BILLINGS, Mont.; Aug. 3 /PRNewswire-FirstCall/ -- American Eagle Energy Inc. (OTC Bulletin Board: AMZG; "AEE", or the "Company") announced that it, along with its 50% working interest partner, Eternal Energy Corp., has completed the mechanical workover of the Hardy 2D7-9-3D2- 16-4-21 well, located in southeastern Saskatchewan. Recovery of the fluids used during the workover efforts has commenced and the Company currently anticipates returning the well to production within the next week. The partners have also submitted a horizontal well license application for an offset location in the targeted drilling area and hope to commence drilling a second horizontal well during the fourth quarter of 2010.
"The completion of the re-work effort on our newly acquired Hardy well is a significant milestone for our Company, as it represents our Company's first operations effort," stated Dick Findley, AEE's President and CEO. "We are hopeful that the well can be returned to its historical production levels, which will provide early cash flow and serve as a springboard for future drilling efforts in the area."
The Company also announced the hiring of Tom Lantz as its Vice President of Operations, effective June 7, 2010. Mr. Lantz is a professional engineer, possessing more than 30 years of experience in oil and gas reservoir and operations engineering. Prior to joining the Company, Mr. Lantz served in a similar capacity for Rover Resources Inc., a wholly-owned subsidiary of Ryland Oil Corporation. From 1998 through 2006, Mr. Lantz was employed as an Asset Manager for Halliburton Energy Services, during which time he led the efforts for several highly successful development programs for Halliburton's clients, including the initial development of the Elm Coulee oil field. He served as U.S. Operations Manager for Enerplus Resources after they acquired a major interest in the Elm Coulee Field from Lyco Oil Corporation. Mr. Lantz has also been involved in oil and gas exploration and development in the Rocky Mountain Region, the North Sea, and the Gulf of Mexico with Phillips Petroleum and Arco Oil and Gas. Mr. Lantz earned his Bachelor's of Science Degree in Chemical Engineering from the University of Southern California and did graduate studies in Mechanical Engineering at Colorado State University.
"American Eagle sees Tom Lantz as a tremendous addition to our organization," stated Dick Findley. "Tom brings a wealth of operational and reservoir knowledge and experience, specific to the geographic regions that we are interested in exploring and developing. Through his in-depth exposure to developing appropriate completion technologies in various unconventional oil and gas reservoirs, Tom brings an important perspective to our team that will enable American Eagle to effectively exploit the unconventional reservoirs that we are targeting. We are thrilled to have him as a member of our team."About American Eagle Energy Inc.: American Eagle Energy Inc. is an oil and gas company engaged in the exploration of petroleum and natural gas. The company was incorporated in Nevada on March 14, 2007 under the name Yellow Hill Energy Inc., to engage in the acquisition, exploration, and development of natural resource properties. The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements relating to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, potential contracts, and/or aspects of litigation. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of, Eternal Energy Corp. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, and domestic and global economic conditions. The company assumes no obligation to update any of these forward-looking statements. SOURCE American Eagle Energy Inc.