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Eternal Energy Corp. Announces Corporate Update


News provided by

Eternal Energy Corp.

Apr 08, 2011, 01:46 ET

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LITTLETON, Colo., April 8, 2011 /PRNewswire/ -- Eternal Energy Corp. (OTC Bulletin Board: EERG; "Eternal", or the "Company") is pleased to announce the following updates:

Hardy 7-9 Well:

The Hardy 7-9 Well, in which the Company owns a 50% working interest, went off production in early January 2011 due to a parted rod string.  The well was reworked to replace the rod string and returned to production on February 17, 2011.  The well is currently producing approximately 40 barrels of oil per day.  

Additional Well Activity:

Considerable drilling activity targeting the Bakken and Three Forks Formations in Divide County, North Dakota, began on the Company's Pebble Beach acreage during the last quarter of 2010.  As of the date of this release, the Company has elected to participate in the following wells located in the area:  




Well Name



Operator

EERG

Working

Interest

Actual or

Anticipated Spud

Date


Current

Status

Aarestad 4-34H-160N-97W

North Plains Energy, LLC

0.63%

November 1, 2010

Producing

Nielsen 1-12H-160N-97W

Continental Resources, Inc.

0.38%

December 21, 2010

Producing

Gerhardsen 1-10H-160N-97W

Continental Resources, Inc.

1.91%

January 12, 2011

Fracturing

CPEC 26-161N-97W

Crescent Point Energy

3.42%

N/A

Proposal Withdrawn

Denali 13-21-163N-98W

Samson Resources Company

0.04%

December 23, 2010

Waiting to be fractured

Yukon 12-1-163N-98W

Samson Resources Company

1.25%

February 28, 2011

Waiting to be fractured

Blazer 2-11-163N-98W

Samson Resources Company

0.94%

February 12, 2011

Drilling

Tundra 31-32-164N-98W

Samson Resources Company

0.45%

N/A

Proposal Withdrawn

Titan 36-35-164N-99W

Samson Resources Company

1.08%

N/A

Proposal Withdrawn

Mustang 7-6-163N-98W

Samson Resources Company

1.25%

June 2011

Waiting to be drilled

Wolter 1-28H-163N-100W

SM Energy Company

1.30%

November 27, 2010

Producing

Riede 4-14H-163N-100W

SM Energy Company

3.18%

January 30, 2011

Fracturing

Torgeson 1-15H-163N-100W

SM Energy Company

2.81%

March 6, 2011

Waiting to be fractured

Bagley 4-30H-163N-100W

SM Energy Company

4.69%

April 3, 2011

Drilling

Reistad 1-1-162N-102W

Murex Petroleum Corporation

3.25%

February 28, 2011

Waiting on completion


The Aarestad 4-34H well has produced intermittently and is currently averaging approximately 100 barrels of oil per day.  The Nielsen 1-12H well began producing on or about March 2, 2011 and, as last reported by Continental Resources, was producing approximately 600 barrels of oil and 700 mcf of natural gas per day.  The Wolter 1-28H well, which flowed in excess of 500 barrels of oil per day for approximately 35 days, is currently being put on pump and will resume production in the near future.  Drilling commenced on the Bagley 4-30H well on April 3, 2011.  The Bagley 4-30H well is located approximately 1.5 miles directly west of the Wolter 1-28 well.  The Company will participate in the Bagley well with an approximate 4.7% working interest.  The proposal to drill the CPEC 26-16 well was withdrawn in March 2011.  The proposals to drill the Tundra 31-32 and the Titan 36-35 wells were withdrawn in April 2011.

About Eternal Energy Corp.:

Eternal 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 to engage in the acquisition, exploration, and development of natural resource properties.

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, Eternal Energy Corp.  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.  The company assumes no obligation to update any of these forward-looking statements.

SOURCE Eternal Energy Corp.

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