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American Eagle Energy Announces Operations Update For Spyglass Development Project

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.     

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