DENVER, CO--(Marketwired - October 01, 2013) - American Eagle Energy Corporation (OTCQX:
AMZG) announced today that it has entered into an agreement with
its Joint Venture Partner ("JV Partner") that extends the
transaction date and increases the Company's interest in proved
reserves, share of production and net acreage related to the first
part of its previously disclosed acquisition in its Spyglass
Project area in the Williston Basin in northwestern Divide County,
North Dakota.
Highlights of Revised
Agreement
- Transaction date extended from September 30, 2013 to October 7,
2013 for first part of acquisition and option to exercise second
part of acquisition to be on or before March 31, 2014;
- For cash consideration of $47 million, American Eagle agrees to
acquire from the JV Partner approximately 9,700 net acres in
Spyglass with current production of approximately 750 barrels of
oil equivalent per day ("BOEPD");
- American Eagle has an option through March 31, 2014 to acquire
from the JV Partner an additional 8,900 net acres in Spyglass that
is currently producing approximately 450 BOEPD for an additional
$47 million.
Revised Purchase, Sale and Option
Agreement with JV Partner
American Eagle and the JV Partner are parties to a Joint
Operating Agreement, pursuant to which American Eagle is the
operator. The JV Partner has agreed to sell a portion of its
interests in Spyglass to American Eagle in a Purchase, Sale and
Option Agreement dated August 12, 2013, approved August 16, 2013,
and modified September 30, 2013. At closing, which is scheduled to
occur on or before October 7, 2013, American Eagle will pay $47
million in cash to the JV Partner for approximately 9,700 net acres
in the Spyglass Project area in northwestern Divide County, North
Dakota ("First Property"). The purchased assets include
approximately 750 BOEPD of current production. The effective date
of the transaction will be June 1, 2013. Purchase price adjustments
will be included for well production, operating expenses and
development costs that occur after the effective date.
American Eagle has an option to purchase additional interests of
approximately 8,900 net acres ("Second Property") in the same
Spyglass Project area in northwestern Divide County, North Dakota
with current production of approximately 450 BOEPD for an
additional $47 million. The option may be exercised by American
Eagle anytime on or before March 31, 2014, with 20 days advance
written notice. If exercised, the effective date of the second
transaction would also be June 1, 2013.
Impact of Purchase, Sale and
Option Agreement on American Eagle
During second quarter of 2013, American Eagle reported sales
production that averaged approximately 1,300 BOEPD. The Company has
operating control of 14 contiguous drilling spacing units ("DSUs")
in a proved area within its Spyglass Project with an average
working interest of approximately 40%. American Eagle has interests
in a total of approximately 15,900 net acres in Spyglass with
operable control of approximately 39 DSUs. Upon the closing of the
First Property purchase transaction, American Eagle estimates that
its average net production for second quarter 2013 on a pro forma
basis would be approximately 2,050 BOEPD, with an average working
interest of approximately 54% on its 14 proved DSUs and a total of
approximately 25,500 net acres in Spyglass. Should American Eagle
exercise the option to purchase the Second Property, it estimates
that the average net production for second quarter 2013 on a pro
forma basis would be approximately 2,500 BOEPD, with an average
working interest of approximately 63% on its 14 proved DSUs and a
total of approximately 34,400 net acres in Spyglass.
ABOUT AMERICAN EAGLE ENERGY
CORPORATION
American Eagle Energy Corporation is an independent exploration
and production operator that is focused on acquiring acreage and
developing wells in the Williston Basin of North Dakota, targeting
the Bakken and Three Forks shale oil formations. The Company is
based in Denver, CO. More information about American Eagle can be
found at www.americaneagleenergy.com or by contacting investor
relations at 303-798-5235 or ir@amzgcorp.com. Company filings with
the Securities and Exchange Commission can be obtained free of
charge at the SEC's internet site at www.sec.gov.
SAFE HARBOR
This press release may contain forward-looking statements
regarding future events and the Company's future results, including
relating to certain potential acquisitions and potential
production, that are subject to the safe harbors created under the
Securities Act of 1933 (the "Securities Act") and the Securities
Exchange Act of 1934 (the "Exchange Act"). All statements
other than statements of historical facts included in this press
release regarding the Company's financial position, business
strategy, plans and objectives of management for future operations,
industry conditions, and indebtedness covenant compliance are
forward-looking statements. When used in this report,
forward-looking statements are generally accompanied by terms or
phrases such as "estimate," "project," "predict," "believe,"
"expect," "anticipate," "possible," "target," "plan," "intend,"
"seek," "goal," "will," "should," "may" or other words and similar
expressions that convey the uncertainty of future events or
outcomes. Items contemplating or making assumptions about,
actual or potential future sales, market size, collaborations, and
trends or operating results also constitute such forward-looking
statements.
Forward-looking statements involve inherent risks and
uncertainties and important factors (many of which are beyond the
Company's control) that could cause actual results to differ
materially from those set forth in the forward-looking statements,
including the following: general economic or industry
conditions, nationally and/or in the communities in which the
Company conducts business, changes in the interest rate
environment, legislation or regulatory requirements, conditions of
the securities markets, our ability to raise capital, changes in
accounting principles, policies, or guidelines, financial or
political instability, acts of war or terrorism, other economic,
competitive, governmental, regulatory and technical factors
affecting the Company's operations, products, services, and
prices.
The Company has based these forward-looking statements on its
current expectations and assumptions about future
events. While management considers these expectations and
assumptions to be reasonable, they are inherently subject to
significant business, economic, competitive, regulatory, and other
risks, contingencies, and uncertainties, most of which are
difficult to predict and many of which are beyond the Company's
control. The Company does not assume any obligations to update any
of these forward-looking statements.
INVESTOR RELATIONS CONTACT: Marty Beskow Vice President of
Capital Markets and Strategy American Eagle Energy Corporation
303-798-5235 ir@amzgcorp.com www.americaneagleenergy.comBrad Holmes
EnergyIR 713-654-4009 B_holmes@att.net
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