American Eagle Energy Inc. announced the acquisition of oil and gas leases and other related assets in an oil play in the Rocky Mountains area. The prospective acreage is located in four separate project areas.
American Eagle Energy Inc. has granted approximately 2.14 million common stock purchase options to the owners of Synergy Resources LLC, a private oil and gas company, in exchange for the assets. The company did not disclose the exercise price or expiration date of the options.
The Glacier Project is located in the Southern Alberta basin in Glacier and Toole Counties in Montana, and is prospective for the Bakken formations in three areas. The company indicated that it is also attempting to acquire additional acreage near the Glacier Project.
The Elm Coulee Project is located in Richland County, Montana, and also has exposure to the Bakken formation.
The Saskatchewan Project contains three areas of potential interest to American Eagle Energy Inc. with exposure to both the Bakken and Three Forks formations. This project is located in Saskatchewan, Canada.
The Benrude Prospect is in Roosevelt County, Montana, and is 760 acres in size. The company plans to drill a development well here in 2011.
For more information on the company, go to www.americaneagleoil.com