     It is Assignor's intention to
convey, and, subject to the other terms and provisions hereof, Assignor does
hereby GRANT, BARGAIN, SELL, CONVEY AND ASSIGN unto Assignee SIXTY-FIVE PERCENT
(65% percent) of Assignor's right, title and interest in and to the Lands and
the Leases, including, without limitation, all overriding royalty, surface fee,
mineral fee or royalty in the Lands or the Leases, BUT INSOFAR AND ONLY
INSOFAR AS to the Deep Rights. SPECIFICALLY EXCLUDED from the
Interests and remaining the sole obligation of Assignor, and encumbering
Assignor’s remaining interests in the Leases and Lands, are all overriding
royalty interests, net profits interests, non-participating royalty interests,
liens encumbrances and other burdens (other than lessor royalty and the B&C
Overrides set forth on Exhibit C) that affect the Leases and Lands,
including, without limitation, as may have been created or exist under those
instruments and documents set forth on Exhibit B, attached hereto.

     Assignee hereby assumes and
agrees to be bound by all Leases, contracts, agreements, easements, licenses,
permits and other commitments and obligations relating to the Interests.

     TO HAVE AND TO HOLD the interests
conveyed in and to the Interests, together with all and singular the rights and
appurtenances thereto in any wise belonging unto Assignee, its successors or
assigns forever, and Assignor hereby binds itself, and its successors and
assigns to WARRANT and FOREVER DEFEND the interests conveyed in and to the
Interests unto Assignee, its successors and assigns, against every person
whomsoever lawfully claiming or to claim the same, or any part thereof, by,
through, or under Assignor, but not otherwise, and subject to Permitted
Encumbrances For purposes hereof, the term “Permitted Encumbrances”shall mean and include: (i) liens for current taxes or
assessments not yet delinquent or, if delinquent, being contested in good faith
by appropriate actions; (ii) materialman’s, mechanic’s, repairman’s, employee’s,
contractor’s, operator’s and other similar liens or charges arising in the
ordinary course of business for amounts not yet delinquent (including any
amounts being withheld as provided by law), or if delinquent, being contested in
good faith by appropriate actions; (iii) all rights to consent, by required
notices to, filings with, or other actions by governmental authorities in
connection with the sale or conveyance of oil and gas leases or interests
therein if they are customarily obtained subsequent to the sale or conveyance;
rights of reassignment arising upon intention to abandon or release any Leases,
Lands or unit; (iv) easements, rights-of-way, servitudes, permits, surface
leases and other rights in respect of surface operations; (v) all rights
reserved to or vested in any governmental authority to control or regulate the
Leases, Lands or other interests in any manner and all obligations and duties
under all applicable laws or under any franchise, grant, license, or permit
issued by any such governmental authority; and (vi) any other encumbrance which
does not materially detract from the value of or interfere with the use or
ownership of the interests conveyed in and to the Interests.

     This Assignment, Conveyance and
Bill of Sale is made expressly subject to that certain Master Agreement dated
effective as of August 1, 2009, between Assignor and Assignee, the terms of
which are expressly incorporated herein by reference, which shall be covenants
running with the land.

     This instrument shall be binding
upon and inure to the benefit of the parties hereto and their respective
successors and assigns, and all terms, provisions and reservations contained in
this Assignment shall be deemed as covenants running with the land.

     EXECUTED this  
4   day of August, 2009, but EFFECTIVE as of August 1, 2009
(the "Effective
Time").
          
	WITNESSES: 	 	 	ASSIGNOR: 
	  	 	 	 
	  	 	 	 
	  	 	 	AMERICAN
      NATURAL ENERGY
      CORPORATION 
	 	 	 	 
	Printed Name	 	 	 
	 	 	 	 
	  	 	 	By: 	/s/
      Steven P. Ensz
	  	 	 	 	 Steven P. Ensz, Vice President 
	 	 	 	 	 
	Printed Name 	 	 	 	 
	 	 	 	 	 

	WITNESSES: 	 	 	ASSIGNEE: 
	  	 	 	 
	  	 	 	 
	  	 	 	DUNE PROPERTIES,
      INC. 
	 	 	 	 
	Printed Name	 	 	 
	 	 	 	 
	  	 	 	By: 	/s/
      James A. Watt
	  	 	 	 	 James A. Watt, President 
	 	 	 	 	 
	Printed Name 	 	 	 	 
	 	 	 	 	 

STATE OF TEXAS

COUNTY OF HARRIS

     On this ____ day of August, 2009,
before me the undersigned authority personally appeared Steven P. Ensz, whose
genuine signature is affixed to the foregoing document as Vice President of
American Natural Energy Corporation, an Oklahoma corporation, who signed said
document before me in the presence of two (2) witnesses, whose names are thereto
subscribed as such, being competent witnesses, and who acknowledged, in my
presence and in the presence of said witnesses, that he signed the above and
foregoing document as his own free act and deed on behalf of such corporation by
authority of its directors and as the free act and deed of such corporation and
for the uses and purposes therein set forth and apparent.

I have hereto set my hand and official seal this ______day of
August, 2009.

	 	Notary Public in and for 
	 	           the
      State of Texas 

STATE OF TEXAS

COUNTY OF HARRIS

     On this ____ day of August, 2009,
before me the undersigned authority personally appeared James A. Watt, whose
genuine signature is affixed to the foregoing document as President of Dune
Properties, Inc., a Texas corporation, who signed said document before me in the
presence of two (2) witnesses, whose names are thereto subscribed as such, being
competent witnesses, and who acknowledged, in my presence and in the presence of
said witnesses, that he signed the above and foregoing document as his own free
act and deed on behalf of such limited liability company by authority of its
directors and as the free act and deed of such company and for the uses and
purposes therein set forth and apparent.

I have hereto set my hand and official seal this ______day of
August, 2009.

	 	Notary Public in and for 
	 	the State of Texas 

	EXHIBIT A 
	  
	TO 
	ASSIGNMENT, CONVEYANCE AND BILL OF SALE 
	BY AND BETWEEN 
	AMERICAN NATURAL ENERGY CORPORATION, AS ASSIGNEE,
    
	AND DUNE ENERGY, INC. AS ASSIGNOR

DSCI LEASE - BAYOU COUBA FIELD – ST CHARLES PARISH,
LOUISIANA:

Oil, Gas and Mineral Lease dated
November 14, 1941, executed by Delta Securities Company, Inc., as Lessor, in
favor of Gulf Refining Company, as Lessee, recorded November17, 1941, under
Entry No. 1458, COB SS, Page 382, St. Charles Parish, Louisiana, currently
covering and affecting 1,319.991 acres, more or less, more particularly
described as follows:

That certain tract of land situated in Sections 12, 13, and
14, Township 15 South, Range 21 East, and Sections 7 and 18, Township 15 South,
Range 22 East, St. Charles Parish, Louisiana, and more particularly described as
follows: Beginning at the Southwest corner of Section 12, Township 15 South,
Range 21 East; thence North 00 degrees 12 minutes East, 3446.52 feet along the
West line of Section 12 to a point for a corner; Thence South 89 degrees 48
minutes East, 3271.85 feet to the East line of Section 12, said line being
common between Ranges 21 and 22 East; thence continue South 89 degrees 48
minutes East, 2661.75 feet to a point for a corner; Thence South 00 degrees 12
minutes West, 2655.98 feet to the South line of Section 7; thence continue South
00 degrees 12 minutes West, 5311.96 feet to a point for a corner, said point
being on the South line of Section 18, Township 15 South, Range 22 East; Thence
North 89 degrees 48 minutes West, 2661.72 feet along the South line of Section
18, to the Southwest corner of said Section 18; Thence South 76 degrees 37
minutes West, 3366.00 feet along the South line of Section 13, Township 15
South, Range 21 East, to the Southwest corner of said Section 13; Thence North
89 degrees 43 minutes 44 seconds West, 1992.09 feet along the South line of
Section 14 to a point for a corner; Thence North 00 degrees 12 minutes East,
3403.61 feet to a point for a corner; Thence South 89 degrees 43 minutes 44
seconds East, 867.09 feet to a point for a corner; Thence North 00 degrees 12
minutes East, 1908.35 feet to a point for a corner, said point being on the
North line of Section 14; Thence South 89 degrees 43 minutes 44 seconds East,
1125.00 feet along the North line of said Section 14 to the place of beginning
of this description, said tract of land containing 1,319.991 acres;

WI: 52.812500%

NRI: 39.609375%

Exhibit A 
Pg. 1

	EXHIBIT B 
	  
	TO 
	ASSIGNMENT, CONVEYANCE AND BILL OF SALE 
	BY AND BETWEEN 
	AMERICAN NATURAL ENERGY CORPORATION, AS ASSIGNEE,
    
	AND DUNE ENERGY, INC. AS ASSIGNOR

EXCLUDED BURDENS ENCUMERING ASSIGNOR’S INTERESTS

1. The term overriding royalty interest created in that
certain conveyance of overriding royalty interest dated December 28, 2001 from
American Natural Energy Corporation to the Liquidation Agent for the benefit of
the members of Class 7 appointed in the Plan of Reorganization in the bankruptcy
proceeding “In Re Couba Operating Company”, Case No. 00-11837-WV, recorded in
Entry No. 263436, COB 598, page 316 of the public records of St. Charles Parish,
Louisiana.

2. That net profits interest created in that certain
conveyance of net profits interest dated December 28, 2001 from American Natural
Energy Corporation to the Liquidation Agent for the benefit of members of Class
7 appointed in the Plan of Reorganization in the bankruptcy proceeding “In Re
Couba Operating Company” Case No. 00-11837-WV, recorded in Entry No. 263437, COB
598, page 322 of the public records of St. Charles Parish, Louisiana.

Exhibit B
 Pg. 1

	EXHIBIT C 
	  
	TO 
	ASSIGNMENT, CONVEYANCE AND BILL OF SALE 
	BY AND BETWEEN 
	AMERICAN NATURAL ENERGY CORPORATION, AS ASSIGNEE,
    
	AND DUNE ENERGY, INC. AS ASSIGNOR

B&C OVERRIDES

1. That certain overriding royalty of 4% of 8/8 conveyed to
B & C Oil Company, a Louisiana corporation by Couba Operating Company by
instrument dated December 30, 1993, recorded January 12, 1994 in COB 474, Folio
590, Entry No. 181004, St. Charles Parish, Louisiana. 

2. That certain overriding royalty of 1% of 8/8 conveyed to
B & C Oil Company, a Louisiana corporation by Couba Operating Company by
instrument dated February 22, 1995, recorded March 20, 1995 in COB 491, Folio
671, Entry No. 192112, St. Charles Parish, Louisiana.

Exhibit C 

Pg. 1

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