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American Eagle Energy Provides Spyglass Operations Update

LITTLETON, Colo., Aug. 28, 2012 /PRNewswire/ -- American Eagle Energy Corporation (OTCQX: AMZG; "American Eagle" or the "Company") is pleased to provide an operations update and further well results for its Spyglass Project in Divide County, North Dakota.  A high level of development work in the Middle Bakken and Three Forks Formations has continued with at least four operators, American Eagle, SM Energy, Samson Resources and Crescent Point, each having at least one rig active in the area. 

The recent activity has continued to expand the development to the west and south, as well as initiating infill drilling on several spacing units.  SM Energy has obtained regulatory approval to drill up to four Three Forks wells per spacing unit and has just released production information on two of their first 3 infill wells to their highly successful Torgeson 14-19HN well, bordering the Spyglass outline to the south.  These two infill wells have reported 30 day averages of 380 and 626 barrels of oil per day compared with the 505 barrels of oil per day results of the initial well in the same spacing unit.  Samson Resources has received approval to drill up to seven wells per spacing unit with four in the Three Forks and three targeting the Middle Bakken.  They have begun infill operations in their Nomad spacing unit as noted below.  American Eagle's recently announced expansion of its financing agreement (8/21/2012) will lead to its contracting a second drilling rig to begin infill drilling work on its operated Spyglass spacing units in September.    

Brad Colby, American Eagle's president stated, "We are extremely pleased with the progress of both our operated and non-operated programs in Spyglass.  The well costs and production results continue to show good improvement thus providing further encouragement for us to keep moving ahead aggressively with our development plans for the field."

Specific operational results for wells in which American Eagle owns a working interest include: 

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