523 0 Kommentare American Eagle Energy Announces Operations Update

DENVER, CO--(Marketwired - September 24, 2014) - American Eagle Energy Corporation (NYSE MKT: AMZG) ("American Eagle" or the "Company"), announces an operations update and production guidance for the Company's operated well development in its Spyglass Project area in northwestern Divide County, North Dakota.

Highlights

American Eagle added 7 gross (5.2 net) operated wells to production during third quarter of 2014, including a 4-well pad with 3.5 net wells that have recently been placed on production;
Eli 8-1E well (Bakken long lateral) produced an average of approximately 398 barrels of oil equivalent per day ("BOEPD") during the first 25 days;
Net production for third quarter 2014 is estimated to average approximately 2,100 to 2,200 BOEPD, impacted by 4-well pad being added to production approximately one month later in the quarter;
Exit rate production for 2014 should range between 2,700 to over 3,000 BOEPD. The new exit rate range guidance is the result of the Company's decision to focus on controlling costs to the extent possible by increasing pad development and avoiding stimulation of wells during the coldest part of winter.

Third Quarter 2014 - Well Development Activity

American Eagle added 7 gross (5.2 net) operated wells to production during third quarter 2014. The James 15-20 (Three Forks long lateral) and Annie 15-32 (Thee Forks short lateral) wells were added to production during late July 2014 and during the first 30 days produced approximately 366 BOEPD and 216 BOEPD, respectively. The Eli 8-1E well (Bakken long lateral) was added to production in late August and produced an average of 398 BOEPD during the first 25 days. The Eli 8-1E is the first well in the field with a full slickwater stimulation. The revised stimulation costs approximately $250,000 more than the hybrid design. The initial production results look encouraging, especially in terms of improving Bakken performance in the area, although further monitoring is needed to quantify the benefits.

The Company completed drilling the 4-well development pad (3.5 net wells) in late June. The pad is located in a spacing unit between the recently completed Eli 8-1E and Murielle 16-1E to the east and the Bryce 3-2 well to the west. The wells have been stimulated, cleaned out and put on pump. The estimated total average cost to drill, complete and equip each well was approximately $5.8 million with a range of approximately $5.5 million to $6.1 million. The wells are cleaning up and displaying similar early time behavior to the offset producers. The Company anticipates reporting stabilized production results within 30 days.