This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

American Eagle Energy Announces Financing For Spyglass Three Forks Development Project

LITTLETON, Colo., May 16, 2012 /PRNewswire/ -- American Eagle Energy Corporation (OTCBB: AMZG; "American Eagle") today announced that it has entered into an agreement for the financing of each of its first six operated wells in the Bakken or Three Forks zones of its Spyglass Project. American Eagle's financed costs of drilling, completing and equipping each of the wells are to be fully funded by the financing source (subject to certain limitations). American Eagle will act as the operator and the wells are to be drilled and completed during the next 12 months. American Eagle will repay the financing source from its share of the net production revenue.

As previously announced, American Eagle has completed the drilling and casing of its first two  operated horizontal development wells (the Christianson 15-12-163-101 and Cody 15-11-163-101 wells), which were drilled on adjacent 1280 acre spacing units with lateral sections of approximately 9500 feet each. Both wells targeted the Three Forks zone, which has been proved productive in the offset Legaard 4-25H and the Bagley 4-30H wells that are operated by SM Energy. American Eagle owns an approximate 4% working interest in each of the Legaard and the Bagley wells. The Christianson well has been completed and cleaned out and will go on production late this week. The Cody well is scheduled for stimulation prior to the end of May. American Eagle is now in the process of drilling its third Three Forks Formation well at the Coplan 1-3-163-101 location. The cost of drilling, completing, and equipping each of these three wells is included in the funding announced in today's release.

"This financing agreement will enable American Eagle to accelerate its development of the Spyglass Project in an economically advantageous manner. It frees up our capital resources in the near term for us to expand our other lease acquisition and development activities, while permitting us to continue to develop our Three Forks play on a fast track," stated Brad Colby, American Eagle's president.

About American Eagle Energy Corporation:

American Eagle Energy Corporation is an oil and gas company engaged in the exploration of petroleum and natural gas. The company was incorporated in Nevada on July 25, 2003 for the purpose of acquiring, exploring, and developing natural resource properties. Prior to December 1, 2011, the company operated under the name Eternal Energy Corp. The company changed its name to American Eagle Energy Corporation in December 2011 upon the completion of its acquisition of American Eagle Energy Inc., another oil and gas company engaged in a similar business with which the company shared certain properties and prospects.

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 American Eagle Energy Corporation.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $92.69 -0.59%
FB $119.49 1.43%
GOOG $711.11 1.40%
TSLA $214.93 1.61%
YHOO $37.23 0.79%


Chart of I:DJI
DOW 17,740.63 +79.92 0.45%
S&P 500 2,057.14 +6.51 0.32%
NASDAQ 4,736.1550 +19.0610 0.40%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs