American Eagle Energy Corp. Announces Drilling of New Well in Hardy Field, SE Saskatchewan

LITTLETON, Colo., Jan. 30, 2012 /PRNewswire/ -- American Eagle Energy Corporation (OTCBB: AMZG; "American Eagle") and its partner, Passport Energy Ltd (CNSX:PPO), are pleased to announce the drilling and casing of the second horizontal development well in the Hardy Bakken Field.  The Hardy Hz 3D14-17-3A3-17-4-21 (Hardy 14-17) was drilled to a total measured depth of 3,358 m (11,015 ft) with a lateral section of approximately 1,280 m (4,200 ft).  A 26-stage fracture stimulation planned for the completion is scheduled for late February pending availability of the service crew.    

American Eagle has received license approval for another well, the Hardy Hz 3D14-5-3A3-5-4-21 (Hardy 14-5), located approximately two miles south of the newly drilled well.  Two additional well license applications are being prepared for submittal within the next 30 days.  

The two existing wells in the Hardy Bakken Field continue to produce at stable rates with total gross production averaging approximately 160 bopd. 

"We are pleased to have been able to capture the opportunity to accelerate our 2012 development plans by getting another of our planned wells drilled early in the year," stated Brad Colby, American Eagle's President.  "Our team had the location permitted and built, which allowed us to take advantage of a rig window that was presented to us on short notice," Mr. Colby continued. 

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 (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.