American Eagle, Eternal Energy Closes Sale Of Pebble Beach Assets

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
2MM
Description

Bought 75% WI in certain acreage within Pebble Beach prospect in ND & MT.

American Eagle Energy Corp., Littleton, Colo., (OTCBB: EERGD) and working interest partner Eternal Energy Corp., Littleton, Colo., (OTCBB: EERG) has closed the sale of 75% of its working interests in certain acreage within the Pebble Beach prospect in North Dakota and Montana to an undisclosed buyer for $1.9 million.

The Pebble Beach prospect is prospective for the Bakken and Three Forks plays. Eternal Energy and American Eagle began jointly acquiring the 10,521 net acres in the West Spyglass Prospect in June 2011 with the intent of leveraging their existing leasehold and partnering with others to exploit the Bakken and Three Forks zones on highly prospective lands.

"We are happy to announce the receipt of the sales proceeds from the partial sale of our Pebble Beach prospect," says Brad Colby, American Eagle's president. “As announced previously, the sales proceeds will further strengthen our balance sheet and provide us with additional operating capital with which to implement our aggressive 2012 drilling program.”