PROSPECTUS SUPPLEMENT NO. 21 DATED MARCH 22, 1995 Pursuant to
(TO PROSPECTUS DATED OCTOBER 3, 1994) Rule 424(b)(3)
Reg. No. 33-54561
800,000 Depositary Shares,
4,000 Shares of $450 Cumulative Convertible Preferred Stock
and
17,777,777 Shares of Common Stock
AMERICAN EXPLORATION COMPANY
The following beneficial owner of Depositary Shares has requested the
Company to file a Prospectus Supplement identifying it as a Selling
Securityholder. The information concerning such Selling Securityholder has
been provided by such Selling Securityholder.
No. of % of % of
Depositary Outstanding Outstanding
No. of Shares Depositary Depositary
Selling Depositary That May Be Shares Shares
Securityholder Shares Owned Sold Before Sale After Sale
-------------- ------------ ----------- ----------- ----------
Free Market Capital, L.P.
c/o Dennis Tomsky
Freimark Blair & Co., Inc.
75 North Maple Avenue
Ridgewood, NJ 07450 1,900 200 0.24% 0.21%
----- --- ----- ----
Total 1,900 200 0.24% 0.21%
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Additional Selling Securityholders or other information concerning the
Selling Securityholder listed above may be set forth in subsequent Prospectus
Supplements from time to time. As a result of such additional Prospectus
Supplements, the total amount of Depositary Shares offered for the account of
Selling Securityholders may increase further, up to a maximum of 800,000
Depositary Shares.
