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Eternal Energy Corp. (EERG) Updates Operations at Spyglass Project

|Includes: Eternal Energy Corp. (EERG)

Eternal Energy Corp. issued an operations update on the company’s activities in the Western United States, where it is working with several partners on a number of oil and gas wells.

Eternal Energy is targeting the Bakken and Three Forks formations at the Spyglass Project, which is located in Divide County, North Dakota. During the third quarter of 2011, the company was involved on a non-operated basis with eight oil and gas wells.

Three of the non-operated wells were completed during the quarter, and Eternal Energy Corp. reported that the initial production rate for these wells during the first two weeks ranged from 514 to 644 barrels of oil per day.

Eternal Energy said that the other five wells have been drilled and are waiting on completion. The company expects to participate in three additional wells at the Spyglass Project on a non-operated basis before the end of 2011.

Eternal Energy said that six of the wells worked on during the third quarter targeted the Three Forks formation, with the balance targeting the Bakken formation. Both these zones produce mostly crude oil, with a natural gas and natural gas liquids content of less than 10%.

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