American Eagle Energy Provides North Dakota Three Forks Wells Update
LITTLETON, Colo., May 30, 2012 /PRNewswire/ -- American Eagle Energy Corporation (OTCBB: AMZG; "American Eagle") is pleased to provide additional production information on its Spyglass Bakken and Three Forks Project in Divide County, North Dakota, following its news announcement from last week .
American Eagle's Cody 15-11-163-101 well ("Cody 15-11"), which was fracture stimulated on May 21st, has flowed at an average rate of approximately 602 barrels of oil per day (BOPD), 571 thousand cubic feet of gas per day (MCFPD) and 752 barrels of water per day (BWPD) over the last five days. The well is currently producing with a 56% oil cut. The Company expects to continue flowing the well for a short period prior to shutting it in to install pump equipment and surface production facilities.
The Christianson 15-12-163-101 well ("Christianson 15-12") has been producing on pump with average rates of 595 BOPD, 385 MCFPD and 574 BWPD over the last ten days. The producing oil cut on the well has increased to approximately 60%. Both of these wells are producing from the Three Forks Formation.
In addition, the Adams 1-18H, operated by SM Energy, was fracture stimulated in the Three Forks Formation on May 28th and has begun flowback operations. American Eagle owns an approximate 19% working interest in this well, which is located one mile east of the Christianson 15-12 producer.
Brad Colby, American Eagle's President, stated, "We are extremely pleased with the initial production results from both the Cody 15-11 and Christianson 15-12 wells and look forward to seeing the production results from the Adams 1-18H well. The production from these three wells will more than double our current daily production rate. We are excited about announcing further developments from our Spyglass Property in the near future as additional wells are drilled and completed."
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.
These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, and domestic and global economic conditions. Persons are encouraged to read American Eagle Energy Corporation's Annual Report on Form 10-K for the year ended December 31, 2011, and Quarterly Report on Form 10-Q for the quarter ended March 31, 2012, all as filed with the Securities and Exchange Commission for meaningful cautionary language in respect of forward-looking statements in this press release. Interested persons are able to obtain free copies of filings containing information about the companies under each of their names at the SEC's internet site (http://www.sec.gov). American Eagle Energy Corporation does not assume any obligation to update any of these forward-looking statements.
CONTACT: Brad Colby
American Eagle Energy Corporation
SOURCE American Eagle Energy Corporation