10 Best Oil Stocks To Buy Right Now: American Eagle Energy Corp (AMZG)
American Eagle Energy Corporation, incorporated on July 25, 2003, is engaged in the exploration for petroleum and natural gas in the States of Nevada, Utah, Texas, Colorado, and North Dakota, the North Sea, and southeastern Saskatchewan, Canada, through the acquisition of contractual rights for oil and gas property leases and the participation in the drilling of exploratory wells. Its projects include Benrude Prospect, Spyglass Property, Glacier Prospect, Hardy Bakken Project, and West Spyglass Project. Its primary area of focus is oil deposits located within the Bakken and Three Forks formations in western North Dakota and eastern Montana. As of December 31, 2012, the Company was principally engaged in exploration activities within its Spyglass Property, located in Divide County, North Dakota, where it targets the extraction of oil and natural gas reserves from the Bakken and Three-Forks formations. In October 2013, the Company announced that it has closed on the first pa rt of the acquisition in its Spyglass Project area in the Williston Basin in northwestern Divide County, North Dakota. Effective March 31, 2014, American Eagle Energy Corp acquired a 50% ownership interest in Spyglass Project, North Dakota, an oil, gas exploration, production project.
The Company also holds an interest in a small number of wells located in southeastern Saskatchewan, Canada, though its focus on these wells will continue to diminish as it pursues the development of its Spyglass Property. In addition to its existing wells, it owns undeveloped acreage interests in the Glacier Prospect, located in Toole County, Montana, the Sidney North Prospect, located in Richland County, Montana. In January 2012, the Company commenced drilling of its first operated well located within the Spyglass Property, the Christianson 15-12 well. As of December 31, 2012, it drilled and completed eight additional operated wells within the Spyglass Prope! rty and an additional f ive wells were drilled. The Companys West Spyglass Project is located in Divide County, North Dakota and Sheridan County, Montana in the Williston Basin. The Company owns a 25% working interest in the West Spyglass Prospect acreage. Its Hardy Bakken Project is located in the Saskatchewan portion of the Williston Basin and is one of the Companys two core property holdings, along with the Company's Spyglass Project. The Company's Benrude Prospect is located in Roosevelt County, Montana in the Williston Basin.Advisors' Opinion:
- [By CRWE]
Today, AMZG remains (0.00%) +0.000 at $1.92 with 66,805 shares in play thus far (ref. google finance Delayed: 1:49PM EDT October 8, 2013).
American Eagle Energy Corporation, previously reported it priced the sale of 13,709,386 shares of its common stock to the public at $1.70 per share for gross proceeds of approximately $23.3 million. The Company granted the underwriters a 30-day over-allotment option to purchase up to an additional 2,056,408 shares of the Company’s common stock at the same price. The offering is expected to settle on October 7, 2013, subject to the satisfaction of customary closing conditions. Upon closing, the resulting net proceeds to the Company, after deducting underwriting discounts, commissions and other expenses, are expected to be approximately $21.5 million. The Company intends to use the net proceeds, along with cash on hand, cash flow from operations and additional borrowings under its Morgan Stanley credit facility, to fund the first half of its previously announced acquisition of oil and gas assets and its capital budget for the balance of 2013. Any remaining net proceeds will be used for general corporate purposes, including working capital.
- [By Johanna Bennett]
And American Eagle Energy (AMZG) fell 21% after it suspended its drilling operations and likely wont resume until oil prices improve. The small producer is the latest victim of the plung! e in crud! e prices.
source from Top Stocks To Buy For 2015:http://www.topstocksforum.com/10-best-oil-stocks-to-buy-right-now-2.html