American Eagle Energy Corp.

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
47MM
Description

American Eagle closes on previously announced $47 million Wiliston deal.

American Eagle Energy Corp. (OTC: AMZG) has closed on the first part of its previously announced acquisition in the Spyglass Project area of the Williston Basin in northwestern Divide County, N.D., the company announced Oct. 7.

The $47 million purchase price – or $45 million in cash after purchase price adjustments – includes 9,700 net acres in Spyglass with production of approximately 750 barrels of oil equivalent per day.

American Eagle plans to close Oct. 7 on the previously announced offering of 13.7 million shares of its common stock to the public at $1.70 per share, for gross proceeds of $23.3 million.

Net proceeds to the company – after deducting underwriting discounts, commissions and other expenses – are expected to be about $21.5 million. Post-closing, American Eagle expects to have about $30 million in cash on hand, and about 68.8 million shares outstanding.

American Eagle is an independent energy company 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.