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American Eagle Energy Appoints Andrew Calerich As A Director

LITTLETON, Colo., Feb. 21, 2012 /PRNewswire/ -- American Eagle Energy Corporation (OTCBB: AMZG; "AMZG") is pleased to announce the appointment of Andrew Calerich to its Board of Directors.  Mr. Calerich will chair the Company's recently established Audit Committee.

"We are delighted to welcome Andy to our board," said Brad Colby, AMZG's Chief Executive Officer and President. "His qualifications and expertise will further broaden our Board's oil and gas expertise as we continue to expand our business operations. We are confident that his contributions will be invaluable."

"This is a terrific time for American Eagle and its stockholders and I am excited to have been invited to join the American Eagle team at this stage of its corporate development," commented Andrew Calerich.

Mr. Calerich, 47, has more than 20 years of public company upstream oil and gas experience.  Most recently, until its merger into a wholly-owned subsidiary of Hess Corporation in December 2010, he served as the president and a director of American Oil & Gas Inc., a publicly traded independent oil and gas exploration and production company.  Since January 2011, Mr. Calerich has served as a director for Earthstone Energy, Inc., an oil and gas exploration, development, and production company, listed on the NYSE Amex.

Today, Mr. Calerich purchased 100,000 shares of AMZG's restricted common stock at a price of $1.10 per share, which represented 110% of Friday's the closing price.  Mr. Calerich was granted an option to purchase up to 200,000 shares of AMZG's common stock at a price of $.92 per share (which represented the average of the closing prices of AMZG's common stock for the five trading days prior to the effective date of his appointment), vesting 50% on the first anniversary of the grant and 50% will vest on the second anniversary.

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