This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

American Eagle Energy Announces Operations Update For Spyglass Development Project

Stocks in this article: AMZG

LITTLETON, Colo., May 23, 2012 /PRNewswire/ -- American Eagle Energy Corporation (OTCBB: AMZG; "American Eagle") is pleased to provide an update on its Spyglass Bakken and Three Forks Project in Divide County, North Dakota.  Significant progress on both operated and non-operated wells has been achieved recently, including initial production from the Company's first operated well, the Christianson 15-12-163-101 well ("Christianson 15-12").   

American Eagle put the Christianson 15-12 on production from the Three Forks Formation after completing the cleanout of the lateral section and installation of production equipment.   It has averaged approximately 625 BOPD with a current oil cut of 50% after four days of production and recovery of about 10% of the load water.   Offset producing wells have stabilized at an approximate 65% oil cut after several months of production. 

American Eagle's Cody 15-11-163-101 well ("Cody 15-11") is located one mile west of the Christianson 15-12 and is currently on flowback following completion of the stimulation of the Three Forks zone on May 21st.  The Coplan 1-3-163-101 well ("Coplan 1-3") is currently drilling horizontally in the Three Forks Formation, with approximately 3000 feet completed in the planned 9600' lateral section.  All three of these wells are in adjacent 1280 acre spacing units. 

American Eagle owns approximate working interests of 35%, 35%, and 13% in the Christianson, Cody and Coplan wells, respectively.  All three of these wells are subject to the recently announced financing agreement, pursuant to which American Eagle's costs of drilling, completing and equipping each of the wells (subject to certain limitations) are to be fully funded by the Company's financing partner.

The Company expects to continue its development program in additional spacing units to the west and north during the remainder of 2012, including its first Middle Bakken well in the fourth quarter. The next two wells on the drilling schedule are expected to be drilled from a common surface pad in the next unit to the west of the Coplan 1-3.  The Anton 4-4-163-101 well, 44% working interest, will be drilled to the south in Sections 4 and 9.  The Elizabeth 4-4N-163-101 well, 38% working interest, will be drilled to the north to develop Sections 28 and 33 in T164N-101W.  These two wells are also subject to the same, recently announced financing agreement.     

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link 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

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,407.50 +20.29 0.12%
S&P 500 2,032.36 +2.81 0.14%
NASDAQ 4,707.50 +26.0030 0.56%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs