American Eagle Energy, Eternal Energy Consolidate Several Properties

American Eagle Energy and Eternal Energy have executed their definitive Agreement and Plan of Merger. Both companies currently expect that, immediately following the closing of the merger, the resulting company, through a reverse split, will reduce the number of outstanding shares of common stock that will result from the merger. In addition, the companies anticipate that the resulting company will file an application to list the common stock on a senior exchange. The parties currently anticipate that the merger will close in early summer, following regulatory approval of Eternal Energy's anticipated filings and approval by American Eagle's stockholders.

The ratio of stockholdings between the companies at the closing of the merger, exclusive of any presently outstanding options, will be 80% to the legacy stockholders of American Eagle and 20% to the legacy stockholders of Eternal Energy.

"The signing of the Merger Agreement is the next step in consolidating American Eagle's and Eternal Energy's interests in several low-risk Bakken properties in Saskatchewan and North Dakota and a large, highly prospective acreage position in the Montana portion of the rapidly emerging Alberta Bakken play. I am delighted with the longer-term prospects of the combined company and the better leverage that the merger should provide for development of the other recently announced American Eagle oil plays located in Montana," stated Richard Findley, the Company's President and Chief Executive Officer. "The combined strength of our two management teams and their long-standing experience in these oil-rich regions should provide significant depth on which our combined company can draw as we move forward in executing our post-merger plans."


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