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American Eagle adds Williston acreage, initiated with Buy at Canaccord

Mar. 31, 2014 10:15 AM ETAmerican Eagle Energy, Inc. (AMZG) StockBy: Carl Surran, SA News Editor
  • American Eagle Energy (NYSEMKT:AMZG +3.6%) says it closed the second part of a previously announced acquisition in its Spyglass area in the Williston Basin and purchased an additional ~7.7K acres in Spyglass for $11.3M.
  • AMZG estimates the acquisition represents ~$20M of potential pre-tax PV-10 proved reserves and ~$27M of potential pre-tax PV-10 probable reserves.
  • Canaccord initiated AMZG with a Buy rating and $10 price target of $10, citing the company's inventory of relatively low-risk, high return Bakken/Three Forks well locations in the Williston Basin.

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