August 5, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — American Eagle Energy Inc. (OTCBB: AMZG) said that it, along with its 50% working interest partner, Eternal Energy Corp. (OTCBB: EERG), has completed the mechanical workover of the Hardy 2D7-9-3D2-16-4-21 well, located in southeastern Saskatchewan, Canada. The company also said that it hired Tom Lantz as its VP of operations, effective June 7.

The company said that recovery of the fluids used during the workover efforts has begun and American Eagle currently anticipates returning the well to production within the next week.

The partners said they have also submitted a horizontal well license application for an offset location in the targeted drilling area and hope to begin drilling a second horizontal well during the fourth quarter of 2010.

Dick Findley, AEE's president and CEO, said, "We are hopeful that the well can be returned to its historical production levels, which will provide early cash flow and serve as a springboard for future drilling efforts in the area."  

Lantz is a professional engineer, possessing more than 30 years of experience in oil and gas reservoir and operations engineering.

Prior to joining the company, Lantz served in a similar capacity for Rover Resources Inc., a wholly-owned subsidiary of Ryland Oil.

Montana-based American Eagle Energy is an oil and gas company engaged in the exploration of petroleum and natural gas. The company was incorporated in Nevada on March 14, 2007 under the name Yellow Hill Energy Inc., to engage in the acquisition, exploration, and development of natural resource properties.

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