American Eagle Energy (NYSE MKT: AMZG) ("American Eagle" or the "Company") announced today it intends to commence an underwritten public offering of 10,000,000 shares of the Company's common stock after giving effect to a 1 for 4 reverse stock split that will occur concurrently with pricing of the offering. The Company plans to use the net proceeds from this offering (i) to fund the exercise of its purchase option to acquire a portion of its JV partner's interests in its existing acreage and wells in the Spyglass Area, (ii) to fund a portion of its capital budget for the 12-month period ending December 31, 2014, and (iii) for general corporate purposes, including working capital and additional leasehold acquisitions. The Company has granted the underwriters a 30-day option to purchase up to an additional 1,500,000 shares of common stock.
American Eagle Energy engages in the acquisition, exploration, development and producing of oil and gas properties. Co. is primarily focused on extracting proved oil reserves. At Dec 31 2012, Co. had entered into participation agreements related to oil and gas exploration projects in the Spyglass Property and West Spyglass Prospect, located in Divide County, ND, and Sheridan County, MT and the Hardy Property, located in southeastern Saskatchewan, Canada. In addition, Co. owns working interests in mineral leases located in Richland, Roosevelt and Toole Counties in MT.
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