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| 8-K - American Eagle Energy Inc. | v208623_8k.htm |
AMERICAN
EAGLE ENERGY ACQUIRES RIGHTS AND INTERESTS IN BAKKEN AND OTHER OIL PRODUCTION
PROJECTS AND PROSPECTS
Billings,
Montana; January 21, 2011 – American Eagle Energy Inc. (OTCBB: AMZG; “American
Eagle” or the “Company”) announced today that it has acquired from Synergy
Resources LLC, a private company, all of Synergy’s working interests and certain
other contractual rights of Synergy, including farm-in rights and rights in and
to certain oil and gas leases, as well as all intellectual property and records
held by Synergy, in each case relating to the projects and prospects identified
as the “Glacier Project”, the “Elm Coulee Project”, the “Saskatchewan Prospects”
and the “Benrude Prospect”.
The
Glacier Project consists of three prospective areas in the emerging Alberta
Bakken play located in Glacier and Toole Counties, Montana, which have been
identified as the “Bakken Basin Facies”, “Bakken Northern Dome Facies” and the
“Southern Dome Facies”. The Company is in negotiations to acquire
working interests and other rights in approximately 60,000 net acres in these
areas. The Elm Coulee Project consists of a potential working
interest in a Bakken oil-producing field located in Richland County,
Montana. The Saskatchewan Prospects consist of two Bakken exploration
prospects and one Three Forks exploration prospect, all located in the Williston
Basin in Southeast Saskatchewan, Canada. The Benrude Prospect consists of
approximately 760 acres in Roosevelt County, Montana, on which the Company
currently expects to drill a development well that it believes to be
low-risk.
Richard
Findley, the Company’s Chief Executive Officer, commented, “We are excited about
the benefits and opportunities resulting from our transaction with Synergy – it
enhances our portfolio of prospects and projects and expands our market position
into some of the most active, high-potential oil plays currently being developed
in the Williston Basin and the emerging Alberta Bakken area. We
believe that we are well-positioned to explore and develop these prospects and
projects for the benefit of our stockholders.”
In
connection with the acquisition, American Eagle agreed to grant 2,141,842 common
stock purchase options (adjusted for the common stock reverse split that is to
be effective January 24, 2011) to the three owners of Synergy and to a
consultant, who had assisted Synergy in the negotiations and closings of certain
transactions that relate to the rights and interests acquired by American
Eagle. The Company previously disclosed the option grants on January
6, 2011.
About American Eagle Energy
Inc.:
American
Eagle Energy Inc. is an oil and gas company engaged in the exploration of
petroleum and natural gas. The company was incorporated in Nevada on
March 14, 2007 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, American Eagle Energy Inc. 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.
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CONTACT:
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Randy
Katz
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Counsel
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American
Eagle Energy Inc.
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714-966-8807
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