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Eternal Energy Corp. (EERG) Reports on Recent Oil and Gas Activity

|Includes: Eternal Energy Corp. (EERG)

Eternal Energy Corp. reported an operational update on the company’s oil and gas activities in North America, where the company is active in projects in North Dakota and Canada.

Eternal Energy owns a 50% working interest in 4,600 net acres at the Hardy project located in Saskatchewan, Canada. The company recently finished drilling the Hardy 4-16 well on the property and is currently evaluating the results of this well.

The Hardy 4-16 well was completed with a twenty nine stage hydraulic fracturing operation that used 429,000 pounds of sand proppant and 6,400 barrels of drilling fluid. The well is currently producing 40 barrels of oil per day. The company plans additional development at the Hardy project based on the evaluation of the initial well.

Eternal Energy has a 10% working interest in approximately 27,500 gross acres at the Pebble Beach project located in Divide County, North Dakota. The company has decided to participate in seventeen wells at this property with varying working interest percentages.

Eternal Energy reported that the company’s proposed merger with American Eagle Energy Inc. is progressing through the appropriate regulatory channels with the Securities and Exchange Commission. The company expects the deal to close in August 2011.

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