The transaction is expected to close on June 25, 2010. AEE and Eternal have further agreed to execute an operating agreement in the next 30 days, under which Eternal will manage and oversee all future exploration and production activities for both the Hardy and Spyglass Prospects.
Dick Findley, president and CEO of AEE, said: “We are thrilled to be partnering with Eternal Energy in the Hardy and Spyglass Prospects. The combination of our geological expertise with Eternal’s technical and financial resources will enable us to move forward with our exploration of the Spyglass Prospect, as well as enable us to participate in the Hardy Prospect, an area that is known to contain proven oil reserves. We look forward to announcing drilling plans in the very near future.”
