Exhibit 99.1

 

 

American Eagle Energy Announces Operations Update and

Reports Results for Second Quarter 2014

 

DENVER, CO—August 4, 2014—American Eagle Energy Corporation (NYSE MKT: AMZG)

(“American Eagle” or the “Company”), announces an operational update and discussion of its financial results for the second quarter ended June 30, 2014, along with an update of its mid-year 2014 estimated proved reserves. The Company intends to file its Quarterly Report on Form 10-Q with the U.S. Securities and Exchange Commission today.

 

Highlights

·American Eagle added 8 gross (4.0 net) operated wells to production during the quarter;
·Production of 182,522 barrels of oil equivalent (“BOE”), or an average of 2,006 BOEPD:
oyear-over-year increase of 56% from the 1,288 BOEPD (117,164 BOE)
osequential quarterly increase of 22% from 1,645 BOEPD (148,048 BOE)
·Second quarter 2014 oil and gas sales of $16.5 million:
oa year-over-year increase of 59%
oa sequential quarterly increase of 31%
·Adjusted EBITDA* of $9.6 million;
·Adjusted Cash Flow* of $6.7 million or $0.22 per diluted share;
·Adjusted Net Income* of $2.3 million or $0.07 per diluted share; and
·American Eagle’s mid-year proved reserves engineered by Ryder Scott Company, L.P. (“Ryder Scott”) were estimated at 15.4 million barrels of oil equivalent (“MMBoe”) (89% oil) with an associated Pre-Tax PV-10 of $336 million

* Non-GAAP financial measure. Please see Adjusted EBITDA, Adjusted Cash Flow and Adjusted Net Income 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 excited about the opportunities in front of us as we prepare to complete and bring onto production our 4-well pad that has an average working interest of 88% and is located in an area where we have had very good recent well results, most notably from the Murielle, Taylor and Bryce wells. The 4-well pad should add significant production and showcase our potential to realize cost savings relating to continued pad development. Continued drilling efficiency will allow us to drill more wells without increasing rig count and improved weather conditions should provide an opportunity to decrease well completion costs. We anticipate that our current development program will allow us to add to our proved reserve base during the second half of 2014 and position us for significant reserve growth in 2015.”

 


The following information was filed by American Eagle Energy Corp (AMZGQ) on Monday, August 4, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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