American Eagle Energy Reports Results for Fourth Quarter 2013


DENVER, CO—March 26, 2014—American Eagle Energy Corporation (NYSE MKT: AMZG)

(“American Eagle” or the “Company”), announces record oil production and record Adjusted EBITDA for the fourth quarter ended December 31, 2013. The Company intends to file its Annual Report on Form 10-K with the U.S. Securities and Exchange Commission on or before Monday, March 31, 2014.


Fourth Quarter 2013 Highlights

·American Eagle reports record quarterly oil production of 172,829 barrels of oil equivalent (“BOE”), or an average of 1,879 barrels of oil equivalent per day (“BOEPD”). Fourth quarter production was up 38% from 125,343 BOE (1,362 BOEPD) quarter-over-quarter for the period ended September 30, 2013 (“QOQ”) and up 185% from 60,653 BOE (659 BOEPD) year-over-year for the quarter ended December 31, 2012 (“YOY”);
·Record quarterly oil and gas sales of $13.5 million, up 16% QOQ and up 174% YOY;
·Record Adjusted EBITDA* of $7.6 million or $0.42 per diluted share; and
·Adjusted Cash Flow* of $4.8 million or $0.26 per diluted share.


* Non-GAAP financial measure. Please see Adjusted EBITDA and Adjusted Cash Flow descriptions and tables later in this earnings release for a reconciliation of these measures to their nearest comparable GAAP measure.


Management Comments


Brad Colby, President and CEO of American Eagle, said, “We are pleased to announce our fourth quarter results which include both record oil production and Adjusted EBITDA. We are in the process of closing the second part of our previously announced acquisition with capital from the successful closing of an $83.5 million equity offering. Our current two rig program is working to increase production and develop reserves in the proven area of Spyglass with infill drilling in the Three Forks and Middle Bakken zones and to expand the current proved area to the west and south with a combination of Middle Bakken and Three Forks wells. We look forward to continued increases in production, cash flow and proved reserves.”


Fourth Quarter 2013 Financial and Operational Results


For the quarter ended December 31, 2013, the Company had oil and gas sales of $13.5 million, which represented an increase of 16% from $11.6 million in oil and gas sales for the third quarter ended September 30, 2013 and an increase of 174% from $4.9 million for the fourth quarter ended December 31, 2012. This increase in revenue is due primarily to production from 28 gross (13.7 net) operated wells in the Spyglass area producing in the Three Forks and Bakken formations as of December 31, 2013, compared to production from 24 gross (7.9 net) operated wells at the end of September 30, 2013 and 9 gross (2.1 net) operated wells as of December 31, 2012. Oil represented 98% of revenue and 95% of production during the fourth quarter 2013.


The following information was filed by American Eagle Energy Corp (AMZGQ) on Wednesday, March 26, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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