American Eagle Energy Inc. Agrees to Acquire 49,900 Net Acres in the Alberta Bakken in NW Montana

BILLINGS, Mont., Feb. 11, 2011 /PRNewswire/ -- American Eagle Energy Inc. (OTC Bulletin Board: AMZGD) ("American Eagle" or the "Company") is pleased to announce today that, together with its partner, Big Sky Operating LLC, the Company has entered into a purchase and sale agreement with a private company to acquire 49,900 net acres (78 sections) in the emerging Bakken Source System play located in the Southern Alberta Basin.  

"We are pleased to be securing this significant acreage position across an area that our technical team has identified as having pay potential in multiple horizons in the heart of the rapidly developing Alberta Bakken play," stated Richard Findley, the Company's Chief Executive Officer.  "This acquisition is the first step in a three-prong strategy by the Company to obtain large, contiguous acreage positions in both the Bakken Basin Facies and the Bakken Dome Facies plays, which have been described in previous releases."

Cash consideration given for the acreage, located in Toole County, Montana, will be approximately $2,000,000, subject to final adjustments for title and consent issues.  Closing of the acquisition is scheduled for the end of the month.  Initial evaluation and testing of the prospect is expected to begin in the second quarter of 2011 and may involve drilling up to three wells in 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.

SOURCE American Eagle Energy Inc.

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED