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Cancellation And Severance Agreement

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CANCELLATION AND SEVERANCE AGREEMENT


THIS CANCELLATION AGREEMENT (the "Cancellation Agreement") dated this 19th day of September, 1994 by and between AMERICAN NATURAL ENERGY CORPORATION, an Oklahoma corporation ( "American" ) and ROBERT C. JOHNSON ( "Johnson" ), an individual.


W I T N E S S E T H:


WHEREAS, American and Johnson entered into an Employment and Option Agreement dated July 1, 1990 as amended by Amendment Number 1 dated May 1, 1993 (herein collectively referred to as the "Employment Agreement"); and


WHEREAS, the Employment Agreement terminates on June 30, 1995, but Johnson is desirous of terminating his relationship with American in accordance with the terms and provisions of this Cancellation Agreement; and


WHEREAS, American has been acquired by Alexander Energy Corporation ("Alexander") pursuant to that certain Agreement and Plan of Merger (the "Merger Agreement"); and


WHEREAS, the closing (the "Closing") of the transaction described in this Cancellation Agreement will be September 19, 1994 or at a subsequent date mutually agreed to by the parties.


NOW, THEREFORE, in consideration of the promises herein and other valuable consideration the receipt of which is hereby acknowledged by Johnson, the parties hereto agree as follows:


1. Aqreement of Cancellation. Effective September 1, 1994, the Employment Agreement is hereby mutually cancelled by American and Johnson and all the terms and provisions thereof are hereby terminated with neither party bearing any liability or responsibility to the other party under the Employment Agreement from the date hereof.


2. Payments to Johnson. In consideration of Johnson terminating the Employment Agreement and his relationship with American, its parent and its subsidiaries, American agrees to pay to Johnson at Closing a cash payment of $60,000, less all amounts owed by Johnson to American as reflected on the books and records of American as of the Closing date, in settlement of American's obligations under the Employment Agreement.


3. Automobile. At Closing, Johnson shall purchase the automobile identified on Exhibit A hereto for the book value thereof as reflected on American's records as of September 1, 1994.


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4. Resiqnation of Johnson. Effective upon the Closing, Johnson hereby submits and American hereby accepts Johnson's resignation as an employee, director or officer of American and any subsidiaries of American.


5. Release. In consideration of the mutual provisions herein contained each party hereto, on his or its behalf and on behalf of all others who might assert claims based on any of their respective rights, does hereby release and discharge the other party hereto and, in the case of American, its parent, successors, affiliates, sub
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