American Eagle Energy Inc. Announces Initial Evaluation Work in the Alberta Bakken in NW Montana

BILLINGS, Mont., May 16, 2011 /PRNewswire/ -- American Eagle Energy Inc. (OTCBB: AMZG; "American Eagle" or the "Company") announced today that it has initiated evaluation efforts on its Alberta Bakken acreage in Toole and Glacier Counties, Montana in conjunction with its joint venture partners, FX Energy and Big Sky Operating.  As previously announced, the three companies have combined their leasehold positions and hold equal working interests across the entire area of mutual interest, currently consisting of  approximately 75,000 net acres.

The group has deepened an existing wellbore in the Cut Bank Field near the area where several Rosetta Resources and Newfield Exploration Bakken wells have been reported to be on production.  The well has been cased and is currently being evaluated.  Testing and completion plans are being formulated and that work is expected to begin this month.  

A new vertical well test is projected to spud during the week of May 16.  It is designed to evaluate the Banff-Bakken-Three Forks potential on acreage located on the Kevin Sunburst Dome, approximately 30 miles northeast of the Cut Bank well.  Plans call for coring, logging and casing the well with completion testing of prospective zones as merited by the evaluation.  

"We are extremely pleased that our joint venture strategy is enabling us to proceed so quickly with implementing our Bakken evaluation plans in the Alberta Basin," stated Richard Findley, the Company's Chief Executive Officer.  "The initial evaluation of the Cut Bank area well looks very positive and we are excited to move into the testing phase of the project.  Further, getting the second vertical test started this early in the year bodes well for meeting our stated goals for 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.  Persons are encouraged to read our Annual Report on Form 10-K for the eight-month period ended December 31, 2010, our Quarterly Report on Form 10-Q for the three-month period ended March 31, 2011, and our other documents filed 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 Company at the SEC's internet site (http://www.sec.gov).  The company assumes no obligation to update any of these forward-looking statements.

SOURCE American Eagle Energy Inc.

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