Eternal Energy Corp. and American Eagle Energy Inc. have jointly announced the signing of a purchase and sale agreement for a partial working interest in an oil and gas prospect in the western United States.
The two exploration and production companies are active at the West Spyglass prospect located in Divide County, North Dakota and Sheridan County, Montana. The agreement calls for the sale of 75% of each company’s working interest at West Spyglass.
Eternal Energy and American Eagle Energy expect to receive gross proceeds of $13.8 million from the West Spyglass sale and will split the funds equally. The two companies will retain a 25% working interest at the prospect and remain the operators of the acreage.
Eternal Energy also signed a separate sale agreement for acreage at the Pebble Beach prospect to the same party. The company has 1,440 acres under lease here and will sell a 75% working interest for $1.9 million.
Eternal Energy and American Eagle Energy said that both prospects are exposed to the Bakken and Three Forks oil formations, and the companies expect the deals to close this month.
Eternal Energy and American Eagle Energy would not identify the buyer of the two prospects, but indicated that the company is a large capitalization publicly traded company.
For more information on the company, go to www.eternalenergy.com and www.americaneagleoil.com
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