2014

American Eagle Energy Provides Results of Operations for 2012

LITTLETON, Colo., April 23, 2013 /PRNewswire/ -- PR Newswire – American Eagle Energy Corporation (OTCQX:AMZG; "American Eagle" or the "Company") files Form 10-K and provides results of operations for 2012.

Highlights

  • Revenues from oil and gas sales for 2012 were $10,713,946, an increase of 1,139% from the $864,918 reported for the prior year.
  • Operating income, excluding non-cash impairment expense related to the Hardy Property, would have been $149,829 for the year as compared to ($1,917,117) for the prior year.
  • The Company successfully drilled and completed nine wells in its Spyglass Property in Divide County, ND, in which it owns a significant working interest. The Company is the operator for these wells.
  • An additional five operated wells were drilled and cased as of December 31, 2012 and were completed in the first quarter of 2013.
  • The Company participated as a non-operator working interest partner in 53 wells within the Spyglass Property and other areas in Divide County.  As of December 31, 2012, 46 of these wells were producing.  The remaining seven were scheduled for completion in early 2013.  Four of these wells are operated by Samson Resources with the remaining three operated by SM Energy and all were placed on production during the first quarter of 2013.
  • The Company participated as a non-operator working interest partner in one well located in southeastern Saskatchewan on its Hardy Property.

Complete financial tables can be found in the Company's 10-K filing with the Securities and Exchange Commission.

Reserves

For the year ended December 31, 2012, the Company reports the following reserves:


Oil

Gas

Total

PV-10


(Barrels)  

(Mcf)  

(BOE)  

($)

Proved developed reserves

2,387,283

1,074,362

2,566,343

66,873,300

Proved undeveloped reserves  

3,010,259

1,064,707

3,187,710

51,657,600

Total  

5,397,542

2,139,069

5,754,053

118,530,900

For the year ended December 31, 2011 the Company reported the following reserves:


Oil

Gas

Total

PV-10


(Barrels)

(Mcf)

(BOE)

($)

Proved developed reserves

274,188

59,892

284,170

9,787,300

Proved undeveloped reserves

1,237,050

357,008

1,296,551

25,740,500

Total

1,511,238

416,900

1,580,721

35,527,800

Management Comments

Mr. Brad Colby, President of American Eagle, said, "Without doubt, 2012 was a watershed year for American Eagle Energy.  We successfully drilled the Christianson 15-12,our first operated well in the region. For the year, we successfully drilled, completed and turned to production a total of nine wells in the Spyglass Property in Divide County, establishing our credentials as an effective operator. We grew production, revenue and reserves in a remarkable fashion and more importantly we proved up thousands of acres in the Spyglass Property and put into our inventory many PUD drilling locations." 

Mr. Colby went on to say, "Just as important is what we have been able to accomplish in the first quarter of 2013. As we reported earlier, six wells were drilled, completed and brought on production during the quarter, three of these were infill drilling locations, which are producing from the Three Forks formation and two extend our Three Forks productive acreage several sections to the west and south. Perhaps most exciting is we completed our first Middle Bakken well, confirming the high commercial potential for that formation in the Spyglass Property."

Mr. Tom Lantz, Chief Operating Officer of American Eagle said, "It's important to note that the reserves reported in our 10-K were as of December 31, 2012 and do not include the acquisition we made from SM Energy early in January of this year that added approximately $14.9 million of NPV10 value to our books nor the reserves generated by the continued success of our 2013 drilling program. The drilling program added thousands of productive acres in the Three Forks formation and proved that we have commercial reserves in the Middle Bakken. Our year end 2012 reserve report credited us with essentially no Middle Bakken reserves."

About American Eagle Energy Corporation

American Eagle Energy Corporation is engaged in the exploration and production of petroleum and natural gas in North America.  Currently, American Eagle is focused primarily on exploiting unconventional resource plays within the Bakken and Three Forks formations.  The Company operated under the name Eternal Energy Corp. until December 2011 when it changed its name to American Eagle Energy Corporation upon 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 Reports on Form 10-Q for the quarters ended March 31, June 30, and September 30, 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 Company 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, President

Brad Holmes


American Eagle Energy

EnergyIR


(303) 798-5235

(713) 654-4009



B_holmes@att.net

SOURCE American Eagle Energy Corporation




Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

 

PR Newswire Membership

Fill out a PR Newswire membership form or contact us at (888) 776-0942.

Learn about PR Newswire services

Request more information about PR Newswire products and services or call us at (888) 776-0942.