/PRNewswire/ -- 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 successfully restored the Hardy 2D7-9-3D2-
well, located in southeastern
to production following the recent workover. The workover was designed to shut off water influx from outside the Bakken producing zone and return the well to economic production. The well was put on pump last week and is currently producing approximately 40 barrels of oil per day while continuing to clean up with increasing oil cuts.
The partners have also submitted a horizontal well license application for an offset location in the targeted drilling area and expect to commence drilling a second Bakken horizontal well during the fourth quarter of 2010 or the first quarter of 2011.
"We are hopeful that the well will continue to clean up and approach the previous production levels," stated
, AEE's President and CEO. "The successful completion of the well workover provides significant support and encouragement for proceeding with further development of the Hardy area this year or early next year."
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
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.