LITTLETON, Colo., Jan. 22, 2013 /PRNewswire/ -- American Eagle Energy Corporation (OTCQX: AMZG; "American Eagle" or the "Company") is pleased to provide a review of its 2012 operations and an update on its plans for 2013. The two recently announced acquisitions and two financing agreements capped an active, highly successful year for American Eagle. Spyglass Project, Divide County, North Dakota The focus for American Eagle in 2012 was development of the Three Forks and Middle Bakken zones in the Spyglass Project area. The Spyglass Project area was originally identified by the Company as having unique development potential characterized by good overlapping reservoir quality in both the Middle Bakken and Three Forks Formations combined with shallower depths, less expensive drilling costs, and higher oil cuts. The Company had an active operated drilling program and participated in a large number of outside-operated wells drilled, primarily, by SM Energy Company and Samson Resources. American Eagle participated in a total of 36 wells in 2012 in the project area with a 100% success rate. In addition, several other operators, including Crescent Point Energy Corp., Mountainview Energy Ltd., and Murex Petroleum Corporation, have initiated drilling or announced plans for drilling in 2013 in the adjoining areas. Production Total Company-owned production is currently 1620 barrels of oil equivalent per day (BOEPD), of which about 90% is oil. American Eagle-owned production from Company-operated wells increased over six-fold from 105 BOEPD in January, 2012 to approximately 750 BOEPD at present. The current production levels include volumes from the recent acquisition of additional working interests in American Eagle-operated wells and are calculated after deducting the volumes assigned to pay back the capital from the 10-well carry program with our Spyglass JV partner. Company-owned production from outside operated development drilling showed an estimated 800% increase from 95 BOEPD in January, 2012 to approximately 870 BOEPD now. These values include the production contribution from the recently acquired working interests in various properties operated by Samson Resources. Essentially all of the production increase is attributed to the active development of properties in the Spyglass Project area in Divide County, North Dakota. Reserves Final year-end reserve estimates are not completed but, based on the interim 2012 reserve estimates announced in American Eagle's news release dated September 26, 2012, the two year-end acquisitions added approximately 45% to the net proved developed reserve base reported at that time. Total net proved developed reserves for the Spyglass Project from the September report were 1,126,000 barrels of oil and 514,000 MCF of gas. The two acquisitions added an estimated total net proved developed reserve of 510,000 barrels of oil and 550,000 MCF of gas to increase the net proved developed reserves to approximately 1,636,000 barrels of oil and 1,064,000 MCF of gas. Adjusting for reserves developed by fourth quarter drilling less production during the quarter would increase the Company's estimated PDP reserves to over 2,100,000 barrels of oil and 1,200,000 MCF of gas. The corresponding net present value discounted at 10% (NPV10) of this reserve base would be approximately $64,000,000 compared to an estimated NPV10 of $39,000,000 reported in the September report. Similarly, combining the acquired reserves to the total reserve base from the September report should yield a total company reserve value in excess of $150,000,000. Operations American Eagle continued to operate two drilling rigs during the fourth quarter of 2012. A total of 12 gross wells were drilled and cased during 2012 with eight of them on production by year-end and three wells located on multi-well development pads scheduled to be stimulated this month. The first in this group has been completed and all of the wells should be on production in February. Three additional wells, including the first well in the West Spyglass Project area, are expected to be stimulated before the end of February.