American Eagle Energy Corp. Announces Receipt of $1.9 Million in Closing of Partial Sale of Pebble Beach Prospect

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Jan 05, 2012, 01:10 ET

LITTLETON, Colo., Jan. 5, 2012 /PRNewswire/ -- American Eagle Energy Corp. (OTCBB: EERGD; "American Eagle") is pleased to announce that it has received $1.9 million in the closing of its previously announced sale of 75% of its working interests in certain acreage within the Pebble Beach Prospect.

"We are happy to announce the receipt of the sales proceeds from the partial sale of our Pebble Beach Prospect," stated Brad Colby, American Eagle's President. "As announced previously, the sales proceeds will further strengthen our balance sheet and provide us with additional operating capital with which to implement our aggressive 2012 drilling program," Mr. Colby continued.

The Company expects to receive $1.0 million from the final closing of the previously announced West Spyglass Prospect transaction in early Spring. American Eagle will remain the operator for both the Pebble Beach and the West Spyglass Prospects.

About American Eagle Energy Inc. and Eternal Energy Corp.:

American Eagle Energy Corp. 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 (i) the company's Annual Report on Form 10-K for the year ended December 31, 2010, and its Quarterly Report on Form 10-Q for the three-month period ended September 30, 2011 (both under the name "Eternal Energy Corp."), and (ii) the Annual Report on Form 10-K for the eight-month period ended December 31, 2010, and Quarterly Report on Form 10-Q for the three-month period ended September 30, 2011 (both under the name "American Eagle Energy Inc."), as well as the other documents filed under each name 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.

SOURCE American Eagle Energy Corp.